Parallel Digital Currencies and Sticky Prices

• 成果类型: Article
• 署名作者: Uhlig, Harald; Xie, Taojun
• 署名单位: University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Nanyang Technological University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20220220
• 发表日期: 2026
• 关键词: monetary-policy

摘要

The rise of digital currencies may result in domestic parallel currencies. Their exchange rate shocks present new challenges for monetary policy. We analyze these issues in a New Keynesian framework. Firms set prices in one of the currencies. A one-time appreciation of a parallel currency results in persistent redistributions toward the Dollar sector output and inflation. We calculate optimal monetary policy. When price stickiness is homogeneous, it is optimal to leave nominal interest rates unchanged. We compare optimal policy to three Taylor rules. Higher dollar price rigidity may lead to an increase rather than a decrease in the Dollar sector. (JEL E12, E23, E31, E42, E52, F33)