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Published Papers

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.

Abstract:
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.



Citation:
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)
http://www.imf.org/external/np/res/seminars/2014/arc/
 
  • Ben Bernanke’s Mundell Fleming Lecture: November 2015 (video)
http://www.imf.org/external/mmedia/view.aspx?vid=4598935280001
 



Replication material: 

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