Money Mining and Price Dynamics

• 成果类型: Article
• 署名作者: Choi, Michael; Rocheteau, Guillaume
• 署名单位: University of California System; University of California Irvine; Universite Paris-Pantheon-Assas
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20200034
• 发表日期: 2021
• 页码: 246-294
• 关键词: alternative media; search; POLICY; equilibrium; liquidity; MODEL

摘要

We develop a -random-matching model to study the price dynamics of monies produced privately according to a time-consuming mining technology. For our leading example, there exists a unique equilibrium where the value of money increases over time and reaches a steady state. There is also a continuum of -perfect-foresight equilibria where the price of money inflates and bursts gradually over time. Initially, money is held for a speculative motive, but it acquires a transactional role as it becomes sufficiently abundant. We study fiat, commodity, and crypto monies, endogenous acceptability, and adopt implementation and equilibrium approaches.