NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Capital Flow Management with Multiple Instruments

Viral V. Acharya, Arvind Krishnamurthy

NBER Working Paper No. 24443
Issued in March 2018

---- Acknowledgments ----

We are grateful to Saswat Mahapatra, Jack Shim and Jonathan Wallen for excellent research assistance. Authors are grateful for feedback from Governor Urjit Patel and participants at the Reserve Bank of India Financial Market Operations, Regulation and International Departments’ 2017 Retreat in Bekal (Kerala, India) and NYU-Stern / IIM-Calcutta 2017 Conference on India. We also thank Markus Brunnermeier, Guillaume Plantin, Ricardo Reis, and participants at the XXI Annual Conference of the Central Bank of Chile for their comments. The views expressed are entirely those of the authors and do not in any way reflect the views of the Reserve Bank of India. 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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