“Innovations in Interest Rate Policy,” American Economic Review, vol. 56 (March), pp. 178-97. Rey, Hélène (2014). International Channels of Transmission of Monetary Policy and the Mundellian Trilemma,” paper presented at the 15th Jacques Polak Annual Research Conference, sponsored by the International Monetary Fund, Washington, November 13-14, https://www.imf.org/external/np/res/seminars/2014/arc/pdf/Rey.pdf. - 21 Ross, Myron H. (1966), “ ‘Operation Twist’: A Mistaken Policy?” Journal of Political Economy, vol.
Moreover, while I would not deny for a moment that the rise in the exchange rate between early 1993 and early 1997 put huge pressure on many farmers, it is important to recall, for what I am going to say in a moment, that that rise had at least some offsetting advantages: the price of fuel was lower than it would have been otherwise, as was the price of tractors, the cost of off-farm transport, and quite probably the cost of farm and off-farm labour as BIS Review 30/1998 ˝  -2-  well.