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International Channels of Transmission of Monetary Policy and the Mundellian Trilemma

Helene Rey
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 a ffect fi nancial 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)

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