The Distributional Consequences of Large Devaluations
研究大幅汇率贬值对不同收入群体生活成本的影响，以1994年墨西哥贬值为例，发现两年后底层收入十分位人群的生活成本涨幅是顶层十分位的1.48至1.62倍。
We study the impact of large exchange rate devaluations on the cost of living at different points on the income distribution. Poor households spend relatively more on tradeable product categories and consume lower-priced varieties within categories. Changes in the relative price of tradeables and of lower-priced varieties affect the cost of living of low-income relative to high-income households. We quantify these effects following the 1994 Mexican devaluation and show that they can have large distributional consequences. Two years post-devaluation, the cost of living for the bottom income decile rose 1.48 to 1.62 times more than for the top income decile.