Monetary Policy

  1. Monetary Policy in an International Context
    1. The Impossible Trinity
      1. Three Policy Goals
        1. Fixed Exchange Rate
          1. Free Capital Mobility
            1. Independent Monetary Policy
            2. Policy Trade-offs
              1. Corner Solutions
                1. Intermediate Regimes
                2. Historical Examples
                  1. Bretton Woods System
                    1. European Monetary System
                      1. Emerging Market Crises
                    2. Exchange Rate Regimes
                      1. Classification Systems
                        1. De Jure vs. De Facto
                          1. IMF Classification
                            1. Natural Classification
                            2. Floating Exchange Rates
                              1. Clean Float
                                1. Managed Float
                                  1. Advantages and Disadvantages
                                  2. Fixed Exchange Rates
                                    1. Currency Pegs
                                      1. Crawling Pegs
                                        1. Currency Boards
                                          1. Dollarization
                                          2. Intermediate Regimes
                                            1. Target Zones
                                              1. Basket Pegs
                                                1. Crawling Bands
                                              2. International Policy Coordination
                                                1. Spillover Effects
                                                  1. Trade Spillovers
                                                    1. Financial Spillovers
                                                      1. Confidence Spillovers
                                                      2. Coordination Mechanisms
                                                        1. G7 Coordination
                                                          1. Central Bank Cooperation
                                                            1. International Organizations
                                                            2. Currency Wars
                                                              1. Competitive Devaluations
                                                                1. Beggar-Thy-Neighbor Policies
                                                                  1. Multilateral Responses
                                                                2. Global Financial Safety Nets
                                                                  1. Bilateral Swap Lines
                                                                    1. Federal Reserve Swap Lines
                                                                      1. Other Central Bank Arrangements
                                                                      2. Multilateral Arrangements
                                                                        1. IMF Facilities
                                                                          1. Regional Financing Arrangements
                                                                          2. Crisis Prevention and Management
                                                                            1. Early Warning Systems
                                                                              1. Rapid Response Mechanisms

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                                                                          8. Challenges and Limitations of Monetary Policy

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                                                                          10. Historical Perspectives and Evolution