Professor of Economics - London Business School
International Channels of Transmission of Monetary Policy and the Mundellian Trilemma
Date Published: (Forthcoming)
Latest Draft: 21 Dec 2015,
Mundell Fleming Lecture 2014, IMF Economic Review.
This lecture argues that the Global Financial Cycle is a challenge for the validity of the Mundellian trilemma. I present evidence that US monetary policy shocks are transmitted internationally and affect financial conditions even in inflation targeting economies with large financial markets. Hence flexible exchange rates are not enough to guarantee monetary autonomy in a world of large capital flows.
Rey, H., "International Channels of Transmission of Monetary Policy and the Mundellian Trilemma", Mundell Fleming Lecture, IMF Economic Review, Forthcoming.
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NBER wp11027, CEPR DP21852.
- Helene Rey’s Mundell Fleming Lecture: November 2014 (video)
- Ben Bernanke’s Mundell Fleming Lecture: November 2015 (video)