Para Irineu Carvalho Filho: The subject of Dutch disease has been central to the debate of Brazilian macroeconomists and policymakers at least since commodities prices started to rise during the last decade. I believe that much of this debate is misguided, as it ignores some macro-financial interactions of great importance.
My thesis is that how the booming sector accumulates wealth is crucial to understand the consequences to the rest of the economy.
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