An intercooler improves fuel economy providing it isn't too much of an air flow restriction.
The book "The Diesel Reference Handbook, 2nd Edition" covers this quite well. Note it can be found on the web under the name the diesel Necronomicon.
The Diesel Necronomicon - Diesel Bombers
The important part in the text From section 2.5.2 (also look at figure 2.43).
"Consider first engine performance with and without a charge
air cooler, with no change in maximum fuelling. Results from
an engine operating over a wide speed range are shown in Figure
2.43. Intercooling obviously reduces inlet manifold temperature
substantially and this effect is followed right through the cycle,
lowering heat transferred to the cylinders and the turbine inlet
temperature. The latter results in a drop in specific energy at the
turbine, hence boost pressure will also reduce, but not enough
to offset the density gain due to the lower charge temperature.
Thus air flow increases and overall, the total turbine power
does increase. The air-fuel ratio will be weakened, leading to a
reduction of specific fuel consumption of near 6%. The gain in
b.m.e.p. will be similar."
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