| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w22812
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| 来源ID | Working Paper 22812
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| International Transmissions of Monetary Shocks: Between a Trilemma and a Dilemma |
| Xuehui Han; Shang-Jin Wei
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| 发表日期 | 2016-11-14
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| 出版年 | 2016
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| 语种 | 英语
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| 摘要 | This paper re-examines international transmissions of monetary policy shocks from advanced economies to emerging market economies. In terms of methodologies, it combines three novel features. First, it separates co-movement in monetary policies due to common shocks from spillovers of monetary policies from advanced to peripheral economies. Second, it uses surprises in growth and inflation and the Taylor rule to gauge desired changes in a country’s interest rate if it is to focus exclusively on growth, inflation, and real exchange rate stability. Third, it proposes a specification that can work with the quantitative easing episodes when no changes in US interest rate are observed. In terms of empirical findings, we differ from the existing literature and document patterns of “2.5-lemma” or something between a trilemma and a dilemma: without capital controls, a flexible exchange rate regime offers some monetary policy autonomy when the center country tightens its monetary policy, yet it fails to do so when the center country lowers its interest rate. Capital controls help to insulate periphery countries from monetary policy shocks from the center country even when the latter lowers its interest rate. |
| 主题 | International Economics
; International Finance
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| URL | https://www.nber.org/papers/w22812
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580486
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推荐引用方式
GB/T 7714 |
Xuehui Han,Shang-Jin Wei. International Transmissions of Monetary Shocks: Between a Trilemma and a Dilemma. 2016.
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文件名：
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w22812.pdf
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格式：
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Adobe PDF
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