Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy
By Michael W. Klein, Jay C. Shambaugh. 2015
266 citations recorded by the source corpus.
Subfields: Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/bbc37cfb735b6065664d969e13d2afb99c3a0f62
Citations in the corpus
- Global Financial Cycles and Risk Premiums (2018, unknown): “The classification of the exchange rate regime has occupied international economists for a long time (Klein and Shambaugh 2015).”
- How Important is the Global Financial Cycle? Evidence from Capital Flows (2017, unknown): “While Han and Wei (2016) find that a flexible exchange rate by itself does not confer monetary policy autonomy, Klein and Shambaugh (2015) find that a moderately flexible exchange rate does confer monetary policy autonomy, though partial capital controls do not.”
- A Tie That Binds: Revisiting the Trilemma in Emerging Market Economies (2017, unknown): “…which in turn are strongly influenced by U.S. monetary policy—implying that it is the financial conditions in major source countries, not 2See, Frankel, Schmukler, and Serven (2004), Obstfeld, Shambaugh, and Taylor (2005), Klein and Shambaugh (2015), Obstfeld (2014), and Bekaert and Mehl (2017).”
- Financial Flows and the International Monetary System (2015, unknown): “As discussed in Gourinchas and Rey (2014), the external assets of the US, for example are tilted towards ‘risky assets’, equity and FDI which constitute about 49% of total assets between 1970 and 2010, while external US liabilities consist mostly of ‘safer assets’ such as debt and bank credit.”
- Domestic and multilateral effects of capital controls in emerging markets (2018, unknown): “For more details on the Gibbs sampler, see Koop (2003) and Doan (2009).”
- International Channels of Transmission of Monetary Policy and the Mundellian Trilemma (2015, unknown): “It is reassuring that a series of papers by Obstfeld, Shambaugh and Taylor (2005), Klein and Shambaugh (2013), Goldberg (2013) and Obstfeld (2015) have consistently found that short rates are less correlated to the base country rate for flexible exchange rate countries than for fixed exchange rate…”
- The international transmission of monetary policy (2018, unknown): “Co-movements of short term interest rates also depend on the exchange rate regimes in place, with stronger co-movements observed for countries that have tighter currency pegs and relations with base currencies (Obstfeld, Shambaugh and Taylor 2010; Shambaugh 2004), with roles for both capital flow ma”
- U.S. Monetary Policy and the Global Financial Cycle (2020, unknown): “This of course does not mean that exchange rate regimes do not matter, as Klein and Shambaugh (2013) and Obstfeld (2015) rightly point out.41 This international transmission mechanism of monetary policy is a priori consistent with models where financial market imperfections play an important role,…”
- U.S. Monetary Policy and International Risk Spillovers (2019, unknown): “Klein and Shambaugh (2015) further show that capital controls do not provide monetary autonomy; and Obstfeld et al. (2019) and Obstfeld et al. (2018) show the transmission of global financial shocks to domestic conditions is magnified under fixed exchange rate regimes in EMEs.52 Although I do not…”