Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence

By Hélène Rey. 2015

1,967 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/c56dcb7f2c08a8d61d36c3738c5ec1aed0a77cb1

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Citations in the corpus

Monetary Policy and Financial Stability: What Role in Prevention and Recovery? (2014, neutral): “17 flows (eg, Bruno and Shin (2012), Rey (2013)).”
Business, Housing and Credit Cycles (2018, background): “The strong international co-movements in financial series have already been documented by Breitung and Eickmeir (2014) and Rey (2015).”
Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More than Fundamentals (2015, positive): “1 While almost all EMs experienced outflows during this episode, some were much less affected than others (Sahay et al. 2014). Shaghil, Coulibaly, and Zlate (2014) showed that this differentiation across EMs was not unique to the 2013 episode. This naturally raises the question of the reasons behind”
Exchange Arrangements Entering the Twenty-First Century: Which Anchor will Hold?* (2019, background): “…of the dollar in global traded goods pricing and bond issuance, as well as the outsize influence of U.S. monetary policy on asset prices worldwide (Rey 2013; Bruno and Shin 2015; Gopinath 2015; Maggiori, Nieman, and Schreger 2018).1 Indeed, the fact that exchange rate stabilization apparently…”
Spillovers of U.S. unconventional monetary policy to emerging markets: The role of capital flows (2017, background): “Finally, the third hypothesis connects our estimations to the discussion on the independence of monetary policy given the strong international linkages in the globalized financial world, the “trilemma” vs. “dilemma” debate initiated by Rey (2013).”
Policy News and Stock Market Volatility (2019, positive): “Forbes and Warnock (2012) and Rey (2018) document global patterns in capital flows, asset prices and credit growth that are closely tied to the VIX.”
Breaking Free of the Triple Coincidence in International Finance (2016, background): “Breaking free of the triple coincidence in international finance 35 Gourinchas, P-O and H Rey (2014): “External adjustment, global imbalances, valuation effects”, in G Gopinath, E Helpman, and K Rogoff (eds), Handbook of International Economics, vol 4, North Holland, pp 585–646.”
Competitive monetary easing: is it yesterday once more? (2014, background): “…the indirect effect, as the appreciating exchange rate and rising asset prices, especially of real estate, make it seem that borrowers have more equity than they really have (Bruno and Shin 2014, forthcoming; Calvo, Leiderman, and Reinhart 1996; Obstfeld 2012; Rey 2013; Schularick and Taylor 2012).”
Effects of US quantitative easing on emerging market economies (2015, methodology): “Finally, in using a VAR analysis to ascertain the effects of the US monetary policy on international capital flows and asset prices, this paper is also connected to Rey (2013) and Bruno and Shin (2015), who focus on the conventional monetary policy period.”
Trilemmas and trade-offs: living with financial globalisation (2015, background): “On the other side, Rey (2013) argues that the monetary trilemma is really a dilemma, because EMEs can exercise no monetary autonomy from US policy (or the global financial cycle) unless they impose capital controls.”