| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13517 |
| DP13517 Monetary Policy in a World of Cryptocurrencies | |
| PIerpaolo Benigno | |
| 发表日期 | 2019-04-26 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Can currency competition affect central banks' control of interest rates and prices? Yes, it can. In a two-currency world, the growth rate of the cryptocurrency sets an upper bound on the nominal interest rate and the attainable inflation rate, if the government currency is to retain its role as medium of exchange. In a world of multiple competing currencies issued by profit-maximizing agents, the nominal interest rate and inflation are both determined by structural factors, and thus not subject to manipulation, a result hailed by the proponents of currency competition. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp13517-1 |
| 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/542556 |
| 推荐引用方式 GB/T 7714 | PIerpaolo Benigno. DP13517 Monetary Policy in a World of Cryptocurrencies. 2019. |
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