Dilemma not trilemma: the global cycle and monetary policy independence

By Hélène Rey. 2013

210 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/96bdb5e1c55cb536551f5338654244d2d082ea19

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Citations in the corpus

A Theory of Macroprudential Policies in the Presence of Nominal Rigidities (2013, unknown): “Finally, we show how our results are also relevant for redistributive or social insurance policies, such as income taxes or unemployment benefits, allowing one to incorporate the macroeconomic benefits associated with these policies.”
International Channels of Transmission of Monetary Policy and the Mundellian Trilemma (2015, unknown): “The Trilemma misleads us by assuming that domestic monetary and financial conditions shaping the macroeconomic situation of a country can be conveniently summarized by this one single variable, the short-term interest rate (see also Rey (2013)).”
Determinants of Global Spillovers from US Monetary Policy (2015, background): “Finally, the finding that the global spillovers from US monetary policy are very large is in line with the hypothesis of a global financial cycle driven by financial conditions in the center economy, and therefore begs the question of whether domestic monetary policy in non-US economies has been und”
International Credit Supply Shocks (2017, unknown): “While regulation and financial innovation determine it in the longer-term (Boz and Mendoza, 2014), over the business cycle several factors, such as monetary policy, the state of the cycle, and risk appetite can affect the leverage constraint (Rey, 2013, 2016, Forbes et al., 2016).”
U.S. Monetary Policy and the Global Financial Cycle (2020, unknown): “But, importantly, we also document significant variations in the Global Financial Cycle, that is, the shock induces significant fluctuations in financial activity on a global scale.”
The Volatility of Capital Flows in Emerging Markets: Measures and Determinants (2017, unknown): “26 See, for instance, Broto et al. (2011) and Rey (2013,2016).”
U.S. monetary policy and emerging market credit cycles (2017, unknown): “Most directly, our work expands empirical evidence of a “global financial cycle” that is linked to economic conditions in the center country of the world economy (Rey 2013).”
The International Price System (2015, background): “Ongoing discussions of monetary policy spillovers focus on asset markets, with the prominence of the dollar in world asset trade flagging concerns about a global credit cycle driven by U.S. monetary policy, as in Rey (2013) and Bruno and Shin (2015).”
Global Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Economies (2015, background): “Andre (2010) and Hirata, Kose, Otrok, and Terrones (2012) document the cyclical behavior of house prices and their relation to the macroeconomy for advanced economies. Igan and Loungani (2012), Claessens, Kose, and Terrones (2012), and Cesa-Bianchi (2013) also consider emerging markets in their anal”
Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence (2015, background): “…the policy rate can insulate the economy in the same way as capital controls (a more optimistic conclusion, at least on paper, than the proposition by Hélène Rey (2013) that, short of using macro prudential tools or capital controls, countries cannot divorce themselves from global financial flows).”