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"In this essay I propose that the adoption of the U.S. dollar as a common currency shortly after the ratification of the Federal Constitution and the accompanying transition from a fiat to specie standard was a pivotal moment in the nation's early history and marked an improvement over the...
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fundamental reserve demands of Fed member banks, we find that despite being doubled, reserve requirements were not binding on bank … fundamental reserve demands of Fed member banks, we find that despite being doubled, reserve requirements were not binding on bank …
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