G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w19461
来源IDWorking 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
URLhttps://www.nber.org/papers/w19461
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/577135
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Michael W. Klein,Jay C. Shambaugh. Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy. 2013.
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