NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Sticky Capital Controls

Miguel Acosta-Henao, Laura Alfaro, Andrés Fernández

NBER Working Paper No. 26997
Issued in April 2020

---- Acknowledgments ----

We benefited from conversations with Javier Bianchi, Emine Boz, Scott Davis, Christian Daude, Marc Giannoni, José De Gregorio, Nicolas Magud, Karel Mertens, Juan Montecinos, Andrew Powell, Sangeeta Pratap, Damiano Sandri, Jesse Schreger, and Eric Young. We are thankful for the comments and suggestions received at workshops held at the International Monetary Fund, Federal Reserve Board, Federal Reserve Bank of Dallas, Central Bank of Chile, University of Chile, and RIDGE Workshop-International Macro. Javier Caicedo, Daniel Guzman, Sarah Jeong, Daniel Ramos, and Johana Torres provided excellent research assistance. Any errors are our own. The information and opinions presented are entirely those of the author(s), and no endorsement by the Central Bank of Chile or its board of directors is expressed or implied. Emails: Miguel Acosta (macosta@gradcenter.cuny.edu), Laura Alfaro (lalfaro@hbs.edu), and Andrés Fernández (afernandezm@bcentral.cl). The information and opinions presented are entirely those of the author(s), and no endorsement by the Central Bank of Chile, its board of directors, or the National Bureau of Economic Research is expressed or implied.

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