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History later vindicated his advocacy of flexible exchange rates.
In either scenario, flexible exchange rates are desirable.
"It would be useful if the communiqué expressed support for flexible exchange rates".
Any mention of "flexible" exchange rates in their statement would be a policy change.
Ironically, one person benefiting from Britain's retention of a flexible exchange rate is Osborne.
This experience provided one early, important lesson about flexible exchange rates.
Yet the classic argument for flexible exchange rates was made by none other than Milton Friedman.
IMF research finds that flexible exchange rates reduce vulnerability to both macroeconomic and financial crises.
A more flexible exchange rate would also help to buffer the economy against shocks.
Britain's policy brass tend to see a flexible exchange rate as a useful safety valve.
This paper analyzes a two-commodity short-run macroeconomic model under fixed and flexible exchange rates.
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