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 threshold below which monetary easing becomes... READ MORE...

Publication date: November 2018
ISBN 9781484381618

Add to Cart by clicking price of the language and format you'd like to purchase

Available Languages and Formats


Publication date: November 2018