The Expansionary Lower Bound: Contractionary Monetary Easing and the Trilemma

Nopic
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
$18.00

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Publication date: November 2018

English