| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12831 |
| DP12831 Some simple Bitcoin Economics | |
| Harald Uhlig; Linda Schilling | |
| 发表日期 | 2018-03-30 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | How do Bitcoin prices evolve? What are the consequences for monetary policy? We answer these questions in a novel, yet simple endowment economy. There are two types of money, both useful for transactions: Bitcoins and Dollars. A central bank keeps the real value of Dollars constant, while Bitcoin production is decentralized via proof-of-work. We obtain a ``fundamental condition’’, which is a version of the exchange-rate indeterminacy result in Kareken-Wallace (1981), and a ``speculative'' condition. Under some conditions, we show that Bitcoin prices form convergent supermartingales or submartingales and derive implications for monetary policy. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Cryptocurrency Bitcoin Exchange rates Currency competition Indeterminacy |
| URL | https://cepr.org/publications/dp12831 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541641 |
| 推荐引用方式 GB/T 7714 | Harald Uhlig,Linda Schilling. DP12831 Some simple Bitcoin Economics. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Harald Uhlig]的文章 |
| [Linda Schilling]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Harald Uhlig]的文章 |
| [Linda Schilling]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Harald Uhlig]的文章 |
| [Linda Schilling]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
