This paper uses a three-region framework to examine the effects of European currency unification on EMU and US inflation rates. It considers ways in which increased participation in the EMU might influence inflation choices in Europe and the United States. It also considers how alternative...

In the late eighteenth and early nineteenth century, Scotland had a stable financial system. Its stability arose from the pressure that private banks, which had the right to issue bank notes, placed on each other to behave prudently. Unlike in England, the Scottish banking system had no central...

Intro -- _Hlk488832294 -- __DdeLink__3072_333543986 -- Figure 1 Spending equilibrium: free banking -- Figure 2 Quarterly value of Fedwire transactions and nominal GDP (1992 = 100) -- Figure 3 US CPI (average 1982-84 = 100), US nominal GDP (million of dollars) -- The authors -- Foreword --...