Economies Outside the United States, Government Policy, International Economics, Macroeconomics

Monetary Union

When economists such as robert mundell were theorizing about optimal monetary unions in the middle of the twentieth century, most people regarded the exercise as largely hypothetical. But since many European countries established a monetary union at the end of the century, the theory of monetary unions has become much more relevant to many more people. Definitions and Background The ability to issue money usable for transactions is a power usually reserved by a country’s central government, and it is...
Encyclopedia Entry By James Tobin
Monetary Policy

Paul Volcker, while chairman of the Board of Governors of the federal reserve system (1979–1987), was often called the second most powerful person in the United States. Volcker and company triggered the “double-dip” recessions of 1980 and 1981–1982, vanquishing the double-digit inflation of 1979–1980 and...

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