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

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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Bibliografiske detaljer
Hovedforfatter:	Cavallino, Paolo
Andre forfattere:	Sandri, Damiano
Format:	Tidsskrift
Sprog:	English
Udgivet:	Washington, D.C. : International Monetary Fund, 2018.
Serier:	IMF Working Papers; Working Paper ; No. 2018/236
Online adgang:	Full text available on IMF

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