Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates.

Mundell, R. A. (1963). Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates. Canadian Journal of Economics and Political Science, 29(4), 475-485.

Type

Journal article

Intellectual base

Primary research

Year

1963

Volume

29

Issue

4

Pages

475-485

Link

https://www.jstor.org/stable/139336

Cited from

synthesized

Cited by

2 citations across 2 artifacts.

Each citation links to the sentence it supports in the citing article.

Primes

• Trilemma
  • In open-economy macroeconomics, the Mundell-Fleming "impossible trinity" of a fixed exchange rate, free capital flows, and independent monetary policy admits any two but not all three; observed currency regimes sort into the three corners.

    This sourceFoundational analysis behind the impossible trinity of fixed exchange rates, free capital flows, and independent monetary policy.

Domain-specific

• Impossible Trinity
  • Any two of the three are pairwise achievable, but the three together are jointly inconsistent because of a single binding identity: under free capital flows, interest-rate parity forces domestic interest rates to track world rates adjusted for expected exchange-rate change; defending the peg then requires reserve intervention that expands or contracts the money supply and neutralizes the attempted independent rate choice

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