Replication data for: Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy

Principal Investigator(s): View help for Principal Investigator(s) Michael W. Klein; Jay C. Shambaugh

Name	File Type	Size	Last Modified
Klein-Shambaugh-AEJ-Macro.do	text/plain	49 KB	10/12/2019 03:27:PM
Klein-Shambauh-AEJ-Macro.dta	application/octet-stream	2.5 MB	10/12/2019 03:27:PM
Klein-and-Shambaugh-read-me-file.docx	application/vnd.openxmlformats-officedocument.wordprocessingml.document	14 KB	10/12/2019 03:27:PM
Klein-and-Shambaugh-read-me-file.pdf	application/pdf	25.3 KB	10/12/2019 03:27:PM

Project Description

Summary: A central result in international macroeconomics is that a government cannot simultaneously opt for open financial markets, fixed exchange rates, and monetary autonomy; rather, it is constrained to choosing no more than two of these three. This paper considers whether partial capital controls and limited exchange rate flexibility allow for full monetary policy autonomy. We find partial capital controls do not generally allow for greater monetary control than with open capital accounts, unless they are quite extensive, but a moderate amount of exchange rate flexibility does allow for some degree of monetary autonomy, especially in emerging and developing economies. (JEL E52, F32, F33)

Scope of Project

JEL Classification:
      E52 Monetary Policy
      F32 Current Account Adjustment; Short-term Capital Movements
      F33 International Monetary Arrangements and Institutions

Related Publications

Download this project

Published Versions

V1 [2019-10-12]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.