Vis enkel innførsel

dc.contributor.authorAsimakopoulos, Stylianos
dc.contributor.authorLorusso, Marco
dc.contributor.authorRavazzolo, Francesco
dc.date.accessioned2024-04-18T09:14:08Z
dc.date.available2024-04-18T09:14:08Z
dc.date.created2023-10-22T14:22:42Z
dc.date.issued2023
dc.identifier.citationReview of economic dynamics. 2023, .en_US
dc.identifier.issn1094-2025
dc.identifier.urihttps://hdl.handle.net/11250/3127180
dc.description.abstractWe develop and estimate a DSGE model to evaluate the economic repercussions of cryptocurrency. In our model, cryptocurrency offers an alternative currency option to government currency, with endogenous supply and demand. We uncover a substitution effect between the real balances of government currency and cryptocurrency in response to technology, preferences and monetary policy shocks. We find that an increase in cryptocurrency productivity induces a rise in the relative price of government currency with respect to cryptocurrency. Since cryptocurrency and government currency are highly substitutable, the demand for the former increases whereas it drops for the latter. Our historical decomposition analysis shows that fluctuations in the cryptocurrency price are mainly driven by shocks in cryptocurrency demand, whereas changes in the real balances for government currency are mainly attributed to government currency and cryptocurrency demand shocks.en_US
dc.language.isoengen_US
dc.publisherElsevieren_US
dc.rightsNavngivelse 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/deed.no*
dc.titleA Bayesian DSGE approach to modelling cryptocurrencyen_US
dc.title.alternativeA Bayesian DSGE approach to modelling cryptocurrencyen_US
dc.typeJournal articleen_US
dc.typePeer revieweden_US
dc.description.versionpublishedVersionen_US
dc.source.pagenumber1012-1035en_US
dc.source.volume51en_US
dc.source.journalReview of economic dynamicsen_US
dc.identifier.doi10.1016/j.red.2023.09.006
dc.identifier.cristin2187363
cristin.ispublishedtrue
cristin.fulltextpreprint
cristin.qualitycode2


Tilhørende fil(er)

Thumbnail

Denne innførselen finnes i følgende samling(er)

Vis enkel innførsel

Navngivelse 4.0 Internasjonal
Med mindre annet er angitt, så er denne innførselen lisensiert som Navngivelse 4.0 Internasjonal