Monetary Policy in a World of Cryptocurrencies

• 成果类型: Article
• 署名作者: Benigno, Pierpaolo
• 署名单位: University of Bern
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvac066
• 发表日期: 2023
• 页码: 1363-1396
• 关键词: real-bills doctrine; quantity theory; money

摘要

Can currency competition affect central banks' control of interest rates and prices? Yes, it can. In a two-currency world with competing cash (material or digital), the growth rate of the cryptocurrency sets an upper bound on the nominal interest rate and the attainable inflation rate, if the government currency is to retain its role as medium of exchange. In any case, the government has full control of the inflation rate. With an interest-bearing digital currency, equilibria in which government currency loses medium-of-exchange property are ruled out. This benefit comes at the cost of relinquishing control over the inflation rate.