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

Panel Discussion

Discussion 1: Michael D. Bordo

Discussion 2: Richard G. Lipsey

Discussion 3: John F. Helliwell

General Discussion

Keynote Address

Canada and Flexible Exchange Rates
Milton Friedman

Questions and Answers

The Participants

Bank topic index: Exchange Rates, Exchange Rate Regimes

Content Type(s): Conferences