“The Effect of Fixed Exchange Rates on Monetary Policy.” Quarterly Journal of Economics 119 (1): 301–352. 1 Rose (2014) finds that the monetary policy frameworks consisting of an inflation target and a flexible exchange  rate have been the most stable since the global financial crisis.
He also finds this combination has proven to be a very durable framework overall because no country has yet to abandon it under duress. 2 The Bank of Canada has undertaken extensive work to model the Canadian dollar, including Amano and Van  Norden (1995); Issa, Lafrance and Murray (2008); and Djeutem and Dunbar (2018).