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- W2938766730 abstract "Can currency competition affect central banks' control of interest rates and prices? Yes, it can. In a two-currency world, the growth rate of the cryptocurrency sets an upper bound on the nominal interest rate and the attainable inflation rate, if the government currency is to retain its role as medium of exchange. In a world of multiple competing currencies issued by profit-maximizing agents, the nominal interest rate and inflation are both determined by structural factors, and thus not subject to manipulation, a result hailed by the proponents of currency competition. The article also proposes some fixes for the classical problem of indeterminacy of exchange rates." @default.
- W2938766730 created "2019-04-25" @default.
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- W2938766730 date "2019-04-01" @default.
- W2938766730 modified "2023-09-27" @default.
- W2938766730 title "Monetary Policy in a World of Cryptocurrencies" @default.
- W2938766730 hasPublicationYear "2019" @default.
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