The trilemma in history
Subtitle: tradeoffs among exchange rates, monetary policies, and capital mobility
By: Maurice Obstfeld, Jay C. Shambaugh, Alan M. Taylor.
Contributors: Shambaugh, Jay C.; Taylor, Alan M., 1964-; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10396; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10396.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Interest rates -- History.; Foreign exchange rates.; Monetary policy.
Description: "The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark tradeoff among exchange stability, monetary independence, and capital market openness.  Yet the trilemma has not gone without challenge.  Some (e.g., Calvo and Reinhart 2001, 2002) argue that under the modern float there could be limited monetary autonomy.  Others (e.g., Bordo and Flandreau 2003), that even under the classical gold standard domestic monetary autonomy was considerable.  This paper studies the coherence of international interest rates over more than 130 years.  The constraints implied by the trilemma are largely borne out by history"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
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