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Comments on Chapter 4 – How long did it take the United States to become an optimal currency area?
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In addition to its provocative title, Hugh Rockoff’s paper provides a concise history of monetary union in the United States. From the demises of the First and Second Banks of the United States to the depressions of the 1890s and the 1930s, Rockoff neatly analyzes the political economy and monetary aspects of each episode. Reading the paper got me quickly up to speed on America’s chequered monetary history.