关于数字货币

IF 0.5 Q4 ECONOMICS

ATLANTIC ECONOMIC JOURNAL Pub Date : 2024-03-26 DOI:10.1007/s11293-024-09792-1

Harald Uhlig

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引用次数: 0

摘要

我讨论了私人数字货币和央行发行的数字货币，总结了我之前的研究。我认为，比特币等私人数字货币的价格遵循随机漫步，或者更广泛地说，遵循风险调整的马丁格尔。对于中央银行的数字货币，我认为它们增强了中央银行面临的三难困境。在价格稳定、效率和货币信任这三个目标中，中央银行最多只能实现两个。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

On Digital Currencies

查看原文本刊更多论文

On Digital Currencies

I discuss private and central-bank-issued digital currencies, summarizing my prior research. I argue that prices of private digital currencies such as bitcoin follow random walks or, more generally, risk-adjusted martingales. For central bank digital currencies, I argue that they enhance the trilemma facing a central bank. Of the three objectives, price stability, efficiency, and monetary trust, the central bak can achieve at most two.

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来源期刊

ATLANTIC ECONOMIC JOURNAL ECONOMICS-

CiteScore

1.30

自引率

16.70%

发文量

期刊介绍： The Atlantic Economic Journal (AEJ) has an international reputation for excellent articles in all interest areas, without regard to fields or methodological preferences. Founded in 1973 by the International Atlantic Economic Society, a need was identified for increased communication among scholars from different countries. For over 30 years, the AEJ has continuously sought articles that traced some of the most critical economic changes and developments to occur on the global level. The journal''s goal is to facilitate and synthesize economic research across nations to encourage cross-fertilization of ideas and scholarly research. Contributors include some of the world''s most respected economists and financial specialists, including Nobel laureates and leading government officials. AEJ welcomes both theoretical and empirical articles, as well as public policy papers. All manuscripts are submitted to a double-blind peer review process. In addition to formal publication of full-length articles, the AEJ provides an opportunity for less formal communication through its Anthology section. A small point may not be worthy of a full-length, formal paper but is important enough to warrant dissemination to other researchers. Research in progress may be of interest to other scholars in the field. A research approach ending in negative results needs to be shared to save others similar pitfalls. The Anthology section has been established to facilitate these forms of communication. Anthologies provide a means by which short manuscripts of less than 500 words can quickly appear in the AEJ. All submissions are formally reviewed by the Board of Editors. Officially cited as: Atl Econ J