consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I … address the monetary autonomy issue in the context of the international policy trilemma: countries seek three typically … desirable but jointly unattainable objectives: stable exchange rates, free international capital mobility, and monetary policy …

The globalization of banking in the United States is influencing the monetary transmission mechanism both domestically … evidence for the lending channel for monetary policy in large banks, but only those banks that are domestically-oriented and …

resulting from the funding shock to their balance sheet induced by the decline in interbank, cross-border lending. Policy …

, we show that the second dimension magnifies the exposure of periphery countries to the center's monetary policy, even … to the center's monetary policy, the model predicts substantial welfare gains from coordinated monetary policy. Our model … component of optimal policy …

become cheaper in the rest of the world. Real U.S. imports are affected less because U.S. prices are more insulated from …