Choi, Seung Woo; Price, Simon - In: The Manchester School of Economic & Social Studies 66 (1998) 4, pp. 490-506
Macroeconomic theory suggests that the choice of exchange rate (or, equivalently, monetary) regime is affected by the incidence of real or monetary shocks. Anecdotally, the Bretton Woods period in world economic history is thought to have been characterized by nominal, rather than real, shocks....