Fiscal devaluation by Isabel Horta Correia, published by Banco de Portugal (2011). “This article discusses the state of the art relatively to policy makers decisions when the use of nominal exchange rate is no more feasible. Namely we describe the existence of set of instruments, conventional fiscal instruments, which under rather strict conditions, can replicate the effects of a nominal devaluation. However this is a relevant question when there is no doubt on the desirability to use the exchange rate as a policy instrument. Therefore, the two question will be jointly addressed in this article.”
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