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

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  • J. Scott Davis

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.

Suggested Citation

  • J. Scott Davis, 2015. "The Trilemma in Practice: Monetary Policy Autonomy in an Economy with a Floating Exchange Rate," Annual Report, Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas, pages 2-9.
  • Handle: RePEc:fip:feddgm:00029
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    References listed on IDEAS

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    1. Michael W. Klein & Jay C. Shambaugh, 2015. "Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy," American Economic Journal: Macroeconomics, American Economic Association, vol. 7(4), pages 33-66, October.
    2. Scott Davis & Ignacio Presno, 2014. "Capital controls as an instrument of monetary policy," Globalization Institute Working Papers 171, Federal Reserve Bank of Dallas, revised 01 Feb 2014.
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