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Publication Date: 10/19/ Currency Unions reviews the traditional case for flexible exchange rates and Hoover Institution Press Publication No.
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Alberto Alesina, Robert J. Common currencies affect trading costs and, thereby, the amounts of trade, output, and consumption. From the perspective of monetary policy, the adoption of another country's currency trades off the benefits of commitment to price stability if a committed anchor is selected against the loss of an independent stabilization policy. Most users should sign in with their email address. If you originally registered with a username please use that to sign in. To purchase short term access, please sign in to your Oxford Academic account above.


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The institution is housed in four buildings on the Stanford campus. The most prominent facility is the landmark Hoover Tower , which is a popular visitor attraction. The tower features an observation deck on the top level that provides visitors with a panoramic view of the Stanford campus and surrounding area.

The Institution was set up by Herbert Hoover , one of Stanford's first graduates, who would later become the 31st President of the United States.


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Hoover's express purpose was to collect the records of contemporary history as it was happening. Hoover's helpers frequently risked their lives to rescue documentary and rare printed material, especially from countries under Nazi or Communist rule. Their many successes included the papers of Rosa Luxemburg , the Goebbels Diaries , and the records of the Russian secret police in Paris. Research institutes were also set up under Hoover's influence, though inevitably there were to be clashes between the moving force, Hoover, and the host university.

Supported primarily by gifts from private donors, the Hoover War Collection flourished in its early years.

Exchange Rates and Dollarization

In , the Collection became known as the Hoover War Library. By , the Hoover War Library was known as the largest library in the world devoted to the Great War.

By , it contained 1. In , the War Library revealed building plans for Hoover Tower , which was to be its permanent home independent of the Stanford Library system. The tower was completed in , Stanford University's fiftieth anniversary. By , the agenda of the Hoover War Library had expanded to include research activities; thus the organization was renamed the Hoover Institution and Library on War, Revolution and Peace. At this time, Herbert Hoover was living in New York City but remained integrally involved in the Hoover Institution and Library as a benefactor, fundraiser, and consultant.

In former President Hoover, under the auspices of the Institution and Library, launched a major fundraising campaign that allowed the Institution to realize its current form as a think tank and archive.

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Glenn Campbell was appointed director and substantial budget increases soon led to corresponding increases in acquisitions and related research projects. In particular, the Chinese and Russian collections grew considerably. Despite student unrest in the s, the institution continued to thrive and develop closer relations with Stanford. John Raisian served as director from to Gilligan succeeded him in In addition to these periodicals, the Hoover Institution Press publishes books and essays by Hoover Institution fellows and other Hoover-affiliated scholars.

The Hoover Institution receives nearly half of its funding from private gifts, primarily from individual contributions, and the other half from its endowment. Funding sources and expenditures, — From Wikipedia, the free encyclopedia.

The Single Global Currency: Common Cents for the World

This article is about the American public policy think tank. For the research library, see Hoover Institution Library and Archives. NW, S Washington, D. This list is incomplete ; you can help by expanding it. Adams , —25 Ralph H.

Jean Pisani-Ferry: The Challenges of Europe's Monetary Union

Also the results suggest the necessity of a changing of orientation of the monetary policy of Armenia: The policy of maintaining a low level of inflation, aimed at squeezing the money supply and credit, impedes economic growth, export expansion and makes the system less resistant to external shocks. Then what monetary and exchange rate policy should follow Armenia in today's realities, taking into account the integration processes within the framework of EAEC?

Just to these problems this article is devoted. Journal of Economic Theory, 92, pp. Dabrowski M Currency crises in post-Soviet economies - a never ending story?