On dollar hegemony.
Dutch disease has long been seen as the curse of resource-rich economies in which a currency appreciates and jobs are lost overseas. But what if the greenback is having the same effects on the US economy, the largest in the world? Many historians and economists have studied the global effects of having the dollar as the world’s reserve currency. But what is the effect on the US economy itself? The authors of an influential essay on this question join us to talk about the feedback effects of dollar hegemony.