The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility
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The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark tradeoff among exchange stability, monetary independence, and capital market openness. Yet the trilemma has not gone without challenge. Some (e.g., Calvo and Reinhart 2001, 2002) argue that
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美国国家经济研究局创建时间：
2004-03-01
