Debt Deleveraging and The Exchange Rate

Pierpaolo Benigno, Federica Romei

NBER Working Paper No. 17944
Issued in March 2012

---- Acknowledgements -----

The authors thank Nicola Borri for helpful discussions and comments, seminar participants at Central Bank of Chile, European Central Bank, Sveriges Riksbank, LUISS, Universita di Salerno, participants at the Swiss National Bank conference on "Exchange Rate and External Adjustment", and Roger Meservey for professional editing. Pierpaolo Benigno acknowledges financial support form an ERC Starting Independent Grant. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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