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Exchange Rate Regimes in the Modern Era$
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Michael W. Klein and Jay C. Shambaugh

Print publication date: 2009

Print ISBN-13: 9780262013659

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262013659.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 26 September 2021

Exchange Rate Regimes in Theory and Practice

Exchange Rate Regimes in Theory and Practice

(p.12) (p.13) 2 Exchange Rate Regimes in Theory and Practice
Exchange Rate Regimes in the Modern Era

Michael W. Klein

Jay C. Shambaugh

The MIT Press

This chapter creates the foundation that will affect and be built upon by much of the book, creating a context for questioning and exploration. It introduces the standard view of exchange rate regimes as a means of determining what economic consequences these regime may have yielded. This exposition will be the basis through which the standard results from international macroeconomics will be discussed. The chapter talks of the policy trilemma, its limitations and constraints placed upon the government. How the loss of monetary policy affects the overall performance and stabilization of the economy is also explored in the chapter, and how it serves as advantageous for a fixed exchange rate. Furthermore, the chapter provides a brief history of the international monetary system from the time of the gold standard.

Keywords:   exchange rate regimes, economic consequences, international macroeconomics, policy trilemma, monetary policy, fixed exchange rate, international monetary system, gold standard

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