ã¨ããNBERè«æããã³ãã³ãã¸ãã¹ã¹ã¯ã¼ã«ã®Hélène Reyãæ¸ãã¦ãããåé¡ã¯ãDilemma not Trilemma: The global Financial Cycle and Monetary Policy Independenceãã2å¹´åã«ã¸ã£ã¯ã½ã³ãã¼ã«ã§æç¤ºãããWPããã¡ãã§èªããã»ãããã®æã®VoxEUè¨äºããããã¾ãããã¡ãã«é¦è¨³ã®ããå¥ã®VoxEUè¨äºã§ãã®ç ç©¶ãç´¹ä»ããã¦ããã 以ä¸ã¯ãã®è¦æ¨ã There is a global financial cycle in capital flows, asset prices and in credit growth. This cycle coâmoves with the VIX, a measure of uncertainty and risk aversion of the markets. As
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