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
Additional Information: © 2016 International Monetary Fund
Subjects: E > Exchange rates
I > International monetary agreements
C > Cyclical movements
Date Deposited: 18 May 2016 14:47
Last Modified: 01 Mar 2019 08:19
URI: http://lbsresearch.london.edu/id/eprint/501
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