1989•International Finance Discussion PaperOpen access

International Economic Policy: The Role of Exchange Rates

Edwin M. Truman

Abstract

This paper examines the role of exchange rate changes in the international economic adjustment and policy process. The pre-1973 academic literature on flexible exchange rates is examined in light of the experience since 1973. Some thoughts on the efficacy and appropriate role of exchange rate changes in the international economy are then presented.

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Key concepts: Exchange rate, Economics, Process (computing), International economics, Monetary economics, Computer science, Operating system