We determine optimal token issuance and fee rates for issuers with varying degrees of commitment. For the polar cases of no commitment (Markov perfect) and full commitment (Ramsey) we study the conditions under which equilibriums exist. Assuming convex maintenance costs guarantees well-defined...

Should the central bank seek to identify the underlying causes of oil price hikes in determining appropriate policy responses to them? Most likely not. Within a calibrated new-Keynesian model of Oil-Importing and Oil-Producing Countries, I derive the Ramsey policy and analyze optimal monetary...