Exchange rate analysis is a centerpiece of the IMF's surveillance mandate, policy advice, and programs. IMF staff analyze a wide variety of exchange rate issues in various member countries, from small to large, developing to advanced. This book surveys the topics that the IMF staff typically examines under the broad rubric of exchange rate analysis, encompassing the determination and impact of the real exchange rate, the relationship between competitiveness and the equilibrium real exchange rate, and the implications of various types of exchange rate regimes.