---
title: The Macroeconomic Consequences of Exchange Rate Depreciations
url: https://www.ml-quant.com/papers/repec/cdl-econwp-qt5wq6v1rf/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-11-14
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: RePEc:cdl:econwp:qt5wq6v1rf
source_url: https://econpapers.repec.org/RePEc:cdl:econwp:qt5wq6v1rf
featured: 2026-11-13
citations: unknown
topic: Macro-Finance & Rates
---


# The Macroeconomic Consequences of Exchange Rate Depreciations

Currency depreciations relative to the dollar stimulate borrowing from abroad and economic growth for peggers, driven by lower uncovered interest parity deviations rather than expenditure switching.

- Source: https://econpapers.repec.org/RePEc:cdl:econwp:qt5wq6v1rf
- Identifier: RePEc:cdl:econwp:qt5wq6v1rf
- Released: 2026-11-01
- First featured: Quant Letter No. 139 (2026-11-13): https://www.ml-quant.com/issues/2026-11-13/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Macro-Finance & Rates
- Authors: Fukui, Masao, Nakamura, Emi, Steinsson, Jón

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