Transcription of DILEMMA NOT TRILEMMA: THE GLOBAL FINANCIAL CYCLE …
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DILEMMA NOT TRILEMMA: THE GLOBAL FINANCIAL CYCLE …
NBER WORKING PAPER SERIESDILEMMA NOT TRILEMMA: THE GLOBAL FINANCIAL CYCLE AND monetary policy INDEPENDENCEH l ne ReyWorking Paper 21162 BUREAU OF ECONOMIC RESEARCH1050 Massachusetts AvenueCambridge, MA 02138 May 2015, Revised February 2018I am grateful to Silvia Miranda Agrippino and to Evgenia Passari for excellent research assistance and to Richard Portes for discussions. I gratefully acknowledge the ERC (starting grant 210584) for funding. This paper was presented in the Jackson Hole Symposium. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic working papers are circulated for discussion and comment purposes.
and its transmission mechanism, focusingcularin parti on the role of monetary policy in the centre country, on the leverage of financial intermediaries, credit creation and credit flows. Part V …
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