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English Français Deutsch Italiano 中文 More Español Ελληνικά 日本語 Português Türkçe Does an exchange rate depreciation depress trading partners’ output? I address this question through the lens of a classic episode: from 1931 to 1936, the largest economies in the world successively devalued their currency. In theory, the effect is ambiguous for countries that had not devalued: expenditure switching can lower their output, but the monetary stimulus to foreign demand might raise it.
Skip to main content We thank Caleb Wroblewski for excellent research assistance. We thank Gregory Clark, Brad DeLong, Edward Nelson, Jan De Vries, David Weinstein, Jacob Weisdorf and seminar participants at UC Berkeley and UC Davis for valuable comments and discussions. We thank the Alfred P. Sloan Foundation, the Smith Richardson Foundation, and the Program for Economic Research at Columbia University for financial support.
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