Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper presents a general equilibrium model of a small open economy with monopolistically competitive retailers, inventories and durable goods. Following large devaluations, this model generates a collapse of imports, a fall of retail sales and inventories and a gradual increase in retail prices. Besides, the model provides an explanation for a short-lived spike in retail sales of durable goods observed during the recent devaluation episode in Russia in December of 2014.