Inflation and cryptocurrencies revisited: A time-scale analysis
使用小波时间尺度技术，研究了加密货币价格与远期通胀预期之间的关系，发现仅在新冠疫情初期两者存在正向关联，其他时期无证据表明比特币或以太坊具有通胀对冲能力。
This letter revisits the time-series relation between cryptocurrency prices and forward inflation expectations. Using wavelet time-scale techniques, a positive link between cryptocurrencies and forward inflation rates is identified, focused on a brief period surrounding the onset of the COVID-19 pandemic. This coincides with a rapid and synchronized decrease in cryptocurrency prices and forward inflation expectations, followed by a swift recovery to pre-crisis levels. Outside of the crisis period, we find no clear evidence of any inflation hedging capacity of Bitcoin or Ethereum during times of increasing forward inflation expectations.