The evidence suggests that in rich countries, a real exchange rate depreciation:

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In rich countries, a real exchange rate depreciation eventually improves the trade balance. This is because a depreciation makes domestic goods cheaper for foreign consumers, thereby increasing exports. However, the immediate impact may not be seen due to factors such as sticky prices and slow adjustment time for producers to respond to changes in demand. As time goes on, the trade balance will improve as the economy adjusts to the new equilibrium.

The Evidence Suggests That in Rich Countries, a Real Exchange