Is the United States an optimal currency area (OCA)? Is Canada? Should we have a monetary union? A fun new paper argues that the answer is "no," "no," and "sort of." Specifically that you could combine and then remix the United States and Canada into three separate cross-border monetary unions, each of which would more closely approximate an OCA than the current United States or Canada. The resuling currency groups can be seen on the color-coded map above.
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