NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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A New Dilemma: Capital Controls and Monetary Policy in Sudden Stop Economies

Michael B. Devereux, Eric R. Young, Changhua Yu

NBER Working Paper No. 21791
Issued in December 2015

---- Acknowledgments ----

We thank seminar participants at the Hong Kong Institute for Monetary Research, the UBC macro-lunch, and the Board of Governors of the Federal Reserve Bank for comments. Devereux thanks SSHRC, and the Royal Bank of Canada for financial support as well as support from ESRC award ES/1024174/1. Young thanks the financial support and hospitality of the HKIMR and the Bankard Fund for Political Economy at the University of Virginia. Yu thanks the National Natural Science Foundation of China 71303044, and the financial support and hospitality of the HKIMR. All errors are our own. 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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