General Management

- September 2025
- Article
Sticky Capital Controls

By: Miguel Acosta-Henao, Laura Alfaro and Andrés Fernández

There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative assessment of optimal capital control models against the data. We contribute to this debate by addressing both positive and normative features of capital controls. On the positive side, we build a new dataset using textual analysis, from which we document a set of stylized facts of capital controls along their intensive and extensive margins for 21 emerging markets. We document that capital controls are “sticky;” that is, changes to capital controls do not occur frequently, and when they do, they remain in place for a long time. Overall, they have not been used systematically across countries or time, and there has been considerable heterogeneity across countries in terms of the intensity with which they have been used. On the normative side, we extend a model of capital controls relying on pecuniary externalities augmented by including an (S, s) cost of implementing such policies. We illustrate how this friction goes a long way toward bringing the model closer to the data. When the extended model is calibrated for each of the countries in the new dataset, we find that the size of these costs is large, thus substantially reducing the welfare-enhancing effects of capital controls compared with the frictionless Ramsey benchmark. We conclude with a discussion of the structural interpretations of such costs, which calls for a richer set of policy constraints when considering the use of capital controls in models of pecuniary externalities.
- September 2025
- Article
Sticky Capital Controls

By: Miguel Acosta-Henao, Laura Alfaro and Andrés Fernández

There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative assessment of optimal capital control models against the data. We contribute to this...
- July 3, 2025
- Article
How to Build a Life: The Ciceronian Secret to Happiness

By: Arthur C. Brooks
- July 3, 2025
- Article
How to Build a Life: The Ciceronian Secret to Happiness

By: Arthur C. Brooks
- Summer 2025
- Article
Does Marriage Have a Future?

By: Debora L. Spar and Aryanna Garber

The article explores how technology is reshaping the institution of marriage, highlighting significant changes in societal norms and personal relationships. It discusses the decline in marriage rates in industrialized nations, particularly Japan and the United States, and links these trends to technological advancements such as online dating, reproductive technologies, and artificial intelligence. Historically, marriage has evolved from a contract for economic and reproductive security to a more personal commitment centered on love and companionship, as traditional roles and expectations have shifted. The article suggests that as technology continues to influence social interactions, marriage may increasingly focus on emotional connections rather than economic or reproductive functions.
- Summer 2025
- Article
Does Marriage Have a Future?

By: Debora L. Spar and Aryanna Garber

The article explores how technology is reshaping the institution of marriage, highlighting significant changes in societal norms and personal relationships. It discusses the decline in marriage rates in industrialized nations, particularly Japan and the United States, and links these trends to technological advancements such as online dating,...

About the Unit

The General Management Unit is concerned with the leadership and management of the enterprise as a whole. This concern encompasses:

the personal values and qualities of effective general managers and enterprise leaders;
the philosophies, values, and strategies that inform successful enterprises; and
the relation of enterprise to the broader community and other external constituencies.

The Unit's work is conceived and carried out principally in four interest groups, each of which has its own leadership, research agenda, and teaching programs:

Management Policy and Process
Management Information Systems
Society and Enterprise
Leadership, Values, and Corporate Responsibility

Recent Publications

Sticky Capital Controls

By: Miguel Acosta-Henao, Laura Alfaro and Andrés Fernández

September 2025 |
Article |
Journal of International Economics

There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative assessment of optimal capital control models against the data. We contribute to this debate by addressing both positive and normative features of capital controls. On the positive side, we build a new dataset using textual analysis, from which we document a set of stylized facts of capital controls along their intensive and extensive margins for 21 emerging markets. We document that capital controls are “sticky;” that is, changes to capital controls do not occur frequently, and when they do, they remain in place for a long time. Overall, they have not been used systematically across countries or time, and there has been considerable heterogeneity across countries in terms of the intensity with which they have been used. On the normative side, we extend a model of capital controls relying on pecuniary externalities augmented by including an (S, s) cost of implementing such policies. We illustrate how this friction goes a long way toward bringing the model closer to the data. When the extended model is calibrated for each of the countries in the new dataset, we find that the size of these costs is large, thus substantially reducing the welfare-enhancing effects of capital controls compared with the frictionless Ramsey benchmark. We conclude with a discussion of the structural interpretations of such costs, which calls for a richer set of policy constraints when considering the use of capital controls in models of pecuniary externalities.

Keywords: Capital Controls; Macroprudential Policies; Stickiness; Intensive; (S, S) Costs; Capital; Management; Macroeconomics; Governance Controls; Mathematical Methods

Citation

Read Now

How to Build a Life: The Ciceronian Secret to Happiness

By: Arthur C. Brooks

July 3, 2025 |
Article |
The Atlantic

Citation

SWEN Blue Ocean: Impact Investing Goes to Sea

By: Vikram S Gandhi and David Allen

June 2025 |
Teaching Plan |
Faculty Research

Teaching Plan for HBS Case No. 325-013

Keywords: Communication Technology; Green Technology; Finance; Venture Capital; Private Equity; Investment; Investment Funds; Science-Based Business; Financial Services Industry; France; Paris; Italy

Citation

How to Build a Life: The Ultimate Career Advice: Make Your Work Your Calling

By: Arthur C. Brooks

June 26, 2025 |
Article |
The Atlantic

Citation

The Miccosukee Tribe and the Battle to Save the Everglades (B): The Art of Coalition Building

By: Rosabeth Moss Kanter and Jacob A. Small

June 2025 |
Teaching Note |
Faculty Research

Teaching Note for HBS Case No. 325-132. Curtis Osceola, Chief of Staff to the Chairman of the Miccosukee Tribe of Indians of Florida, exercised leadership to mobilize allies, deal with opposition, and forge internal and external multi-sector coalitions to help preserve the Everglades. In December 2024, after 3 years of activity, federal authorization was secured for the Western Everglades Restoration Project (WERP), a long-delayed multibillion-dollar infrastructure initiative aimed at restoring water flow and quality in an area adjoining tribal lands that was also the watershed for major urban areas. Representing a sovereign indigenous tribal nation of just over 600 people, Osceola and colleagues enlarged internal tribal capabilities and then looked externally to seek support from federal lawmakers and agencies, state and county officials, environmental NGOs, and private landowners. The case traces the specific relationship tactics employed—including calibrated messaging, data-backed advocacy, personal diplomacy, and coalition maintenance—to gain support for the project and reinforce the Miccosukee as central players in Everglades restoration.

Keywords: Communication Strategy; Environmental Sustainability; Leadership; Projects; Alliances; Natural Environment; Power and Influence; Florida; Everglades National Park

Citation

Purchase

Does Marriage Have a Future?

By: Debora L. Spar and Aryanna Garber

Summer 2025 |
Article |
New Atlantis: A Journal of Technology & Society

The article explores how technology is reshaping the institution of marriage, highlighting significant changes in societal norms and personal relationships. It discusses the decline in marriage rates in industrialized nations, particularly Japan and the United States, and links these trends to technological advancements such as online dating, reproductive technologies, and artificial intelligence. Historically, marriage has evolved from a contract for economic and reproductive security to a more personal commitment centered on love and companionship, as traditional roles and expectations have shifted. The article suggests that as technology continues to influence social interactions, marriage may increasingly focus on emotional connections rather than economic or reproductive functions.

Keywords: Family and Family Relationships; Technology Adoption; Society; Transformation; Emotions