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George Washington University
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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. The modern era is marked by a wide variety of experiences with exchange rate regimes, both across countries and, for many countries, across time. This provides a rich body of data for studying the economic effects of these exchange rate regimes. 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.