PDF-1.IntroductionLargedevaluationsaregenerallyassociatedwithlargedeclines

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EarlytheoreticalworkinthisliteratureincludesMeade1956Salter1959Swan1960andCorden1960FormorerecentdiscussionsseeCalvoandVegh1999andthereferencesthereinSeeGoldfajnandValdes1999andtheref

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