The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility
Maurice Obstfeld,
Jay Shambaugh and
Alan Taylor
The Review of Economics and Statistics, 2005, vol. 87, issue 3, 423-438
Abstract:
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 argue that under the modern float there could be limited monetary autonomy; others, 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. 2005 President and Fellows of Harvard College and the Massachusetts Institute of Technology.
Date: 2005
References: Add references at CitEc
Citations: View citations in EconPapers (423)
Downloads: (external link)
http://www.mitpressjournals.org/doi/pdf/10.1162/0034653054638300 link to full text (application/pdf)
Access to full text is restricted to subscribers.
Related works:
Working Paper: The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility (2004) 
Working Paper: The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility (2004) 
Working Paper: The Trilemma in History: Trade-offs Among Exchange Rates, Monetary Policies and Capital Mobility (2004) 
Working Paper: The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility (2004) 
Working Paper: The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility (2004) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:tpr:restat:v:87:y:2005:i:3:p:423-438
Ordering information: This journal article can be ordered from
https://mitpressjour ... rnal/?issn=0034-6535
Access Statistics for this article
The Review of Economics and Statistics is currently edited by Pierre Azoulay, Olivier Coibion, Will Dobbie, Raymond Fisman, Benjamin R. Handel, Brian A. Jacob, Kareen Rozen, Xiaoxia Shi, Tavneet Suri and Yi Xu
More articles in The Review of Economics and Statistics from MIT Press
Bibliographic data for series maintained by The MIT Press ().