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An Empirical Analysis of the Trilemma of Exiting Expansionary Monetary Policy in the Euro Area

In: Banking Resilience and Global Financial Stability

Author

Listed:
  • Sebastian Lang
  • Wolfgang Schadner

Abstract

This study proposes a theoretic trilemma model for the case of a monetary union and measures it empirically. Accordingly, there exists a trade-off between stabilizing the monetary union, maintaining free capital mobility, and exiting expansionary monetary policy in the euro area. Our results underscore the existence of this trilemma and point out the importance of resolving it without jeopardizing the euro and financial stability in the European Union.

Suggested Citation

  • Sebastian Lang & Wolfgang Schadner, 2024. "An Empirical Analysis of the Trilemma of Exiting Expansionary Monetary Policy in the Euro Area," World Scientific Book Chapters, in: Sabri Boubaker & Marwa Elnahass (ed.), Banking Resilience and Global Financial Stability, chapter 11, pages 299-316, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800614321_0011
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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G2 - Financial Economics - - Financial Institutions and Services
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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