NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence

Hélène Rey

NBER Working Paper No. 21162
Issued in May 2015, Revised in February 2018

---- Acknowledgments ----

I am grateful to Silvia Miranda‐Agrippino and to Evgenia Passari for excellent research assistance and to Richard Portes for discussions. I gratefully acknowledge the ERC (starting grant 210584) for funding. This paper was presented in the Jackson Hole Symposium. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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