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The conventional view about exchange rate depreciations is that the resulting rise in import and export prices induces a switch in expenditures towards home-produced goods, and hence a rise in output. There are, however, a number of plausible alternative views on the effects of exchange rate depreciations. "Contractionary depreciation" models argue that there are a number of channels through which an exchange rate depreciation can reduce output. Early work focused on the impact of adoi:10.2139/ssrn.1009396 fatcat:3yaz37kasredbdxkpu6y4fmxfm