By Elham Saeidinezhad, Jay Pocklington, Michael Beall, and Yakov Feygin
What exactly is an exchange rate?
We all know that one of the main challenges in the study of international finance is the setting of exchange rates. But Barnard College Prof. Perry Mehrling, who also is a member of the Institute for New Economic Thinking’s Curriculum Committee, attempts to answer this more basic question by putting forward a new way of thinking about this “thing” called an exchange rate. Read more