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|z 9781513511702
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|a Cevik, Serhan.
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|a Trinity Strikes Back :
|b Monetary Independence and Inflation in the Caribbean /
|c Serhan Cevik, Tianle Zhu.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2019.
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|a 1 online resource (19 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Monetary independence is at the core of the macroeconomic policy trilemma stating that an independent monetary policy, a fixed exchange rate and free movement of capital cannot exist at the same time. This study examines the relationship between monetary autonomy and inflation dynamics in a panel of Caribbean countries over the period 1980-2017. The empirical results show that monetary independence is a significant factor in determining inflation, even after controlling for macroeconomic developments. In other words, greater monetary policy independence, measured as a country's ability to conduct its own monetary policy for domestic purposes independent of external monetary influences, leads to lower consumer price inflation. This relationship-robust to alternative specifications and estimation methodologies-has clear policy implications, especially for countries that maintain pegged exchange rates relative to the U.S. dollar with a critical bearing on monetary autonomy.
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|a Mode of access: Internet
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|a Zhu, Tianle.
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|a IMF Working Papers; Working Paper ;
|v No. 2019/197
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2019/197/001.2019.issue-197-en.xml
|z IMF e-Library
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