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Unholy Trinity may refer to: Impossible trinity or unholy trinity, a concept in international economics; The unholy trinity in John Milton's Paradise Lost consisting of. The Unholy Trinity is the Satanic version of the Christian concept of the Holy Trinity. It is believed by some to be symbolic of a union between three powerful.
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If this description is not sufficient, please send us a question to this product. We will reply as soon as possible. For example, if fiscal authorities decided to use expansionary fiscal policy to increase national income, this would increase interest rates, which would then induce large capital inflows to the country and create a surplus of foreign currency.
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In order to maintain the fixed exchange rate, central bankers would be forced to use the national currency to buy foreign reserves, increasing the money supply and decreasing interest rates, which would further increase national income. In summary, a fixed exchange rate regime with capital mobility gives monetary authorities central bankers less policy autonomy, while increasing the efficacy of fiscal policy.
It logically follows that, under a flexible exchange rate regime, fiscal policy loses efficacy while monetary policy gains efficacy and independence. From International Political Economy.
Jump to: navigation , search. Fixed Exchange Rates with Capital Mobility In this monetary regime type, as Milton Friedman also points out, monetary authorities lose policy autonomy, and thus, the efficacy of monetary policy.
Flexible Exchange Rates with Capital Mobility It logically follows that, under a flexible exchange rate regime, fiscal policy loses efficacy while monetary policy gains efficacy and independence. The Case for Flexible Exchange Rates.
Friedman, Essays in Positive Economics pp. Chicago: University of Chicago Press. London: Routledge. John Ikenberry. New York: W. Personal tools Log in.