| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15619 |
| 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 recent rise of digital currencies opens the door to their use in parallel alongside official currencies (``dollar'') for pricing and transactions. We construct a simple New Keynesian framework with parallel currencies as pricing units and sticky prices. Relative prices become a state variable. Exchange rate shocks can arise even without other sources of uncertainty. A one-time exchange rate appreciation for a parallel currency leads to persistent redistribution towards the dollar sector and dollar inflation. The share of the non-dollar sector increases when prices in the dollar sector become less sticky and when firms can choose the pricing currency. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Digital currency Currency choice monetary policy Sticky prices New keynesian model |
| URL | https://cepr.org/publications/dp15619 |
| 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/544633 |
| 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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