Hugh Rockoff on Optimal Currency Areas, “Yellowbacks,” and Free Banking
Macro Musings with David Beckworth
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Is There a Difference Between a Local and a Dollar Currency?
This might have some implications for the Eurozone. There are several people during the crisis who suggested that maybe you could keep the Eurozone, but kind of break it into two different currencies. This experience suggests that it's not entirely the same because this is the US and Europe, there's different countries. And so I think this idea of a Northern currency and a Southern currency for Europe, you know, could be made to work.
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