Some Canadian-U.S Evidence on the Insulating Properties of a Flexible Exchange Rate
The relations between Canadian and U.S. prices and output are compared during fixed and flexible exchange rate regimes. Correlations are high at all frequencies for all three regimes. The results suggest that the insulation potential of a flexible exchange rate is weak and/or that the Bank of Canada has failed to exploit the opportunity for independent monetary policy afforded by a flexible rate.
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