G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15619
DP15619 Parallel Digital Currencies and Sticky Prices
Harald Uhlig; Taojun Xie
发表日期2020-12-29
出版年2020
语种英语
摘要The rise of digital currencies may result in domestic parallel currencies. Their exchange rate shocks will present a new challenge for monetary policy. We analyze these issues in a New Keynesian framework, where firms can set prices in one of the available currencies. Price rigidity translates a one-time appreciation of a parallel currency into persistent redistribution towards the dollar sector output and inflation. The persistence lasts longer if the central bank targets "dollar"-sector inflation, rather than inflation across all currency sectors. An increase in dollar price rigidity may lead to a decrease rather than an increase of the non-dollar sector.
主题Monetary Economics and Fluctuations
关键词Digital currency Currency choice monetary policy Sticky prices New keynesian model
URLhttps://cepr.org/publications/dp15619-0
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/544632
推荐引用方式
GB/T 7714
Harald Uhlig,Taojun Xie. DP15619 Parallel Digital Currencies and Sticky Prices. 2020.
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