Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy
研究了部分资本管制和有限汇率灵活性能否让一国获得完全的货币政策自主性，发现适度汇率灵活性有助于实现一定程度的货币自主，尤其对新兴和发展中经济体有用。
A central result in international macroeconomics is that a government cannot simultaneously opt for open financial markets, fixed exchange rates, and monetary autonomy; rather, it is constrained to choosing no more than two of these three. This paper considers whether partial capital controls and limited exchange rate flexibility allow for full monetary policy autonomy. We find partial capital controls do not generally allow for greater monetary control than with open capital accounts, unless they are quite extensive, but a moderate amount of exchange rate flexibility does allow for some degree of monetary autonomy, especially in emerging and developing economies.