Money Mining and Price Dynamics
研究私人按时间消耗型挖矿技术生产的货币的价格动态，发现货币价值随时间上升并达到稳态，也存在泡沫路径，货币从投机工具转变为交易媒介。
We develop a random-matching model to study the price dynamics of monies produced privately according to a time-consuming mining technology. For our leading example, there exists a unique equilibrium where the value of money increases over time and reaches a steady state. There is also a continuum of perfect-foresight equilibria where the price of money inflates and bursts gradually over time. Initially, money is held for a speculative motive, but it acquires a transactional role as it becomes sufficiently abundant. We study fiat, commodity, and crypto monies, endogenous acceptability, and adopt implementation and equilibrium approaches.