Brad DeLong — One, Two, Many Quasi-Gold-Standard Trilemmas J. Bradford DeLong | Professor of Economics, UC

EZ as quasi-gold standard fixed rate system.

Those tensions, they argue, emerged from a trio of “trilemmas”…. One of the three trilemmas is familiar to economists: the “impossible trinity” of fixed rates, free movement of capital and an independent monetary policy…. But Messrs Bordo and James reckon that countries in regimes like the euro and the gold standard may not just be sacrificing their ability to set interest rates; they may also be forsaking financial stability and even undermining democracy.

Grasping Reality
One, Two, Many Quasi-Gold-Standard Trilemmas
J. Bradford DeLong | Professor of Economics, UCAL Berkeley