The Expansionary Lower Bound : Contractionary Monetary Easing and the Trilemma /

We provide a theory of the limits to monetary policy independence in open economies arising from the interaction between capital flows and domestic collateral constraints. The key feature of our theory is the existence of an 'Expansionary Lower Bound' (ELB), defined as an interest rate thr...

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Detaylı Bibliyografya
Yazar: Cavallino, Paolo
Diğer Yazarlar: Sandri, Damiano
Materyal Türü: Dergi
Dil:English
Baskı/Yayın Bilgisi: Washington, D.C. : International Monetary Fund, 2018.
Seri Bilgileri:IMF Working Papers; Working Paper ; No. 2018/236
Online Erişim:Full text available on IMF