Money Mining and Price Dynamics

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2021-09-28 DOI:10.1257/mac.20200034

Michael Choi, Guillaume Rocheteau

引用次数: 0

Abstract

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. (JEL E31, E42, E51, N13, N14, N23, N24)

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资金开采和价格动态

我们建立了一个随机匹配模型来研究根据一种耗时的采矿技术生产的私人货币的价格动态。对于我们的主要例子，存在一种独特的均衡，其中货币的价值随着时间的推移而增加并达到稳定状态。也存在一个连续的完美预见均衡，在这个均衡中，货币价格会随着时间的推移逐渐膨胀和破裂。最初，人们持有货币是出于投机的动机，但当它变得足够充裕时，它就具有了交易的作用。我们研究法定货币、商品货币和加密货币、内生可接受性，并采用实施和均衡方法。(凝胶e31, e42, e51, n13, n14, n23, n24)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.