Revisiting the Case for Flexible Exchange Rates
Introduction
Lawrence Schembri
Session 1: Welfare Analysis
The Economic Consequences of Alternative Exchange Rate and Monetary Policy Regimes in Canada
Tiff Macklem, Patrick Osakwe, Hope Pioro, and Lawrence Schembri
Discussion: Steven Ambler
Monetary Policy, Exchange Rate Flexibility, and Exchange Rate Pass-Through
Michael B. Devereux
Discussion: Kevin Moran
General Discussion
Session 2: The Role of the Exchange Rate in Adjustment and Integration
Shocks Affecting Canada and the United States and the Flexible Exchange Rate's Contribution to Macroeconomic Adjustment
Ramdane Djoudad, Céline Gauthier, and Pierre St-Amant
Discussion: Daniel Racette
Common-Currency Areas in Practice
Andrew K. Rose
Discussion: Graydon Paulin
General Discussion
Session 3: Exchange Rates, Currency Markets, and Trade Flows
The Role of Chartists and Fundamentalists in Currency Markets: The Experience of Australia, Canada, and New Zealand
Ramdane Djoudad, John Murray, Tracy Chan, and Jason Daw
Discussion: Gregor Smith
Trade Flows, Prices, and the Exchange Rate Regime
Philippe Bacchetta and Eric van Wincoop
Discussion: Kevin Clinton
General Discussion
Session 4: Exchange Rate Uncertainty, Investment, and Productivity
Exchange Rate Variability and Investment in Canada
Robert Lafrance and David Tessier
Discussion: Linda Goldberg
Is There a Case for Exchange-Rate-Induced Productivity Changes?
Richard G. Harris
Discussion: David Longworth
General Discussion
Session 5: Implications for Emerging-Market Economies
Exchange Rate Regimes and Economic Growth in Emerging Markets
Jeannine Bailliu, Robert Lafrance, and Jean-François Perrault
Discussion: Paul Masson
The Mirage of Floating Exchange Rates
Carmen M. Reinhart
Discussion: Mark Kruger
General Discussion
Discussion 1: Michael D. Bordo
Discussion 2: Richard G. Lipsey
Discussion 3: John F. Helliwell
General Discussion
Canada and Flexible Exchange Rates
Milton Friedman
Questions and Answers
Bank topic index: Exchange Rates, Exchange Rate Regimes