{"id":"https://openalex.org/W3135985993","doi":null,"title":"The Expansionary Lower Bound: Contractionary Monetary Easing and the Trilemma","display_name":"The Expansionary Lower Bound: Contractionary Monetary Easing and the Trilemma","publication_year":2019,"publication_date":"2019-02-21","ids":{"openalex":"https://openalex.org/W3135985993","mag":"3135985993"},"language":"en","primary_location":{"id":"mag:3135985993","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3340268","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"volume":null,"type":"preprint","indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3340268","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5015906884","display_name":"Paolo Cavallino","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I52989892","display_name":"Bank for International Settlements","ror":"https://ror.org/00d062t77","country_code":"CH","type":"other","lineage":["https://openalex.org/I52989892"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Paolo Cavallino","raw_affiliation_strings":["Bank for International Settlements (BIS)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bank for International Settlements (BIS)","institution_ids":["https://openalex.org/I52989892"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5089322743","display_name":"Damiano Sandri","orcid":"https://orcid.org/0000-0002-3771-001X","observed_orcids":["https://orcid.org/0000-0002-3771-001X"]},"institutions":[{"id":"https://openalex.org/I1310145890","display_name":"International Monetary Fund","ror":"https://ror.org/05m4rmw09","country_code":"US","type":"other","lineage":["https://openalex.org/I1310145890"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Damiano Sandri","raw_affiliation_strings":["International Monetary Fund (IMF) Research Department"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"International Monetary Fund (IMF) Research Department","institution_ids":["https://openalex.org/I1310145890"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.8744999766349792,"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"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.8744999766349792,"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/T10503","display_name":"Global Financial Crisis and Policies","score":0.11710000038146973,"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/T12137","display_name":"Economic theories and models","score":0.0052999998442828655,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"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-easing","display_name":"monetary easing","score":0.7239999771118164},{"id":"https://openalex.org/keywords/zero-lower-bound","display_name":"zero lower bound","score":0.8489999771118164},{"id":"https://openalex.org/keywords/monetary-policy-independence","display_name":"monetary policy independence","score":0.703000009059906},{"id":"https://openalex.org/keywords/trilemma","display_name":"trilemma","score":0.8299999833106995},{"id":"https://openalex.org/keywords/capital-flows","display_name":"capital flows","score":0.6299999952316284},{"id":"https://openalex.org/keywords/collateral-constraints","display_name":"collateral constraints","score":0.9890000224113464},{"id":"https://openalex.org/keywords/carry-trade","display_name":"carry trade","score":0.8410000205039978},{"id":"https://openalex.org/keywords/currency-mismatch","display_name":"currency mismatch","score":0.9210000038146973},{"id":"https://openalex.org/keywords/international-spillovers","display_name":"international spillovers","score":0.9380000233650208},{"id":"https://openalex.org/keywords/open-economy","display_name":"open economy","score":0.753000020980835},{"id":"https://openalex.org/keywords/interest-rates","display_name":"interest rates","score":0.49000000953674316}],"concepts":[{"id":"https://openalex.org/C2780676692","wikidata":"https://www.wikidata.org/wiki/Q1073549","display_name":"Trilemma","level":3,"score":0.9199085235595703},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7429871559143066},{"id":"https://openalex.org/C2778078003","wikidata":"https://www.wikidata.org/wiki/Q8069596","display_name":"Zero lower bound","level":3,"score":0.7383425235748291},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.7071555256843567},{"id":"https://openalex.org/C29185160","wikidata":"https://www.wikidata.org/wiki/Q874727","display_name":"Quantitative easing","level":4,"score":0.685650646686554},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.6695969700813293},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.5182133316993713},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.46594417095184326},{"id":"https://openalex.org/C2777910564","wikidata":"https://www.wikidata.org/wiki/Q694563","display_name":"Collateral","level":2,"score":0.443736732006073},{"id":"https://openalex.org/C2776036281","wikidata":"https://www.wikidata.org/wiki/Q48769818","display_name":"Constraint (computer-aided design)","level":2,"score":0.43490657210350037},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.420831561088562},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.13557258248329163},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.08682721853256226},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"mag:3135985993","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3340268","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"pmh:oai:RePEc:bis:biswps:770","doi":null,"is_oa":false,"landing_page_url":"https://www.bis.org/publ/work770.htm","pdf_url":null,"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":"preprint"},{"id":"pmh:oai:RePEc:imf:imfwpa:18/236","doi":null,"is_oa":false,"landing_page_url":"http://www.imf.org/external/pubs/cat/longres.aspx?sk=46307","pdf_url":null,"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":"preprint"}],"best_oa_location":{"id":"mag:3135985993","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3340268","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W3034098857","https://openalex.org/W2567103860","https://openalex.org/W2971596963","https://openalex.org/W2108638386","https://openalex.org/W7096920250","https://openalex.org/W7095171415","https://openalex.org/W3151589393","https://openalex.org/W7099181567","https://openalex.org/W2181771000","https://openalex.org/W2941468165"],"abstract_inverted_index":{"We":[0,81],"provide":[1],"a":[2],"theory":[3],"of":[4,31],"the":[5,16,29,57,60,87],"limits":[6],"to":[7,71,92],"monetary":[8,45,66],"policy":[9],"independence":[10],"in":[11,85],"open":[12],"economies":[13],"arising":[14],"from":[15,78],"interaction":[17],"between":[18],"capital":[19,95],"flows":[20,96],"and":[21,67,75],"domestic":[22],"collateral":[23],"constraints.":[24],"The":[25,49],"key":[26],"feature":[27],"is":[28,62],"existence":[30],"an":[32,39],"\"Expansionary":[33],"Lower":[34],"Bound\"":[35],"(ELB),":[36],"defined":[37],"as":[38],"interest":[40],"rate":[41],"threshold":[42],"below":[43],"which":[44,86],"easing":[46],"becomes":[47],"contractionary.":[48],"ELB":[50,61,88],"can":[51],"be":[52],"positive,":[53],"thus":[54],"binding":[55],"before":[56],"ZLB.":[58],"Furthermore,":[59],"affected":[63],"by":[64],"global":[65],"financial":[68],"conditions,":[69],"leading":[70],"novel":[72],"international":[73],"spillovers":[74],"crucial":[76],"departures":[77],"Mundell's":[79],"trilemma.":[80],"present":[82],"two":[83],"models":[84],"may":[89],"arise":[90],"due":[91],"either":[93],"carry-trade":[94],"or":[97],"currency":[98],"mismatches.":[99]},"counts_by_year":[],"updated_date":"2026-07-14T23:32:53.992493","created_date":"2021-03-29T00:00:00"}
