This paper describes the challenges of globalization in terms of the logic underpinning four distinct policy constraints or "trilemmas" and their interrelationship; in particular the disturbances that arise from capital flows and the difficulties of adjusting monetary policies to a global...

Making a Modern Central Bank examines a revolution in monetary and economic policy. This authoritative guide explores how the Bank of England shifted its traditional mechanisms to accommodate a newly internationalized financial and economic system. The Bank's transformation into a modern...