Hugh Rockoff on Optimal Currency Areas, “Yellowbacks,” and Free Banking
Macro Musings with David Beckworth
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How Long to Take the United States to Become an Ideal Currency Area?
The country was transforming at this point from an agricultural based economy to more of an industrial run, right? We're speaking in terms of the monetary story, but there's also this structural change going on at the time. In fact, I had Jason Taylor on this show a few episodes back and he talked about how the South was basically a backwards economy. And so it was very distinct regional economy. You point to that as another example of why the US is not an optimal currency area.
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