期刊名称：Discussion Papers in Economics / Department of Economics, University of Surrey
出版年度：2014
出版社：University of Surrey
摘要：The international macroeconomic policy trilemma suggests that despitethe appeal of exchange rate stability, financial account opennessand monetary sovereignty, these cannot be achieved simultaneously. Usingelements of Euclidean geometry, this paper proposes a new methodfor testing the trilemma and finds considerable evidence in support ofit. Further tests indicate that, on average, policy configurations arenot on the trilemma constraint, i.e. there is a degree of ‘trilemmaine↵ectiveness’, which is costly for real output growth and price inflation.It is shown that these costs can be attributed to limited exchangerate stability and financial account openness, respectively
