Notice that if in the long run the debt is reduced sufficiently, and the terms-of-trade shock abates somewhat, the real exchange rate need not depreciate that much, and may even end up appreciating a bit. This is overshooting on steroids: a very sharp initial loss of value for the domestic currency, followed by a gain that may leave the exchange rate, measured in inflation-adjusted terms, stronger than it was at the start.
注意，如果在长期债务大幅减少，并且贸易条件冲击有所缓和，真实汇率就不需要贬值如此程度，最终甚至略有升值。超调就好像打了类固醇：一开始本币急剧大幅贬值，然后反弹，最后，以经通胀调整的标准衡量的汇率可能比一开始更强。