Unplanned system trumps Bretton Woods - paper

According to this new NBER working paper by Andrew Rose, an economist at the University of California at Berkeley, the international monetary system of independent central banks targeting domestic inflation is more stable than the post-war Bretton Woods system of fixed exchange rates.

In the paper, called "A Stable International Monetary System Emerges: Inflation Targeting is Bretton Woods, Reversed", Rose argues that "a stable international monetary system has emerged since the early 1990s"

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