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• W94100866 abstract "As described by the “impossible trinity”, countries can choose only two out of three from among full monetary policy independence, full nominal exchange rate stability and full financial integration. Economic theory does not exclude intermediate regimes, yet the global tendency over recent decades has been rather towards increasingly free capital flows accompanied by a corner solution on the side of exchange rate flexibility. Since, as described by Frankel (1999), no single currency regime is necessarily right for all countries or at all times, policymakers have to address the trade-off between a fixed exchange rate and monetary policy independence by deciding on the role of the exchange rate in monetary policy." @default.
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• W94100866 date "2011-01-01" @default.
• W94100866 modified "2023-09-27" @default.
• W94100866 title "The role of the exchange rate in monetary policy in Poland" @default.
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