Monetary policy trilemma, inflation targeting and global financial crisis
研究检验了新兴市场与发达经济体在金融危机前后货币政策三难困境的有效性，发现国内利率长期受全球金融条件和美联储利率影响，且新兴市场对全球金融周期更敏感。
Abstract We empirically investigate the validity of the monetary policy trilemma postulation for emerging market (EME) and advanced (AE) economies under different exchange rate and monetary policy regimes before and after the recent global financial crisis (GFC). Consistent with the dilemma proposition, domestic interest rates are determined by global financial conditions and the FED rate even under floating exchange rate regimes (ERR) in the long‐run. The impact of the FED rates is higher in EME than AE and EME are much more sensitive to global financial cycle under managed than floating ERR. The spillover from the FED rate substantially increases after the GFC in EME with floating ERR and AE. The results from the monetary policy reaction functions based on equilibrium correction mechanism specifications suggest that domestic interest rates respond to inflation and output gaps especially under inflation targeting (IT) in the short‐run. The response to inflation gap tends to be smaller in IT AE after the GFC.