International Channels of Transmission of Monetary Policy and the Mundellian Trilemma

被引：228
作者：
Rey, Helene [1 ]
机构：
[1] London Business Sch, Econ, London, England
来源：
IMF ECONOMIC REVIEW | 2016年 / 64卷 / 01期
基金：
欧盟地平线“2020”;
关键词：
EXCHANGE-RATES; CAPITAL MOBILITY; CREDIT BOOMS; RISK; FLUCTUATIONS; LEVERAGE; CYCLES; FLIGHT; COSTS; FLOWS;
D O I：
10.1057/imfer.2016.4
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This lecture argues that the Global Financial Cycle is a challenge for the validity of the Mundellian trilemma. The paper presents evidence that U.S. monetary policy shocks are transmitted internationally and affect financial conditions even in inflation-targeting economies with large financial markets. Hence flexible exchange rates are not enough to guarantee monetary autonomy in a world of large capital flows.
引用
收藏
页码：6 / 35
页数：30
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