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Monetary Policy in a Multi-Polar World

Stiglitz, Joseph E.

This paper focuses on monetary policy in the context of a global economy with two or more large countries. It attempts to deal with several questions raised by the domestic ineffectiveness and unintended global results of the United States’ policy of quantitative easing. Our analysis shows that in a world of truly free capital mobility, the effects of monetary policy may be different — typically weaker — than in a closed economy. Restrictions on free capital may therefore be advantageous.

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Also Published In

Title
Taming Capital Flows: Capital Account Management in an Era of Globalization
Publisher
Palgrave Macmillan
DOI
https://doi.org/10.1057/9781137427687_7

More About This Work

Academic Units
Economics
Published Here
February 5, 2019
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