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Exchange Rate Regimes in the Modern Era
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Exchange Rate Regimes in the Modern Era

Michael W. Klein and Jay C. Shambaugh

Abstract

The exchange rate is sometimes called the most important price in a highly globalized world. A country’s choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. This book examines the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The book focuses on the evolution of exchange rate regimes in the modern era, the period since 1973, which follow ... More

Keywords: exchange rate, fixed rates, floating rates, monetary policy, trade, macroeconomic outcomes, policy debate, international interdependence, Bretton Woods, gold standard

Bibliographic Information

Print publication date: 2009 Print ISBN-13: 9780262013659
Published to MIT Press Scholarship Online: August 2013 DOI:10.7551/mitpress/9780262013659.001.0001

Authors

Affiliations are at time of print publication.

Michael W. Klein, author

Jay C. Shambaugh, author