NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates

Emmanuel Farhi, Ivan Werning

NBER Working Paper No. 18199
Issued in June 2012

---- Acknowledgements -----

For useful comments and suggestions we thank Olivier Blanchard and Ricardo Reis. Adrien Auclert and Nicolas Caramp provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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