Devaluation has different effects on the structure of trade patterns in countries which have a fixed exchange rate regime. The experience of devaluation in many countries has clearly shown that devaluation policies have not always led to the improvement of their trade pattern structures. Some empirical studies have revealed that after employing devaluation, the real rate of money in some nation...

This paper attempts to examine the effect of a currency devaluation on domestic output by incorporating the Coase (1937) assertion into a standard open economy model. Our results show that there will be multiple equilibria in the labor market, i.e. low or high employment equilibrium, because of transaction cost externalities. If the labor market is in the high-employment equilibrium, a currency...

Using the data from a developing country like India, we offer an empirical analysis to examine the relationship between devaluation of the Rupee and the real trade balance with her major trading partners since the liberalization process that began in July 1991. Exploiting the recent advances in panel-data time-series econometrics, we document that devaluation may not be effective in improving t...

Considerable evidence implicates the basolateral amygdala (BLA) in the formation of outcome representations that link cues to the incentive properties of reinforcers. Animals with BLA damage show impaired performance in reinforcer devaluation tasks, in which the value of the food reinforcer is reduced by satiation or food-toxin pairings after the completion of cue or response training. Although...

We test the theory that shame evolved as a defense against being devalued by others. By hypothesis, shame is a neurocomputational program tailored by selection to orchestrate cognition, motivation, physiology, and behavior in the service of: (i) deterring the individual from making choices where the prospective costs of devaluation exceed the benefits, (ii) preventing negative information about...

Previous research has shown that ignored stimuli are affectively devalued (i.e., distractor devaluation effect). Whereas previous research used feature-based selection tasks to investigate distractor devaluation, we used an object-based paradigm, allowing us to investigate open questions regarding underlying mechanisms. First, by using an object-based paradigm, we expected to find distractor de...

Reduced sensitivity to physical pain (hypoalgesia) has been reported after events involving reward devaluation. Reward devaluation was implemented in a consummatory successive negative contrast (cSNC) task. Food-deprived Wistar rats had access to 32% sucrose during 16 sessions followed by access to 4% sucrose during 3 additional sessions. An unshifted control group had access to 4% sucrose thro...

Relations between posttraining reinforcer devaluation and Pavlovian-instrumental transfer were examined in 2 experiments. When a single reinforcer was used, extended training of the instrumental response increased transfer but reduced devaluation effects. When multiple instrumental reinforcers were used, both reinforcer-specific transfer and devaluation effects were less influenced by the amoun...

The present research aimed at determining the role played by the amygdala in reward devaluation using transient inactivation induced by lidocaine microinfusions into the centromedial region. Two situations involving reward devaluation were tested in rats: consummatory successive negative contrast (cSNC) and anticipatory negative contrast (ANC). In cSNC, rats exposed to a downshift from 32% to 4...

Choice between goal-directed actions is determined by the relative value of their consequences. Such values are encoded during incentive learning and later retrieved to guide performance. Although the basolateral amygdala (BLA) and the gustatory region of insular cortex (IC) have been implicated in these processes, their relative contribution is still a matter of debate. Here we assessed whethe...