What are the advantages and disadvantages to the following exchange rate regimes, and why would a country choose one over the other?

1. What are the advantages and disadvantages to the following exchange rate regimes, and why would a country choose one over the other?

A. Commodity Standard (like the gold standard)

B. Fixed (or “pegged”) exchange rate

C. Floating exchange rate

2. In certain political ideologies, and during the course of certain discussions, there is often talk of trying to return the US to the gold standard. If you had a stance on this policy issue BEFORE reading this piece, what was it? After reading about the importance of different exchange rate regimes, and the costs/benefits of the gold standard, should we bring it back?