We build on economic theory to discuss how blockchain technology can shape innovation and competition in digital …

) and another intrinsically worthless medium of exchange, not controlled by a central bank, such as Bitcoin. Agents can … inflation target, while Bitcoin mining is decentralized via proof-of-work. We analyze Bitcoin price evolution and interaction … between the Bitcoin price and monetary policy which targets the Dollar. We obtain a fundamental pricing equation, which in its …

Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies and blockchains. While the discussions …

history of the asset in question. A hypothetical insurance market is set up, where competing forecasting algorithms are used …. One algorithm is used by each hypothetical agent in an "ex post ante" forecasting exercise, using the available history of … forecasting algorithms.The technique is demonstrated with the NYSE portfolio, over the period of July 22, 1966 to December 31 …

medium and long term forecasting. In this paper, we develop conditions under which a misspecified ARCH model successfully … performs both tasks, filtering and forecasting. The key requirement (in addition to the conditions for consistent filtering) is …