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Canada's Experience with a Flexible Exchange Rate in the 1950s: Valuable Lessons Learned

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Schembri studies Canada's post-World War II experience in introducing a floating exchange rate, including its effects on the Canadian economy and its influence on the development of macroeconomic theory. In particular, Canada's flexible exchange rate and high degree of capital mobility with the United States provided an unprecedented experiment for macroeconomic policy. The successes and difficulties encountered by Canadian authorities in managing monetary and fiscal policy under this regime drew the interest of researchers at the International Monetary Fund and elsewhere and had a significant impact on the development of the Mundell-Fleming model, the path-breaking innovation in modern open-economy macroeconomics.

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  • Lawrence L. Schembri, 2008. "Canada's Experience with a Flexible Exchange Rate in the 1950s: Valuable Lessons Learned," Bank of Canada Review, Bank of Canada, vol. 2008(Spring), pages 5-17.
    • Handle: RePEc:bca:bcarev:v:2008:y:2008:i:spring08:p:5-17
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    1. Mario Fortin & Marcelin Joanis & Philippe Kabore & Luc Savard, 2022. "Determination of Quebec's Quarterly Real GDP and Analysis of the Business Cycle, 1948–1980," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 18(3), pages 261-288, November.

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