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Fiscal Devaluations by Emmanuel Farhi, Gita Gopinath, Oleg Itskhoki (8/2011). We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange…

Fiscal devaluation as a cure for Eurozone ills – Could it work? by Michael Keen, Ruud de Mooij published by VOXEU (4/2012). Troubled Eurozone countries face the difficult challenge of regaining competitiveness without devaluing their currency. Could a fiscal devaluation,…