This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...

This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...

"In this incisive fifth edition of Financial Crises and Recession in the Global Economy, Roy E. Allen examines the major financial instabilities, crises, and evolutionary trends since the 1970s and through the recent Covid-19 pandemic. Providing empirical research on the relation between money...