Canada inspired Mundell-Fleming model
Canada's experience with both an open capital account and floating exchange rate in the 1950s created the open-economy macroeconomics field, a paper from the Bank of Canada posits.
The research argues that Canada's decision to exit the Bretton Woods system and adopt a flexible exchange rate was an important event in history of the system and a catalyst for research in the work of Rhomberg, Fleming, and Mundell that led to the Mundell-Fleming model.
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