In this paper we explore the nexus between cross-border trade integration and monetary policy. We first review the evidence that trade liberalization has increased the degree of integration in North America and conclude that, while robust structural inferences remain elusive, there is sufficient...

In the aftermath of the efforts to re-establish the gold standard, after the first quantitative paper money destructive expansion during the First World War, the legal tender was the only alternative to a commodity intrinsic value currency. After the second world war, the White plan brought the...