Journal Article Fiscal Devaluations Get access Emmanuel Farhi, Emmanuel Farhi Harvard University Search for other works by this author on: Oxford Academic Google Scholar Gita Gopinath, Gita Gopinath Harvard University Search for other works by this author on: Oxford Academic Google Scholar Oleg Itskhoki Oleg Itskhoki Princeton University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 81, Issue 2, April 2014, Pages 725–760, https://doi.org/10.1093/restud/rdt036 Published: 16 November 2013 Article history Received: 01 June 2012 Accepted: 01 August 2013 Published: 16 November 2013