This study asks whether perceptual mechanisms that compensate for the spectral‐envelope distortion of transmission channels also contribute to compensation for speaker differences. Subjects identified test words that were played after a carrier sentence. In some conditions the carriers were synthesized withF1 in low‐ and high‐frequency ranges and in others they were distorted by filters whose frequency response is the spectral envelope of one vowel minus the spectral envelope of another. The filter /■/ minus /ε/ and its inverse were used. Test words were drawn from an /■tch/ to /εtch/ continuum. Carriers filtered by /■/ minus /ε/ and its inverse give a phoneme boundary difference, indicating compensation for spectral envelope distortion. A phoneme boundary difference also occurs between carriers withF1 in low and high ranges, indicating compensation for speaker differences. Neither of these effects is reduced by playing the carrier backwards, even though a measurement of the perceived naturalness of carriers is sharply reduced by this manipulation. Analysis of carriers synthesized with low and highF1 showed that they have different long‐term spectra, and subsequent experiments used time‐stationary filters to alter this characteristic. The results showed that the long‐term spectra of the carriers govern their influence on the identity of subsequent test sounds. However, measurements of perceptual confusions among the carriers and of perceived talker‐differences between carriers revealed that other, time‐varying factors are more important for voice identification.