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|z 9781513589749
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|a 1018-5941
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|a Yepez, Juan.
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|a Unintended Consequences of U. S. Monetary Policy Shocks :
|b Dutch Disease and Capital Flow Measures in Emerging Markets and Developing Economies /
|c Juan Yepez.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2021.
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|a 1 online resource (32 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Dutch disease is often referred as a situation in which large and sustained foreign currency inflows lead to a contraction of the tradable sector by giving rise to a real appreciation of the home currency. This paper documents that this syndrome has been witnessed by many emerging markets and developing economies (EMDEs) as a result of surges in capital inflows driven by accommodative U. S. monetary policy. In a sample of 25 EMDEs from 2000-17, U. S. monetary policy shocks coincided with episodes of currency appreciation and a contraction in tradable output in these economies. The paper also shows empirically that the use of capital flow measures (CFMs) has been a common policy response in several EMDEs to U.S. monetary policy shocks. Against this background, the paper presents a two sector small open economy augmented with a learning-by-doing (LBD) mechanism in the tradable sector to rationalize these empirical findings. A welfare analysis provides a rationale for the use of CFMs as a second-best policy when agents do not internalize the LBD externality of costly resource misallocation as a result of greater capital inflows. However, the adequate calibration of CFMs and the quantification of the LBD externality represent important implementation challenges.
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|a Mode of access: Internet
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|a Foreign Exchange
|2 imf
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|a International Lending and Debt Problems
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|a Monetary Policy
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|a Open Economy Macroeconomics
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|a Resource Booms
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|a IMF Working Papers; Working Paper ;
|v No. 2021/209
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2021/209/001.2021.issue-209-en.xml
|z IMF e-Library
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