CHAPTER FOUR
A Short History of Money and Monetary Policy in the United States

In an attempt to link theory with practice, this chapter offers a brief monetary history of the United States, from the original creation of the US dollar in the late eighteenth century to the execution of modern monetary policy in the early twenty-first. This history illustrates many of the macroeconomic principles and relationships highlighted in the previous chapters (especially chapter 2), and locates them in context, against the backdrop of a maturing national economy. Ideally, you should be able to see monetary economics at work all along the way.

Defining the ...

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