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This paper evaluates macroeconomic policy during two windfall periods in Trinidad and Tobago. Econometric analysis which employs cointegration methodology is utilised in assessing the effects of the windfall on import demand. The impact of the booming sector on sectoral output on non-boom sectors is evaluated. The role of several macroeconomic variables, notably terms of trade effects, net capital flows quantitative restrictions and other policy instruments as they affect import demand is ascertained.