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.

More Details

Item Type: Article
Subject Areas: Economics
Additional Information:

© 2016 International Monetary Fund

Date Deposited: 18 May 2016 14:47
Subjects: E > Exchange rates
I > International monetary agreements
C > Cyclical movements
Last Modified: 17 Sep 2021 00:23
URI: https://lbsresearch.london.edu/id/eprint/501
More

Export and Share


Download

Full text not available from this repository.

Statistics

Altmetrics
View details on Dimensions' website

Downloads from LBS Research Online

View details

Actions (login required)

Edit Item Edit Item