We use the taper tantrum to measure the effects of a sudden depreciation of the exchange rate. We treat this announcement in the United States of America as an exogenous shock in emerging markets and use a difference-in-differences approach. We show that, before the tantrum, the impact of exchange rate changes on inflation is low in both the control and the treatment groups. However, the tantrum increased the gap between groups and impacted inflation regardless of the exchange rate regime or central bank practices. Nevertheless, inflation in economies with flexible exchange rate, inflation target, or highly credible central bank is less exposed to depreciations.

中文翻译：

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美联储的政策变化和新兴市场的通货膨胀：从缩减恐慌中吸取的教训

我们使用锥形发脾气来衡量汇率突然贬值的影响。我们将美利坚合众国的这一公告视为新兴市场的外生冲击，并使用差异中的差异方法。我们表明，在发脾气之前，汇率变化对通货膨胀的影响在控制组和治疗组中都是低的。然而，无论汇率制度或中央银行的做法如何，发脾气都增加了群体之间的差距并影响了通货膨胀。然而，在具有灵活汇率、通胀目标或高度可信的中央银行的经济体中，通胀受贬值的影响较小。