Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this …

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 …

. The theory predicts that asset prices carry a speculative premium that reflects the asset's marketability and depends on … anomalous. The theory also exhibits rational expectations equilibria with recurring belief driven events that resemble liquidity …

propagated abroad. In previous work, we built on the theory of rational bubbles to develop a framework to think about the origins … environment is conducive to countries experiencing credit bubbles that have large macroeconomic effects at home and are quickly … and domestic effects of these credit bubbles. This paper extends that framework to two-country setting and studies the …

bubble. In this paper, we review the stylized facts of housing bubbles and discuss theories that can potentially explain … bubbles. Many non-rational explanations for real estate bubbles exist, but the most promising theories emphasize some form of …

"conventional" view on the effects of monetary policy on bubbles, as well as with the predictions of bubbleless models. We also …

enough, the investors will hold a positive number of vacant houses in equilibrium. A housing bubble arises in an equilibrium … terms of utility or rent. The model can be applied to China, where the housing bubble can be attributed to the rapid decline …