Senior Fellow Joseph E. Gagnon presented the findings of his forthcoming book, Flexible Exchange Rates for a Stable World Economy, at a meeting held September 19, 2011. The book analyzes the impact of the widespread use of flexible rates over the past 40 years and concludes that it is by far the best exchange rate system for virtually all countries. It compares the results of countries that float with those deploying alternative regimes and suggests policy changes for the latter.
Gagnon has been a senior fellow at the Institute since September 2009. He was previously a senior official at the US Federal Reserve Board, including as associate director of the Division of International Finance and, during his final 18 months, as visiting associate director of the Division of Monetary Affairs. During the latter period, he was one of a small group of Fed officials that reported directly to the Federal Open Market Committee (FOMC).