International channels of transmission of monetary policy and the mundellian trilemma

Abstract

NBER WORKING PAPER SERIES INTERNATIONAL CHANNELS OF TRANSMISSION OF MONETARY POLICY AND THE MUNDELLIAN TRILEMMA Hélène Rey Working Paper 21852 http://www.nber.org/papers/w21852 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2016 This is the Mundell-Fleming lecture given at the IMF on 13 November 2014. I am very grateful for the comments of Olivier Blanchard, Pierre-Olivier Gourinchas, Richard Portes, Jay Shambaugh. I benefitted greatly from exchanges with Ben Bernanke, Claudio Borio, Refet Gurkaynak, Nobuhiro Kiyotaki, Silvia Miranda-Agrippino, Maury Obstfeld, Hyun Shin and Michael Woodford. I am also very grateful to Peter Karadi and Mark Gertler for sharing their data on monetary surprises, to James Wong for help with the New Zealand data, to Bo Young Chang for the Canadian data, to Stefan Avdjiev for the BIS data. All errors are my sole responsibility. Elena Gerko and Evgenia Passari provided outstanding research assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER 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. © 2016 by Hélène Rey. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full …

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