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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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The Dynamics of Exchange Rate Regimes

The Dynamics of Exchange Rate Regimes

(p.51) 4 The Dynamics of Exchange Rate Regimes
Exchange Rate Regimes in the Modern Era

Michael W. Klein

Jay C. Shambaugh

The MIT Press

This chapter analyzes the concept of “fixer” and “floater” in classifying countries during the gold standard period. These terms, though archaic, have not ceased to be relevant, and are seen still to draw similar patterns in a small number of countries. The chapter mentions the research of Obstfeld and Rogoff, “The Mirage of Fixed Exchange Rates”, and cites the existence of a significant number of stable, meaningful exchange rate regimes that go against recent research. The chapter delves deeper into the history of fixed, floating and flipping exchange rate regimes in relation to the number of exchange rate spells and questions how these spells have survived, as well as how the reformation of pegs affect stability.

Keywords:   fixer, floater, Obstfeld, Rogof, Mirage of Fixed Exchange Rates, flipping exchange rate regime, exchange rate spells

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