{"id":"https://openalex.org/W119460600","doi":null,"title":"Monetary Policy in a World of Mobile Capital","display_name":"Monetary Policy in a World of Mobile Capital","publication_year":2005,"publication_date":"2005-01-01","ids":{"openalex":"https://openalex.org/W119460600","mag":"119460600"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:cto:journl:v:25:y:2005:i:1:p:1-12","doi":null,"is_oa":false,"landing_page_url":"http://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2005/1/cj25n1-1.pdf","pdf_url":"http://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2005/1/cj25n1-1.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5054650430","display_name":"Ben Bernanke","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Ben Bernanke","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5054650430"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":4.5475,"has_fulltext":false,"cited_by_count":26,"citation_normalized_percentile":{"value":0.94186302,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":"25","issue":"1","first_page":"1","last_page":"12"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9804999828338623,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9804999828338623,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.019099999219179153,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.8629999756813049},{"id":"https://openalex.org/keywords/capital-flows","display_name":"capital flows","score":0.8769999742507935},{"id":"https://openalex.org/keywords/exchange-rate-regimes","display_name":"exchange rate regimes","score":0.7129999995231628},{"id":"https://openalex.org/keywords/trilemma","display_name":"trilemma","score":0.8569999933242798},{"id":"https://openalex.org/keywords/floating-exchange-rates","display_name":"exchange rate fluctuations","score":0.8560000061988831},{"id":"https://openalex.org/keywords/fixed-exchange-rates","display_name":"fixed exchange rates","score":0.890999972820282},{"id":"https://openalex.org/keywords/monetary-policy-independence","display_name":"monetary policy independence","score":0.6449999809265137},{"id":"https://openalex.org/keywords/capital-mobility","display_name":"capital mobility","score":0.8730000257492065},{"id":"https://openalex.org/keywords/international-capital-markets","display_name":"international capital markets","score":0.75},{"id":"https://openalex.org/keywords/nominal-anchor","display_name":"nominal anchor","score":0.7419999837875366},{"id":"https://openalex.org/keywords/inflation-targeting","display_name":"inflation targeting","score":0.8100000023841858},{"id":"https://openalex.org/keywords/international-monetary-system","display_name":"international monetary system","score":0.4790000021457672},{"id":"https://openalex.org/keywords/gold-standard","display_name":"gold standard","score":0.5950000286102295},{"id":"https://openalex.org/keywords/bretton-woods-system","display_name":"Bretton Woods system","score":0.8320000171661377},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.6069999933242798},{"id":"https://openalex.org/keywords/developing-countries","display_name":"developing countries","score":0.6460000276565552},{"id":"https://openalex.org/keywords/international-portfolio-diversification","display_name":"international portfolio diversification","score":0.5619999766349792},{"id":"https://openalex.org/keywords/foreign-asset-accumulation","display_name":"foreign asset accumulation","score":0.46399998664855957},{"id":"https://openalex.org/keywords/capital-controls","display_name":"capital controls","score":0.39100000262260437},{"id":"https://openalex.org/keywords/international-monetary-reform","display_name":"international monetary reform","score":0.3089999854564667}],"concepts":[{"id":"https://openalex.org/C2780676692","wikidata":"https://www.wikidata.org/wiki/Q1073549","display_name":"Trilemma","level":3,"score":0.7239567637443542},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6408764123916626},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.48176810145378113},{"id":"https://openalex.org/C44750222","wikidata":"https://www.wikidata.org/wiki/Q1897397","display_name":"Financial capital","level":3,"score":0.47903791069984436},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.47094476222991943},{"id":"https://openalex.org/C18547055","wikidata":"https://www.wikidata.org/wiki/Q47417","display_name":"International economics","level":1,"score":0.4483736753463745},{"id":"https://openalex.org/C9127897","wikidata":"https://www.wikidata.org/wiki/Q990550","display_name":"Physical capital","level":3,"score":0.41778916120529175},{"id":"https://openalex.org/C35278167","wikidata":"https://www.wikidata.org/wiki/Q2048185","display_name":"International finance","level":2,"score":0.4144981801509857},{"id":"https://openalex.org/C32768728","wikidata":"https://www.wikidata.org/wiki/Q1728567","display_name":"Capital account","level":2,"score":0.4140235483646393},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.3371826410293579},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.22762355208396912},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.15273430943489075},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C2776943663","wikidata":"https://www.wikidata.org/wiki/Q165687","display_name":"Human capital","level":2,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:RePEc:cto:journl:v:25:y:2005:i:1:p:1-12","doi":null,"is_oa":false,"landing_page_url":"http://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2005/1/cj25n1-1.pdf","pdf_url":"http://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2005/1/cj25n1-1.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"mag:119460600","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/article/ctojournl/v_3a25_3ay_3a2005_3ai_3a1_3ap_3a1-12.htm","pdf_url":null,"source":{"id":"https://openalex.org/S147728512","display_name":"Cato Journal","issn_l":"0273-3072","issn":["0273-3072","1943-3468"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","jufo-1","norway-1","poland-40","russia-white-list-3"],"host_organization":"https://openalex.org/P4310315727","host_organization_name":"Cato Institute","host_organization_lineage":["https://openalex.org/P4310315727"],"host_organization_lineage_names":["Cato Institute"],"type":"journal"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Cato Journal","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/17","score":0.550000011920929,"display_name":"Partnerships for the goals"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":17,"referenced_works":["https://openalex.org/W180979610","https://openalex.org/W1482062419","https://openalex.org/W1485528116","https://openalex.org/W1519111088","https://openalex.org/W1556136392","https://openalex.org/W1572288651","https://openalex.org/W1985248057","https://openalex.org/W1989930905","https://openalex.org/W2005961387","https://openalex.org/W2055229598","https://openalex.org/W2140273478","https://openalex.org/W2161618804","https://openalex.org/W3023311650","https://openalex.org/W3122610053","https://openalex.org/W3124637774","https://openalex.org/W3124674560","https://openalex.org/W3125770312"],"related_works":["https://openalex.org/W7095690802","https://openalex.org/W130295704","https://openalex.org/W363939429","https://openalex.org/W2130014692","https://openalex.org/W3145782927","https://openalex.org/W2368955770","https://openalex.org/W119022710","https://openalex.org/W7099025529","https://openalex.org/W3122403285","https://openalex.org/W2112717200"],"abstract_inverted_index":{"The":[0,168,170,335],"free":[1,206,253],"movement":[2],"of":[3,86,112,140,146,158,164,172,196,201,225,241,252,260,264,269,287,330,379,395,433,485,540,551],"capital":[4,57,97,113,131,166,176,207,254,294,384,598],"across":[5,209],"borders":[6],"has":[7,437,475,510],"created,":[8],"and":[9,23,46,69,91,119,127,162,175,216,256,305,372,383,409,449,470,518,524,579],"will":[10],"certainly":[11],"continue":[12],"to":[13,28,42,47,55,62,70,75,88,104,114,124,130,154,267,299,421,439,465,548,558,571,577,591],"create,":[14],"enormous":[15],"economic":[16,552],"benefits.":[17],"Capital":[18],"flows":[19,98,177,255],"afford":[20],"developing":[21,450],"countries":[22,248,292,443],"other":[24,332,528],"regions":[25,313],"the":[26,37,39,81,109,116,138,144,147,159,182,185,197,237,242,245,250,257,279,285,310,331,342,351,355,358,364,370,373,377,418,430,455,501,543],"means":[27,40],"exploit":[29],"promising":[30],"investment":[31],"opportunities":[32],"while":[33],"providing":[34],"savers":[35],"around":[36],"globe":[38],"both":[41,108,301],"earn":[43],"higher":[44],"returns":[45],"reduce":[48],"risk":[49],"through":[50],"international":[51,56,122,165,343,515],"portfolio":[52],"diversification.":[53],"Access":[54],"markets":[58],"also":[59],"permits":[60],"nations":[61,361,451],"accumulate":[63],"foreign":[64],"assets":[65,73],"in":[66,77,151,233,296,328,348,461,511,542,603],"good":[67],"times":[68],"deplete":[71],"those":[72],"or":[74,597],"borrow":[76],"bad":[78],"times,":[79],"mitigating":[80],"effects":[82,594],"on":[83,595],"living":[84],"standards":[85],"shocks":[87],"domestic":[89,467],"income":[90],"production.":[92],"In":[93,133,411,583],"recent":[94],"years,":[95],"global":[96,105],"have":[99,228,317,459,592],"attained":[100],"record":[101],"highs":[102],"relative":[103,570],"income,":[106],"reflecting":[107],"powerful":[110],"tendency":[111],"seek":[115],"highest":[117],"return":[118],"a":[120,188,212,261,320,393,434,463,472,479,537],"concerted":[121],"effort":[123],"dismantle":[125],"political":[126],"regulatory":[128],"barriers":[129],"mobility.":[132],"this":[134,507,564,586],"article,":[135],"I":[136],"address":[137],"role":[139],"monetary":[141,173,220,231,276,306,344,381],"policy,":[142],"particularly":[143],"choice":[145],"exchange":[148,214,303,326,397,423,487,491,532,604],"rate":[149],"regime,":[150],"enabling":[152],"economies":[153],"take":[155],"maximum":[156],"advantage":[157],"increasing":[160],"openness":[161],"depth":[163],"markets.":[167],"Trilemma":[169],"discussion":[171],"policy":[174,203],"almost":[178],"inevitably":[179],"begins":[180],"with":[181],"well-known":[183],"trilemma,":[184],"observation":[186],"that":[187,322,346,362,376,425,474,490,506],"country":[189],"can":[190,497],"choose":[191],"no":[192,559],"more":[193,494],"than":[194,496],"two":[195,333],"following":[198],"three":[199,366],"features":[200,227],"its":[202],"regime:":[204],"(1)":[205,222],"mobility":[208,295,385],"borders,":[210],"(2)":[211],"fixed":[213,262,302,325],"rate,":[215],"(3)":[217],"an":[218,297],"independent":[219,275,380],"policy.":[221],"Various":[223],"combinations":[224],"these":[226],"dominated":[229],"world":[230],"arrangements":[232],"different":[234],"eras.":[235],"Under":[236,278],"classical":[238],"gold":[239],"standard":[240],"19th":[243],"century,":[244],"major":[246,311],"trading":[247],"chose":[249],"benefits":[251,378],"perceived":[258],"stability":[259],"relation":[263],"their":[265,426],"currency":[266],"gold;":[268],"necessity,":[270],"then,":[271],"they":[272],"largely":[273],"abjured":[274],"policies.":[277],"Bretton":[280],"Woods":[281],"system":[282,431],"created":[283],"at":[284,314,561],"end":[286],"World":[288],"War":[289],"II,":[290],"many":[291,446,549],"renounced":[293],"attempt":[298],"maintain":[300],"rates":[304,327,488,492,533,605],"independence.":[307],"Currently,":[308],"among":[309,407],"industrial":[312,457],"least,":[315],"we":[316],"collectively":[318],"chosen":[319],"regime":[321,345,394],"gives":[323],"up":[324],"favor":[329],"elements.":[334],"Case":[336],"for":[337,354],"Floating":[338],"Exchange":[339],"Rates":[340],"Is":[341],"is":[347,401,568,581],"place":[349],"today":[350],"best":[352],"one":[353],"world?":[356],"For":[357],"economically":[359],"advanced":[360,456],"use":[363],"world's":[365],"key":[367],"currencies--the":[368],"euro,":[369],"yen,":[371],"dollar--I":[374],"believe":[375],"policies":[382],"greatly":[386],"exceed":[387],"whatever":[388],"costs":[389],"may":[390],"result":[391],"from":[392],"floating":[396,422,486,531],"rates.":[398],"My":[399],"view":[400],"widely,":[402],"though":[403],"not":[404],"universally,":[405],"shared":[406],"economists":[408],"policymakers.":[410],"particular,":[412],"what":[413],"was":[414],"once":[415],"viewed":[416],"as":[417,452,454,478],"principal":[419],"objection":[420],"rates,":[424],"adoption":[427],"would":[428],"leave":[429],"bereft":[432],"nominal":[435,480],"anchor,":[436],"proven":[438],"be":[440,498],"unfounded.":[441],"Most":[442],"today,":[444],"including":[445],"emerging":[447],"market":[448],"well":[453],"countries,":[458],"succeeded":[460],"establishing":[462],"commitment":[464,473],"keeping":[466],"inflation":[468],"low":[469],"stable,":[471],"served":[476],"effectively":[477],"anchor.":[481],"A":[482],"newer":[483],"critique":[484],"contends":[489],"are":[493,574,606],"volatile":[495],"explained":[499],"by":[500],"macroeconomic":[502],"fundamentals":[503,572],"and,":[504,554],"moreover,":[505],"excess":[508],"volatility":[509,541,567,588],"some":[512],"cases":[513],"inhibited":[514],"trade":[516,596],"(Flood":[517],"Rose":[519,521],"1995,":[520],"2000,":[522],"Klein":[523],"Shambaugh":[525],"2004).":[526],"Like":[527],"asset":[529],"prices,":[530],"do":[534],"indeed":[535],"exhibit":[536],"great":[538],"deal":[539],"very":[544,565],"short":[545],"term,":[546],"responding":[547],"types":[550],"news":[553,560],"sometimes":[555],"it":[556],"seems,":[557],"all.":[562],"Whether":[563],"short-term":[566,587,601],"excessive":[569],"(which":[573],"inherently":[575],"difficult":[576],"observe":[578],"measure)":[580],"debatable.":[582],"any":[584],"ease,":[585],"seems":[589],"unlikely":[590],"substantial":[593],"flows,":[599],"because":[600],"fluctuations":[602],"easily":[607],"hedged.":[608],"\u2026":[609]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2020,"cited_by_count":3},{"year":2018,"cited_by_count":1},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
