Digital currencies have attracted strong interest in recent years and have the potential to become widely adopted for use in making payments. Public authorities and central banks around the world are closely monitoring developments in digital currencies and studying their implications for the...

This paper examines the experience of Sweden with government notes and private bank notes to determine how well the Swedish experience corresponds to that of Canada and the United States. Sweden is important to study because it has had government notes in circulation for more than 350 years, and...

The emergence of digital currencies such as Bitcoin and the underlying blockchain and distribution ledger technology have attracted significant attention. These developments have raised the possibility of considerable impacts on the financial system and perhaps the wider economy. This paper...

Digital currencies have attracted strong interest in recent years and have the potential to become widely adopted for use in making payments. Public authorities and central banks around the world are closely monitoring developments in digital currencies and studying their implications for the...

The emergence of digital currencies such as Bitcoin and the underlying blockchain and distribution ledger technology have attracted significant attention. These developments have raised the possibility of considerable impacts on the financial system and perhaps the wider economy. This paper...

Mining is one of the key features to maintain the value and the security of the Bitcoin system. Like mining of other commodities, Bitcoin mining requires a non-trivial fixed cost to enter the business. We extend a framework that captures some key features of Bitcoin to incorporate entry costs....

We develop a general equilibrium framework to study a cryptocurrency system based on a mining process (proof-of-work protocol). The framework incorporates the priority queueing theory into a continuous-time monetary search model, which allows us to investigate the relationship between the demand...