G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13517
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
URLhttps://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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