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Does the hashrate affect the bitcoin price?
Fantazzini, Dean; Kolodin, Nikita - In: Journal of Risk and Financial Management 13 (2020) 11, pp. 1-29
This paper investigates the relationship between the bitcoin price and the hashrate by disentangling the effects of the … energy efficiency of the bitcoin mining equipment, bitcoin halving, and of structural breaks on the price dynamics. For this … bitcoin price to the hashrate (or its proxies), with lags ranging from one week up to six weeks later. These findings are …
Persistent link: https://www.econbiz.de/10012611505
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Metcalfe's law and herding behaviour in the cryptocurrencies market
Pele, Daniel Traian; Mazurencu-Marinescu-Pele, Miruna - 2019
Metcalfe's law for Bitcoin is questionable. As the results showed a potential for herding behaviour, the authors then used LPPL …
Persistent link: https://www.econbiz.de/10011984445
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Metcalfe's law and log-period power laws in the cryptocurrencies market
Pele, Daniel Traian; Mazurencu-Marinescu-Pele, Miruna - In: Economics: The Open-Access, Open-Assessment E-Journal 13 (2019) 2019-29, pp. 1-26
Metcalfe's law for Bitcoin is questionable. According to the bidirectional causality between the price and the network size …, the expected price increase is a driver for more investors to join the Bitcoin network, which may lead in the end to a … super-exponential price growth, possibly due to a herding behaviour of investors. The authors then used LPPL models to …
Persistent link: https://www.econbiz.de/10012007754
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Cryptocurrencies, Metcalfe's law and LPPL models
Pele, Daniel Traian; Mazurencu-Marinescu-Pele, Miruna - 2018
In this paper we investigate the statistical properties of cryptocurrencies by using alpha-stable distributions. We also study the benefits of the Metcalfe's law (the value of a network is proportional to the square of the number of connected users of the system) for the evaluation of...
Persistent link: https://www.econbiz.de/10012433205
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Risk of Bitcoin Market: Volatility, Jumps, and Forecasts
Hu, Junjie; Kuo, Weiyu; Härdle, Wolfgang Karl - 2019
risk characteristics for Bitcoin are analyzed from a realized volatility dynamics view. The realized variance RV is … that the Bitcoin market is far riskier than any other developed financial market. Up to 68% of the sample days are …
Persistent link: https://www.econbiz.de/10012433238
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Do we need central bank digital currency? Economics, technology and institutions
Gnan, Ernest (contributor); Masciandaro, Donato (contributor) - 2018
Persistent link: https://www.econbiz.de/10011985213
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Forecasting banknote circulation during the COVID-19 pandemic using structural time series models
Bartzsch, Nikolaus; Brandi, Marco; de Pastor, Raymond; … - 2023
As part of the Eurosystem's annual banknote production planning, the national central banks draw up forecasts estimating the volumes of national-issued banknotes in circulation for the three years ahead. As at the end of 2021, more than 80 per cent of euro banknotes in circulation (cumulated net...
Persistent link: https://www.econbiz.de/10014320854
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Testing directional forecast value in the presence of serial correlation
Blaskowitz, Oliver J.; Herwartz, Helmut - 2008
Common approaches to test for the economic value of directional forecasts are based on the classical Chi-square test for independence, Fisher’s exact test or the Pesaran and Timmerman (1992) test for market timing. These tests are asymptotically valid for serially independent observations....
Persistent link: https://www.econbiz.de/10010271838
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Consumption loan augmented divisia monetary index and China monetary aggregation
Barnett, William A.; He, Kun; He, Jingtong - In: Journal of Risk and Financial Management 15 (2022) 10, pp. 1-17
Simple sum monetary aggregates are based on accounting conventions and have no aggregation theoretic foundations in economic theory. In contrast, Divisia monetary aggregates are directly derived from aggregation and index number theory. Credit card services cannot be included in simple sum...
Persistent link: https://www.econbiz.de/10014332646
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Uso de agregados monetarios como indicadores de la evolución futura de los precios al consumidor: Crecimiento monetario y meta de inflación
Ramos-Francia, Manuel; Noriega-Muro, Antonio E.; … - 2015
price index which is congruent with the quantity of M1 in the economy once it is adjusted for the long-run tendency of its …
Persistent link: https://www.econbiz.de/10011445082