IMF paper on current issues in monetary policy

RESEARCH - 'Current Issues in the Design and Conduct of Monetary Policy' by Mohsin S. Khan, Director, IMF Institute, International Monetary Fund. The paper says that recent developments have brought to the forefront the idea that freely mobile capital, independent monetary policy, and fixed exchange rates form an "impossible trinity." It is possible to have two of these policies, but not all three.

Paper presented at the RBI/IGIDR Fifth Annual Conference on Money and Finance in the Indian

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