Ila Patnaik is a Professor at NIPFP. Prior to this, she was the Principal Economic Advisor to the Government of India from May 2014 to December 2015. Prior to joining NIPFP, she has worked at the National Council of Applied Economic Research (NCAER), Indian Council for Research in International Economic Relations (ICRIER), and as Economics Editor at the Indian Express. Her main area of interest is open economy macroeconomics, including issues related to capital flows, the exchange rate regime, monetary policy, business cycles and the financial sector in the context of opening of the capital account. Her recent papers deal with India’s experience with capital flows, methods for testing, dating and monitoring structural change of the exchange rate regime, an examination of the exchange rate regime in India and China, questions of moral hazard in the currency exposure of firms, and explaining the change in home bias against Indian firms.