60 – Matt Klein on Greece, Optimal Currency Areas, and Safe Assets
Macro Musings with David Beckworth
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The US as an Optimal Currency Area Might Be Under Strain
Greece has stuck this out for seven years of deep recession. So the US, in theory, could have the same problem. It's a one-size-fits-all monetary policy that Federal Reserve applied to many different regions and economies. Nevada is one striking example of this, where if you look at the decline in real output and the decline in employment following their costs,. The only place that's really comfortable now is Greece.
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