Under managed floating exchange rates, the Federal Reserve attempts to stabilize the dollar's exchange rate according to its long-run equilibrium value.

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Under managed floating exchange rates, the Federal Reserve may intervene to stabilize the dollar's exchange rate, but not necessarily according to its long-run equilibrium value. The intervention is often based on short-term economic objectives or to counteract excessive volatility.

Under Managed Floating Exchange Rates, the Federal Reserve Attempts to Stabilize