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Central Bank Digital Currency : Central Banking for All?
Fernández-Villaverde, Jesús - 2020
The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits. Yet, since a central bank is not an investment expert, it cannot invest in long-term projects itself, but...
Persistent link: https://www.econbiz.de/10012841420
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Decentralized Mining in Centralized Pools
Cong, Lin William - 2019
evidence from Bitcoin mining supports our model predictions. The economic insights inform many other blockchain protocols as …
Persistent link: https://www.econbiz.de/10012891776
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Market Structure in Bitcoin Mining
Ma, June - 2018
We analyze the Bitcoin protocol for electronic peer-to-peer payments and the operations that support the “blockchain … resource use highlighting the importance of identifying the benefits of competition for the operation of the blockchain …
Persistent link: https://www.econbiz.de/10012929014
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Tokenomics : Dynamic Adoption and Valuation
Cong, Lin William; Li, Ye; Wang, Neng - 2021
We develop a dynamic asset-pricing model of cryptocurrencies/tokens that allow users to conduct peer …
Persistent link: https://www.econbiz.de/10013314305
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Central Bank Digital Currency and the Future of Monetary Policy
Bordo, Michael D. - 2017
We consider how a central bank digital currency (CBDC) could transform all aspects of the monetary system and facilitate the systematic and transparent conduct of monetary policy. In particular, we find that CBDC can serve as a practically costless medium of exchange, secure store of value, and...
Persistent link: https://www.econbiz.de/10012949410
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New Innovations in Payments
Rysman, Marc - 2016
We discuss prospects for innovation in consumer payment instruments. We discuss recent research into consumer payments and what can be learned about consumer behavior towards new payment options. We consider three new innovations in payments: mobile payments, faster payments and digital...
Persistent link: https://www.econbiz.de/10012988500
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Monetary Policy in a World Without Money
Woodford, Michael - 2021
This paper considers whether the development of electronic money' poses any threat to the ability of central banks to control the value of their national currencies through conventional monetary policy. It argues that even if the demand for base money for use in facilitating transactions is...
Persistent link: https://www.econbiz.de/10013310786
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Bubbles, Financial Crises, and Systemic Risk
Brunnermeier, Markus K. - 2012
This chapter surveys the literature on bubbles, financial crises, and systemic risk. The first part of the chapter … provides a brief historical account of bubbles and financial crisis. The second part of the chapter gives a structured overview … of the literature on financial bubbles. The third part of the chapter discusses the literatures on financial crises and …
Persistent link: https://www.econbiz.de/10013100667
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Bubbles in Prices of Exhaustible Resources
Jovanovic, Boyan - 2007
Aside from the equilibrium that Hotelling (1931) displayed, his model of non-renewable resources also contains a continuum of bubble equilibria. In all the equilibria the price of the resource rises at the rate of interest. In a bubble equilibrium, however, the consumption of the resource peters...
Persistent link: https://www.econbiz.de/10012776202
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Bubbles for Fama
Greenwood, Robin M. - 2017
We evaluate Eugene Fama's claim that stock prices do not exhibit price bubbles. Based on US industry returns 1926 …
Persistent link: https://www.econbiz.de/10012962184