Hélène Rey得出的重要结论：在大规模资本流动的世界中，浮动汇率不足以保证一国货币政策自主。

International Channels of Transmission of Monetary Policy and the Mundellian Trilemma

Hélène Rey

NBER Working Paper No. 21852
Issued in January 2016
NBER Program(s):   AP   IFM   ME

This lecture argues that the Global Financial Cycle is a challenge for the validity of the Mundellian trilemma. I present evidence that US monetary policy shocks are transmitted internationally and affect financial conditions even in inflation targeting economies with large financial markets. Hence flexible exchange rates are not enough to guarantee monetary autonomy in a world of large capital flows.