none 10.7551/mitpress/9780262013659.001.0001 MIT Press MIT Press 281 64709609 1334495 2024062705313899600 10.7551 2024-06-27T01:31:54Z 2013-10-09T21:44:06Z 15 Michael W. Klein Jay C. Shambaugh An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence. 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. In this book, two leading economists examine the operation and consequences of exchange rate regimes in an era of increasing international interdependence. Michael Klein and Jay Shambaugh focus on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945–72 and the pre-World War I gold standard era. Klein and Shambaugh offer a comprehensive, integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions. 11 20 2009 9780262259002 The MIT Press 10.7551/mitpress/9780262013659.001.0001 https://direct.mit.edu/books/book/3202/Exchange-Rate-Regimes-in-the-Modern-Era http://mitpress.universitypressscholarship.com/view/10.7551/mitpress/9780262013659.001.0001/upso-9780262013659