impact on the trilemma variables – net capital inflows, monetary policy autonomy and the exchange rate – the size of that … control actions do not allow countries to avoid the trade-offs of the monetary policy trilemma. Where they have a desired … impact of capital control actions on gross inflows (or vice versa). These findings highlight the importance of the …

and emerging economies. To do so, we estimate Taylor-rule type monetary policy reaction functions, relating the local … highlighted in recent work reduces the extent to which local policymakers decide to exploit the monetary autonomy in principle … portfolio debt and bank liabilities on its external balance sheet and when base-country monetary policy is tightened. The …

unobserved QE shocks by future changes in the relative size of central banks' balance sheets, which we instrument with QE … 2016 depreciated the euro vis-à-vis the US dollar by 12%. Regarding transmission channels, we find that a relative QE shock … adjustments in currency risk premia. Changes in the expectations about the future monetary policy stance, reflecting the …

monetary policy. The ECB broadened the scope of its instruments and enacted a series of non-standard measures to engineer an …

finds that common shocks – key crisis events as well as changes to global liquidity and risk – have exerted a large effect …

volatility. However, in international stock markets, their introduction amplifies price movements, thus, increases the volatility …; but it reduces a country's vulnerability to external shocks, thereby limiting spillover effects …

This paper analyzes the relation between exchange rate volatility and several macroeconomic variables, namely real per … find that lower exchange rate volatility is associated with higher growth (for relatively less financially developed …

While up to the late 1990s Japanese foreign exchange intervention was fully sterilized, Japanese monetary authorities … volatility at the turn of the millennium when Japanese foreign exchange intervention started to remain unsterilized …

households. Aggregate shocks through their impact on the spread give rise to consumption inequality. We show this mechanism to be …