Exchange Rate Regimes in the Modern Era

"In the aftermath of the global financial crisis, our need for a deeper understanding of the causes and consequences of international monetary and financial arrangements is clearer then ever. Exchange rate regimes in the modern era have shaped trade patterns, capital flows, reserve accumulation, monetary policies, inflation rates, and many other facets of the world economy, including the crisis itself. Klein and Shambaugh masterfully lay out the theories behind these mechanisms and expose their practical import with clear and arresting evidence in a book that is required reading for anyone interested in the global macroeconomic architecture of the twenty-first century."-- Alan M. Taylor, Professor of Economics, University of California, Davis "There are many theories of how economies behave under different exchange-rate regimes. This book provides the facts--a comprehensive analysis of macroeconomic performance under various types of exchange-rate regimes. This book will contribute enormously to the policy debate."--Charles Engel, Department of Economics, University of Wisconsin, Madison -- Charles Engel "There are many theories of how economies behave under different exchange-rate regimes. This book provides the facts -- a comprehensive analysis of macroeconomic performance under various types of exchange-rate regimes. This book will contribute enormously to the policy debate." Charles Engel , Department of Economics, University of Wisconsin, Madison

Michael W. Klein is William L. Clayton Professor of International Economic Affairs at the Fletcher School, Tufts University. Jay C. Shambaugh is a Visiting Associate Professor at the McDonough School of Business at Georgetown University and was the Senior Economist for International Economics and then Chief Economist at the White House Council of Economic Advisers from 2009 to 2011.