S9 Ep46: Absorbing shocks since 1891

Recorded at the PSE-CEPR Policy Forum 2026. A country wants a stable exchange rate, it wants money to move freely across its borders, and it wants to set its own interest rates. It's a well-known trilemma. Central bankers must pick any two, because you cannot have all three. History, it turns out, did not read that memo. Eric Monnet has spent years reading the balance sheets that central bankers…