Ehsan U. Choudhri, Levis A. Kochin, The Exchange Rate and the International Transmission of Business Cycle Disturbances: Some Evidence from the Great Depression, Journal of Money, Credit and Banking, Vol. 12, No. 4, Part 1 (Nov., 1980), pp. 565-574
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Choudhri et al. (1980) studied this question.
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