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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

Market Structure in Bitcoin Mining

Ma, June - 2018

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

Persistent link: https://www.econbiz.de/10012929014

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 …The rise of centralized mining pools for risk sharing does not necessarily undermine the decentralization required for … disproportionately fewer miners, and thus grow more slowly. Instead, mining pools as a financial innovation escalate the arms race among …

Persistent link: https://www.econbiz.de/10012891776

Central Bank Digital Currency and the Future of Monetary Policy

Bordo, Michael D. - 2017

account-based and interest-bearing, and the monetary policy framework would foster true price stability …

Persistent link: https://www.econbiz.de/10012949410

Tokenomics : Dynamic Adoption and Valuation

Cong, Lin William; Li, Ye; Wang, Neng - 2021

intertemporal feedback between user adoption and token price accelerates adoption and dampens user-base volatility …

Persistent link: https://www.econbiz.de/10013314305

An Assessment of the Energy-Efficiency Gap and its Implications for Climate-Change Policy

Gerarden, Todd - 2015

Improving end-use energy efficiency—that is, the energy-efficiency of individuals, households, and firms as they consume energy—is often cited as an important element in efforts to reduce greenhouse-gas (GHG) emissions. Arguments for improving energy efficiency usually rely on the idea that...

Persistent link: https://www.econbiz.de/10013029013

Assessing the Energy-Efficiency Gap

Gerarden, Todd - 2015

Energy-efficient technologies offer considerable promise for reducing the financial costs and environmental damages associated with energy use, but these technologies appear not to be adopted by consumers and businesses to the degree that would apparently be justified, even on a purely financial...

Persistent link: https://www.econbiz.de/10013029031

Who is Exposed to Gas Prices? How Gasoline Prices Affect Automobile Manufacturers and Dealerships

Busse, Meghan R. - 2012

Many consumers are keenly aware of gasoline prices, and consumer responses to gasoline prices have been well studied. In this paper, by contrast, we investigate how gasoline prices affect the automobile industry: manufacturers and dealerships. We estimate how changes in gasoline prices affect...

Persistent link: https://www.econbiz.de/10013096478

Induced Innovation and Energy Prices

Popp, David - 2021

I use U.S. patent data from 1970 to 1994 to estimate the effect of energy prices on energy-efficient innovations. Using patent citations to construct a measure of the usefulness of the existing base of scientific knowledge, I consider the effect of both demand-side factors, which spur innovative...

Persistent link: https://www.econbiz.de/10013246366

Do Consumers Respond to Marginal or Average Price? Evidence from Nonlinear Electricity Pricing

Ito, Koichiro - 2012

. This paper provides a framework to uncover consumers' perceived price of nonlinear price schedules. I exploit price … respond to average price rather than marginal or expected marginal price. This sub-optimizing behavior makes nonlinear pricing …

Persistent link: https://www.econbiz.de/10013098134

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