International channels of transmission of monetary policy and the Mundellian Trilemma

Rey, H (2016) International channels of transmission of monetary policy and the Mundellian Trilemma. IMF Economic Review, 64 (1). pp. 6-35. ISSN 2041-4161

Abstract

This is the Mundell-Fleming lecture given at the IMF on November 13, 2014. 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.

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Item Type: Article
Subject Areas: Economics
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© 2016 International Monetary Fund

Date Deposited: 18 May 2016 14:47
Subjects: Exchange rates
International monetary agreements
Cyclical movements
Last Modified: 29 Mar 2024 02:28
URI: https://lbsresearch.london.edu/id/eprint/501
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