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. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. 2015 by H l ne Rey. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including notice, is given to the not trilemma : The GLOBAL FINANCIAL CYCLE and monetary policy independence H l ne ReyNBER Working Paper No.

Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence Hélène Rey NBER Working Paper No. 21162 May 2015, Revised February 2018 JEL No. E5,F02,F33,G15 ABSTRACT There is a global financial cycle in capital flows, asset prices and in credit growth. This cycle co moves with the VIX, a measure of uncertainty and risk ...

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  Policy, Global, Financial, Cycle, Monetary, Independence, Trilemma, The global financial cycle, The global financial cycle and monetary policy independence, Global financial cycle

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