Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - CESifo - 2012
-market–based sterilization which leads to financial sector distortions. In a flexible exchange rate regime monetary policy autonomy can be gained …-Gordon-type central bank loss function that in both cases surplus liquidity limits monetary policy autonomy. In case of fixed exchange … rates East Asian central banks can escape from the impossible trinity and gain monetary policy autonomy by using non …