OxTalks will soon move to the new Halo platform and will become 'Oxford Events.' There will be a need for an OxTalks freeze. This was previously planned for Friday 14th November – a new date will be shared as soon as it is available (full details will be available on the Staff Gateway).
In the meantime, the OxTalks site will remain active and events will continue to be published.
If staff have any questions about the Oxford Events launch, please contact halo@digital.ox.ac.uk
Does an exchange rate depreciation depress trading partners’ output? I address this question through the lens of a classic episode: from 1931 to 1936, the largest economies in the world successively devalued their currency. In theory, the effect is ambiguous for countries that had not devalued: expenditure switching can lower their output, but the monetary stimulus to foreign demand might raise it. I use cross-sectional evidence to discipline the strength of these two mechanisms in a multi-country model. Contrary to the popular narrative in modern policy debates, devaluation did not dramatically lower the output of trading partners in this context.
