Abstract
One of the reasons for the growth and prosperity of the United States has been the fact that we have enjoyed one money throughout the large area of the country. We have had a gold or at least a single dollar standard with the entire country, and did not have to suffer the chaos of each city and county issuing its own money which would then fluctuate with respect to the moneys of all the other cities and counties. The nineteenth century saw the benefits of one money throughout the civilized world.
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Notes
- 1.
Sargent and Wallace (1975) argue that monetary policy shocks cannot be considered exogenous and constitute “probably an important reason that the hyperinflation developed” (p. 350).
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Tsionas, E.G. (2014). The Gold Standard and Free Banking. In: The Euro and International Financial Stability. Financial and Monetary Policy Studies, vol 37. Springer, Cham. https://doi.org/10.1007/978-3-319-01171-4_19
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DOI: https://doi.org/10.1007/978-3-319-01171-4_19
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