Choosing an exchange-rate regime is largely a matter of choosing the variables that will bear the brunt of adjustment to shocks and disturbances. Floating rates, supported by inflation-targeting regimes of varying degrees of transparency, have dominated currency arrangements in North America,...

"North America was once called the New World. The people, their ideas, and the resources of the continent shaped the histories of the Old World -- East and West. Today, North America is home to almost five hundred million people living in three vibrant democracies. If the three North American...