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These values in turn serve as the foundation for the ethical basis for practice, which in turn is the justification for the very existence of the profession and the interventions social workers undertake. If we did not have our fundamental ethical orientation, the profession of social work would look very different than it does today, if indeed it would even exist at all. Child welfare practice provides a perfect illustration of this assertion. This paper suggests that there are actually three sets of values that shape both child welfare policy and practice: ethical values commonly accepted across the fields of practice in the helping professions, the overarching values of the social work profession as defined in the National Association of Social Workers Code of Ethics (NASW, 1999) , and values specific to the practice of child welfare. 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It examines whether the floating rate was the best option for Canada in the 1950s by developing and estimating a New Keynesian small open economy model of the Canadian economy. The model is then used to conduct a counterfactual analysis of the impact of different monetary policies and exchange rate regimes. The main finding indicates that the flexible exchange rate helped reduce the volatility of key macroeconomic variables. The Canadian monetary authorities, however, clearly did not understand all of the implications of conducting monetary policy under a flexible exchange rate and a high degree of capital mobility. 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