Money Mining and Price Dynamics
نویسندگان
چکیده
We develop a random-matching model to study the price dynamics of monies produced privately according time-consuming mining technology. For our leading example, there exists unique equilibrium where value money increases over time and reaches steady state. There is also continuum perfect-foresight equilibria inflates bursts gradually time. Initially, held for speculative motive, but it acquires transactional role as becomes sufficiently abundant. fiat, commodity, crypto monies, endogenous acceptability, adopt implementation approaches. (JEL E31, E42, E51, N13, N14, N23, N24)
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ژورنال
عنوان ژورنال: American Economic Journal: Macroeconomics
سال: 2021
ISSN: ['1945-7707', '1945-7715']
DOI: https://doi.org/10.1257/mac.20200034