| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14683 |
| DP14683 The Open-Economy ELB: Contractionary Monetary Easing and the Trilemma | |
| Damiano Sandri; Paolo Cavallino | |
| 发表日期 | 2020-04-29 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Contrary to the trilemma, we show that international financial integration can undermine the transmission of monetary policy even in countries with flexible exchange rates due to an open-economy Effective Lower Bound. The ELB is an interest rate threshold below which monetary easing becomes contractionary due to the interaction between capital flows and collateral constraints. A tightening in global monetary and financial conditions increases the ELB and may prompt central banks to hike rates despite output contracting. We also show that the ELB gives rise to a novel inter-temporal trade-off for monetary policy and calls for supporting monetary policy with additional policy tools. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | monetary policy Collateral constraints Carry trade Currency mismatches Spillovers |
| URL | https://cepr.org/publications/dp14683 |
| 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/543599 |
| 推荐引用方式 GB/T 7714 | Damiano Sandri,Paolo Cavallino. DP14683 The Open-Economy ELB: Contractionary Monetary Easing and the Trilemma. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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