Hall, George J.; Sargent, Thomas J. - In: Journal of Monetary Economics 61 (2014) C, pp. 148-166
In 1790, a U.S. paper dollar was widely held in disrepute (something shoddy was not ‘worth a Continental’). By 1879, a U.S. paper dollar had become ‘as good as gold’. These outcomes emerged from how the U.S. federal government financed three wars: the American Revolution, the War of...
