Tokenomics: Optimal monetary and fee policies

• 成果类型: Article
• 署名作者: Jermann, Urban; Xiang, Haotian
• 署名单位: University of Pennsylvania; National Bureau of Economic Research; Peking University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2025.103808
• 发表日期: 2025
• 关键词: Cryptocurrencies; monetary policy; fees; COMMITMENT

摘要

We document properties of crypto monetary policies based on a large sample of tokens. We present a dynamic model to determine the optimal issuance and fee policies for issuers. Committing to low future money growth and fees increases profits, and the degree of commitment matters for equilibrium existence. A Ramsey issuer who maximizes profits, after the initial period, makes choices that maximize the utility value of all tokens. We present a model with probabilistic commitment, solve for the steady state in closed form, and show that empirically relevant long-run money growth rates align with very high levels of commitment.