| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19461 |
| 来源ID | Working Paper 19461 |
| Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy | |
| Michael W. Klein; Jay C. Shambaugh | |
| 发表日期 | 2013-09-19 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | A central result in international macroeconomics is that a government cannot simultaneously opt for open financial markets, fixed exchange rates, and monetary autonomy; rather, it is constrained to choosing no more than two of these three. In the wake of the Great Recession, however, there has been an effort to address macroeconomic challenges through intermediate measures, such as narrowly targeted capital controls or limited exchange rate flexibility. This paper addresses the question of whether these intermediate policies, which round the corners of the triangle representing the policy trilemma, afford a full measure of monetary policy autonomy. Our results confirm that extensive capital controls or floating exchange rates enable a country to have monetary autonomy, as suggested by the trilemma. Partial capital controls, however, do not generally enable a country to have greater monetary control than is the case with open capital accounts unless they are quite extensive. In contrast, a moderate amount of exchange rate flexibility does allow for some degree of monetary autonomy, especially in emerging and developing economies. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w19461 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577135 |
| 推荐引用方式 GB/T 7714 | Michael W. Klein,Jay C. Shambaugh. Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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