NBER paper challenges Rey’s monetary policy dilemma

William Dudley and Hélène Rey at the Banque de France

A group of economists has questioned theories emphasising the breakdown of the monetary policy trilemma, setting their sights on Hélène Rey's Dilemma not Trilemma paper.

They present their results in a recent working paper published by the National Bureau of Economic Research (NBER), concluding "the requiem for the trilemma need not yet be written".

Rey famously challenged the trilemma theory, which emphasises the incompatibility of independent monetary policy, exchange rate stability and open

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