We develop a dynamic asset-pricing model of cryptocurrencies/tokens that allow users to conduct peer … intertemporal feedback between user adoption and token price accelerates adoption and dampens user-base volatility …

Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics … trade volatility from the late nineteenth and early twentieth century exposes a dramatic change. The classical gold standard … thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary …

According to conventional wisdom, annualized volatility of stock returns is lower when computed over long horizons than …

volatility in 40 countries over the period from 1984 to 2004. Estimated probabilities of a liquidity crisis are used as a proxy …This paper addresses how creditor protection affects the volatility of stock market prices. Credit protection reduces … price volatility …

volatile stock markets, even after one controls for liquidity/maturity of the market, and the volatility of the underlying …This paper studies the role of insider trading in explaining cross-country differences in stock market volatility. It … fundamentals (volatility of real output and of monetary and fiscal policies). Moreover, the effect of insider trading is …

ownership and trades by large institutions lead to higher volatility and to increased return and liquidity comovement. Moreover …, large institutions are likely to impose greater liquidity demand on the stocks they trade. Accordingly, we find that …

experiment: In September 2021, El Salvador became the first country in the world to make bitcoin legal tender, and all economic … agents were required to accept bitcoin for all payments. The Salvadorean government also launched an app, "Chivo Wallet …," which allowed users to digitally trade both bitcoin and dollars, and gave major incentives to download it. We conduct a …

evidence from Bitcoin mining supports our model predictions. The economic insights inform many other blockchain protocols as …

We analyze the Bitcoin protocol for electronic peer-to-peer payments and the operations that support the "blockchain … reward to mining. The endogenous level of computational difficulty built into the Bitcoin protocol does not mitigate this …