Tokenomics: Optimal monetary and fee policies

IF 4.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2025-10-01 Epub Date: 2025-07-31 DOI:10.1016/j.jmoneco.2025.103808

Urban Jermann , Haotian Xiang

引用次数: 0

Abstract

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.

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代币经济学：最优货币和收费政策

我们基于大量代币样本来记录加密货币政策的属性。我们提出了一个动态模型来确定发行人的最佳发行和收费政策。承诺未来较低的货币增长和费用会增加利润，而承诺的程度对均衡的存在至关重要。在初始期之后，利润最大化的拉姆齐发行人做出的选择是使所有代币的效用价值最大化。我们提出了一个具有概率承诺的模型，以封闭形式求解稳态，并表明经验相关的长期货币增长率与非常高的承诺水平一致。

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

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.