The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark trade …-off among exchange stability, monetary independence, and capital market openness. Yet the trilemma has not gone without … the trilemma are largely borne out by history. …

-economy trilemma - the inability of policy-makers simultaneously to pursue a fixed exchange rate, open capital markets, and autonomous … monetary policy. The first two objectives were linchpins of the pre-1914 order. As increasingly democratic polities faced … empirically controversial. We apply theory and empirics to the interwar data and find strong support for the logic of the trilemma …

Because of recent economic crises, financial fragility has regained prominence in both the theory and practice of … macroeconomic policy. Consistent with macroeconomic paradigms prevalent at the time, the original architecture of the euro zone … confront a financial/fiscal trilemma: countries in the euro zone can no longer enjoy all three of financial integration with …

in yields following the OMT announcement, the high current degree of fragmentation poses difficult challenges for policy …-makers, since it leads to an unequal transmission of the ECB’s monetary policy to the various countries. …

unemployed is particularly costly, this policy provides insurance equivalent to that provided by the current system. By reducing …

macroeconomic questions such as business cycles, growth, and policy. Particular attention is given to the ability of the model to … account for labour market dynamics and for cyclical fluctuations in aggregate economic activity …

How many cartels are there? The answer is important in assessing the efficiency of competition policy. We present a … industry or not. Our model identifies key policy parameters from data generated under different competition policy regimes and …