Ilzetzki, Ethan; Reinhart, Carmen; Rogoff, Kenneth - 2021
Over the 21st century, and especially since 2014, global exchange rate volatility has been trending downwards, notably … continued through the Covid-19 recession to date: unusual, as exchange volatility generally rises in US recessions. Compared to … measures of stock price volatility, exchange rate volatility rivals the lows reached in the heyday of Bretton Woods I. This …