Flexible Exchange Rates and the World Economy
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The authors (a senior fellow and a research analyst with the Peter G. Peterson Institute of International Economic) examine the theory and empirical evidence concerning exchange rate policy in the advanced economies and leading emerging markets (with some attention to low-income developing economies also included), focusing on the questions surrounding the costs and benefits of flexible versus fixed rates and the proper role of the exchange rate in monetary policy. Their principal finding is that "using monetary policy to fight exchange rate volatility, including through the adoption of a fixed rate regime, leads to greater volatility of employment, output, and inflation." They defend the finding through the presentation of economic models, historical case studies, and statistical analyses. Annotation c2011 Book News, Inc., Portland, OR (

Joseph E. Gagnon, senior fellow since September 2009, was visiting associate director, Division of Monetary Affairs (2008–09) at the US Federal Reserve Board. Previously he served at the US Federal Reserve Board as associate director, Division of International Finance (1999–2008), and senior economist (1987–1990 and 1991–97). He has also served at the US Treasury Department (1994–95 and 1997–1999) and has taught at the Haas School of Business, University of California, Berkeley (1990–91). He is author of The Global Outlook for Government Debt over the Next 25 years: Implications for the Economy and Public Policy (2011).