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Who Should Make Kroner? - A Review of Danmarks Nationalbank's Analysis of CBDC
Bjerg, Ole - 2018
Digital Currency (CBDC) in Denmark. We concur with Nationalbanken's conclusion that CBDC does not add efficiency or further …
Persistent link: https://www.econbiz.de/10012927422
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Seigniorage, (Hyper)Inflation and Money Demand in Venezuela in the XXI Century : A First Estimation Attempt
Saboin, Jose Luis - 2018
The present work estimates collected seigniorage levels in the Venezuelan economy from 1994Q1 to 2018Q2 and tries to … determine when and if a seigniorage-maximizing inflation rate occurred and this way provide a rational on the development of … hyperinflation in the country. Results suggest that the Venezuelan government acts as a seigniorage maximizer. The model predicts …
Persistent link: https://www.econbiz.de/10012906561
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The End of Inflation
Carr, Douglas - 2019
Analyzing inflation as a change in the value of a currency, rather than changes in prices of goods and services, provides perspective on three fundamental sources of inflation.A Money Value Formula produces a significant statistical fit with forward long-term inflation rates using long lags of...
Persistent link: https://www.econbiz.de/10012896591
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Designing New Money - The Policy Trilemma of Central Bank Digital Currency
Bjerg, Ole - 2017
The prospect of central banks issuing digital currency (CBDC) immediately raises the question of how this new form of money should co-exist and interact with existing forms of money. This paper evaluates three different scenarios for the implementation of CBDC in terms of their monetary policy...
Persistent link: https://www.econbiz.de/10012954346
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Bitcoin, Blockchain, and Distributed Ledgers : Between Hype and Reality
Ametrano, Ferdinando M. - 2018
Bitcoin is the most successful cryptocurrency and one of the best types of private money ever. The blockchain technology underlying bitcoin is presented with the spotlight on distributed consensus, allowing for proper understanding of its peculiarities. Notarization and trust anchoring are...
Persistent link: https://www.econbiz.de/10012935626
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Economic Aspects of Bitcoin and Other Decentralized Public-Ledger Currency Platforms
Evans, David S. - 2014
A number of internet-based digital currency platform based on decentralized public ledgers have started since the introduction of the blockchain concept by the founder of Bitcoin in 2008. An important element of these public ledger platforms is an incentive system that elicits efforts from a...
Persistent link: https://www.econbiz.de/10013055525
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Breaking the Gilt Standard - The Problem of Parity in Kumhof and Noone's Design Principles for Central Bank Digital Currencies
Bjerg, Ole - 2018
This paper is a critical engagement with the four design principles for Central Bank Digital Currency (CBDC) recently proposed by Kumhof and Noone (KN). It is argued that the implicit notion of parity underlying KN's analysis is too narrow as it is only focused on the exchange rate between CBDC...
Persistent link: https://www.econbiz.de/10014112133
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Money Demand and Seignorage Maximization before the End of the Zimbabwean Dollar
Miller, Stephen Matteo - 2019
Unlike most hyperinflations, during Zimbabwe's recent hyperinflation, as in Revolutionary France, the currency ended before the regime. The empirical results here suggest that the Reserve Bank of Zimbabwe operated on the correct side of the inflation tax Laffer curve before abandoning the...
Persistent link: https://www.econbiz.de/10012893482
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Money Demand and Seignorage Maximization Before the End of the Zimbabwean Dollar
Miller, Stephen Matteo - 2020
The delayed end to Zimbabwe's hyperinflation in 2009 gave rise to an official dollarization. Before then, the Reserve Bank of Zimbabwe (RBZ) operated on the correct side of the inflation tax Laffer curve. Estimated seignorage maximizing rates derive from Bayesian, time-varying parameter,...
Persistent link: https://www.econbiz.de/10012856378
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Hyperinflation in Zimbabwe : Money Demand, Seigniorage and Aid Shocks
McIndoe Calder, Tara - 2010
calculate the maximum level of seigniorage revenue that could be raised in the economy. Actual seigniorage levels increased …
Persistent link: https://www.econbiz.de/10013143318