Klein, Michael W.; Shambaugh, Jay C. - Institute for Monetary and Economic Studies, Bank of Japan - 2013
markets, fixed exchange rates, and monetary autonomy; rather, it is constrained to choosing no more than two of these three …, afford a full measure of monetary policy autonomy. Our results confirm that extensive capital controls or floating exchange … rates enable a country to have monetary autonomy, as suggested by the trilemma. Partial capital controls, however, do not …