On the Desirability of Capital Controls
---- Acknowledgments ----
We thank Markus Brunnermeier, Mick Devereux, Pierre Olivier Gourinchas, Ayhan Kose, and two anonymous referees for very useful comments. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.