Choosing a suitable exchange rate suitable for price-takers


The past five years have demonstrated the challenges every country faces when choosing an exchange rate policy – a policy toward the value of its currency with respect to other currencies. Perhaps the most prominent cases are Greece, Switzerland, Brazil and Japan, but the issue is widespread. Indeed, the choice of exchange rate policy is perhaps the single most important decision of economic policy for most countries.

Every country (except for non-members Cuba and North Korea) must declare its

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