Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy

• 成果类型: Article
• 署名作者: Klein, Michael W.; Shambaugh, Jay C.
• 署名单位: Tufts University; National Bureau of Economic Research; George Washington University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20130237
• 发表日期: 2015
• 页码: 33-66
• 关键词: exchange-rate regimes; capital controls; rates; transmission; ECONOMICS; HISTORY

摘要

A central result in international macroeconomics is that a government cannot simultaneously opt for open financial markets, fixed exchange rates, and monetary autonomy; rather, it is constrained to choosing no more than two of these three. This paper considers whether partial capital controls and limited exchange rate flexibility allow for full monetary policy autonomy. We find partial capital controls do not generally allow for greater monetary control than with open capital accounts, unless they are quite extensive, but a moderate amount of exchange rate flexibility does allow for some degree of monetary autonomy, especially in emerging and developing economies.