Lessons from 19709s Experience with Flexible Exchange Rates: A Comment

<p>Jacob Frenkel's paper assesses the operation of the international monetary system, after almost a decade of floating, Frenkel studies the performance of three exchange rates the dollar-pound, dollar-French franc, and dollar-mark rates-in the years of turbulence that followed the closing of the U.S. gold window. The period includes the two oil shocks and ends with the institutionalization of chaos in Iran.</p>