| 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 | 2022-04-13 |
| 出版年 | 2022 |
| 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 with competing cash (material or digital), 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 any case, the government has full control of the inflation rate. With an interest-bearing digital currency, equilibria in which government currency loses medium-of-exchange property are ruled out. This benefit comes at the cost of relinquishing control over the inflation rate. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp13517-3 |
| 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/546211 |
| 推荐引用方式 GB/T 7714 | PIerpaolo Benigno. DP13517 Monetary Policy in a World of Cryptocurrencies. 2022. |
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