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NBER Working Paper No. 9016 Issued in June 2002 NBER Program(s):International Finance and Macroeconomics Nominal exchange rate changes can lead to 'expenditure switching' when they change relative international prices. Studies In The Economic History Of Southern Africa Vol South Africa... The Far Side Out To Lunch 2004 Desk Calendar Night By Elie Wiesel Audio Floating Exchange Rates And National Economic Policy epub download E xchange rates between currencies have been highly unstable since the collapse of the Bretton Woods system of fixed exchange rates, which lasted from 1946 to 1973. Under the Bretton Woods system, exchange rates (e.g., the number of dollars it takes to buy a British pound or German mark) were fixed at levels determined by governments. The real effective exchange rate (REER) is the weighted average of a country's currency in relation to an index or basket of other major currencies. The weights are determined by comparing the ...