====== Some Simple Bitcoin Economics ======

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===== 文献基本信息 =====

==== 标题 ====
Some Simple Bitcoin Economics

==== 作者 ====
  - Linda M. Schilling, Ecole Polytechnique CREST
  - Harald Uhlig, University of Chicago


==== 出版年份 ====
2019

==== 来源 ====
Journal Monetary Economics

==== 关键词 ====
Cryptocurrency, Bitcoin, Exchange rates, Currency competition

==== 摘要 ====
In a novel model of an endowment economy, we analyze coexistence and competition between traditional fiat money (Dollar) and another intrinsically worthless medium of exchange, not controlled by a central bank, such as Bitcoin. Agents can trade consumption goods in either currency or hold on to currency for speculative purposes. A central bank ensures a Dollar inflation target, while Bitcoin mining is decentralized via proof-of-work. We analyze Bitcoin price evolution and interaction between the Bitcoin price and monetary policy which targets the Dollar. We obtain a fundamental pricing equation, which in its simplest form implies that Bitcoin prices form a martingale. We derive conditions, under which Bitcoin speculation cannot happen, and the fundamental pricing equation must hold. We show that the block rewards are not a tax on Bitcoin holders: they are financed by Dollar taxes imposed by the Dollar central bank. We discuss monetary policy implications and characterize the range of equilibria.

==== 引用方式 ====
Schilling, Linda, and Harald Uhlig. "Some simple bitcoin economics." Journal of Monetary Economics (2019).

==== 链接 ====
https://www.sciencedirect.com/science/article/pii/S0304393219301199

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==== 文献简介 ====

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==== 文献评价 ====


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=== 创新性 ===
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=== 严谨性 ===
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