NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence

Olivier Blanchard, Jonathan D. Ostry, Atish R. Ghosh, Marcos Chamon

NBER Working Paper No. 21619
Issued in October 2015, Revised in October 2015

---- Acknowledgments ----

We are grateful to Maurice Obstfeld, Mahvash Qureshi, and seminar participants at The Role of Central Banks in Modern Times: Twenty-Five Years into the Central Bank of Chile’s Independence Conference for useful comments, and Eun Sung Jang, Anne Lalramnghakhleli Moses, and Chifundo Moya for excellent research assistance. Any errors are our responsibility. 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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