| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4368 |
| DP4368 Country and Industry Dynamics in Stock Returns | |
| Henry Allan Timmermann; Luis Catao | |
| 发表日期 | 2004-04-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark trade-off among exchange stability, monetary independence, and capital market openness. Yet the trilemma has not gone without challenge. Some (e.g., Calvo and Reinhart 2001, 2002) argue that under the modern float there could be limited monetary autonomy. Others (e.g., Bordo and Flandreau 2003), that even under the classical gold standard domestic monetary autonomy was considerable. This Paper studies the coherence of international interest rates over more than 130 years. The constraints implied by the trilemma are largely borne out by history. |
| 主题 | International Macroeconomics |
| 关键词 | Trilemma Exchange rates monetary policy |
| URL | https://cepr.org/publications/dp4368 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533320 |
| 推荐引用方式 GB/T 7714 | Henry Allan Timmermann,Luis Catao. DP4368 Country and Industry Dynamics in Stock Returns. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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