YPFS Lessons Learned Oral History Project: An Interview with Edwin (Ted) M. Truman

Suggested Citation Form: Truman, Edwin (Ted), 2019. “Lessons Learned Interview. Interview by Yasemin Sim Esmen. Yale Program on Financial Stability Lessons Learned Oral History Project. September 17, 2019. Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-ted-truma

The Federal Reserve\u27s Swap Lines: Lender of Last Resort on a Global Scale

Part of a series of XX papers -RESPONDING to the GLOBAL FINANCIAL CRISIS: What We Did and Why We Did It, presented on September 11-12, 2018, at the Hutchins Center of the Brookings Institute and co-sponsored by the Yale Program on Financial Stability, in light of the 10th Anniversary of the Global Financial Crisis

Some Multi-Country Evidence On The Effects Of Real Exchange Rates On Output

: The simultaneous occurrence of devaluation and recession in Mexico in 1995, as well as in the East Asian economies more recently, appears to contradict the conventional view that devaluations are expansionary. Moreover, a sizeable theoretical and empirical literature also argues that, contrary to the predictions of textbook analysis, exchange rate devaluations may be contractionary rather than expansionary. However, prior statistical analyses of the effects of exchange rate devaluation on output have been subject to several limitations: (i) they have failed to distinguish adequately between short and long-run effects; (ii) they have not controlled for the full range of external shocks; and (iii) they have not considered whether the effects of devaluation might differ between different regions of the world. The purpose of this paper is to estimate the impact of devaluation on output for 27 countries while attempting to address these limitations in previous empirical analyses..