| Description |
1 online resource (38 pages) : color illustrations |
| Series |
IMF working paper ; WP/16/108 |
|
IMF working paper ; WP/16/108.
|
| Contents |
Cover; Contents; Abstract; I. INTRODUCTION; II. THE ELUSIVE CONCEPTS OF MONETARY SPILLOVERS AND AUTONOMY; III. MEASURING AUTONOMY-IMPAIRING SPILLOVERS; IV. ASSESSING MONETARY AUTONOMY IN SELECTED SMALL OPEN ECONOMIES; V. REVISITING THE DILEMMA ABOUT THE TRILEMMA; VI. CONCLUSION; REFERENCES; DATA APPENDIX |
| Summary |
"Is the Mundell-Fleming trilemma alive and well? International co-movement of asset prices takes place alongside synchronized business cycles, complicating the identification of financial spillovers and assessments of monetary policy autonomy. A benchmark for interest rate comovement is to impose the null hypothesis that central banks respond only to the outlook for domestic inflation and output. The authors show that common approaches used to estimate interest rate spillovers tend to understate the degree of monetary autonomy enjoyed by small open economies with flexible exchange rates. They propose an empirical strategy that partials out those spillovers that are associated with impaired monetary autonomy. Using this approach, they revisit the predictions of the trilemma and find more compelling evidence that flexible exchange rates deliver monetary autonomy than prior work has suggested."--Abstract |
| Notes |
"June 2016." |
|
"Western Hemisphere Department." |
| Bibliography |
Includes bibliographical references (pages 34-37) |
| Notes |
Online resource; title from pdf title page (IMF.org website, viewed July 13, 2016) |
| Subject |
Monetary policy -- Econometric models
|
|
Business cycles -- Econometric models
|
|
Business cycles -- Econometric models
|
|
Monetary policy -- Econometric models
|
| Form |
Electronic book
|
| Author |
Carrière-Swallow, Yan, author.
|
|
Gruss, Bertrand, author.
|
|
International Monetary Fund. Western Hemisphere Department, issuing body.
|
| ISBN |
9781484382066 |
|
1484382064 |
|
