Monetary Policy in a World of Cryptocurrencies
研究了加密货币竞争如何影响央行对利率和价格的控制，发现加密货币增长率限制了名义利率和通胀的上限，但政府仍能完全控制通胀率。
Abstract 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.