The Trilemma in Practice: Monetary Policy Autonomy in an Economy with a Floating Exchange Rate

Abstract: For many emerging-market economies, swings in the global financial cycle make the trilemma more of a dilemma. Without restrictions on international capital flows, monetary independence is not possible, even for a country with a floating exchange rate.

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Bibliographic Information

Provider: Federal Reserve Bank of Dallas

Part of Series: Annual Report, Globalization and Monetary Policy Institute

Publication Date: 2015

Pages: 2-9