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

How do Bitcoin prices evolve? What are the consequences for monetary policy? We answer these questions in a novel, yet … keeps the real value of Dollars constant, while Bitcoin production is decentralized via proof-of-work. We obtain a …" condition. Under some conditions, we show that Bitcoin prices form convergent supermartingales or submartingales and derive …

We rely on economic theory to discuss how blockchain technology will shape innovation in digital platforms. We identify …

explored: bubble expectations and investor confidence. Semiannual time-series indicators of these attitudes are presented for … investors an expectation of a speculative bubble, an unstable situation with expectations for increase in the short run only …, are produced. Four different time-series indicators of whether there is an expectation of a negative speculative bubble …

bubble exists, then it started on the first date of trading of …bubbles in stock prices in a model in which stockholders have …restart. Thus, even if a positive rational bubble exists …

This paper reports empirical tests for the existence of rational bubbles in stock prices. The analysis focuses on a …, and defines a rational bubble to be a self-confirming divergence of stock prices from market fundamentals in response to … extraneous variables. The tests are based on the theoretical result that, if rational bubbles exist, time series obtained by …

importantly, the present analysis considers the inception of rational bubbles and shows that, for anegative rational bubble …A rational bubble would involve a self-confirming belief that an asset price depends on information that includes … economically interesting, i.e., forward looking, any rational bubbles would be either explosive or implosive. Further arguments …

There is a large and growing empirical literature that tests forthe existence of asset-price bubbles or "sunspot …" equilibria -- equilibria unrelated to market fundamentals. Our view is that even tests for non-stationary asset-price bubbles … ruling out nonstationary speculative price bubbles in models based on individual maximizing behavior. In the first part of …

involve three parts, which we denote as the fundamental component, the deterministic bubble component, and the stochastic … bubble component. This paper explores the properties of these solution components, emphasizing the distinction between … deterministic bubbles and stochastic bubbles, for a model of inflation and for a model of the evolution of price and quantity in the …