Price stability, financial stability, and sovereign debt sustainability policy challenges from the new trilemma

Duvvuri Subbarao

Macroeconomics and Finance in Emerging Market Economies, 2012, vol. 5, issue 2, 246-259

Abstract: Managing price stability, financial stability, and sovereign debt sustainability is a new trilemma that has emerged after the global crisis for central banks. In managing the new trilemma, central banks would face some policy relevant questions: Is there a return of fiscal dominance of monetary policy? Can the new trilemma erode the autonomy and accountability of central banks? How far can pursuit of the new trilemma militate against growth? What are the limits to unconventional policy measures? The article is an attempt to understand the dimension and complexity of the new trilemma with an analytical assessment of these questions.

Date: 2012
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DOI: 10.1080/17520843.2012.686921

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