G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13943
DP13943 Cryptocurrencies, Currency Competition, and The Impossible Trinity
PIerpaolo Benigno; Harald Uhlig; Linda Schilling
发表日期2022-02-21
出版年2022
语种英语
摘要We analyze a two-country economy with complete markets, featuring two national currencies as well as a global (crypto)currency. If the global currency is used in both countries, the national nominal interest rates must be equal and the exchange rate between the national currencies is a risk-adjusted martingale. Deviation from interest rate equality implies the risk of approaching the zero lower bound or the abandonment of the national currency. We call this result Crypto-Enforced Monetary Policy Synchronization (CEMPS). If the global currency is backed by interest- bearing assets, additional and tight restrictions on monetary policy arise. Thus, the classic Impossible Trinity becomes even less reconcilable.
主题Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词Currency competition Cryptocurrency Impossible trinity Exchange rates Uncovered interest parity Independent monetary policy
URLhttps://cepr.org/publications/dp13943-0
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/546012
推荐引用方式
GB/T 7714
PIerpaolo Benigno,Harald Uhlig,Linda Schilling. DP13943 Cryptocurrencies, Currency Competition, and The Impossible Trinity. 2022.
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