International Channels of Transmission of Monetary Policy and the Mundellian Trilemma

被引：239

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

页码：6 / 35

页数：30

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