Carnegie Mellon University
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Policies for an Uncertain World

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journal contribution
posted on 2011-03-29, 00:00 authored by Allan MeltzerAllan Meltzer

From 1947 to 1964 the United States maintained a relatively stable monetary framework under which many countries recovered, developed, and prospered. Inflation remained low in the United States and in other nations that tied the values of their currencies-their exchange rates-to the dollar. The framework and the procedures were not ideal, but they produced greater stability than the monetary systems that preceded or followed.


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