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dc.contributor.authorAsimakopoulos, Stylianos
dc.contributor.authorLorusso, Marco
dc.contributor.authorRavazzolo, Francesco
dc.date.accessioned2019-10-23T15:48:44Z
dc.date.available2019-10-23T15:48:44Z
dc.date.issued2019-10-12
dc.identifier.issn1892-2198
dc.identifier.urihttp://hdl.handle.net/11250/2624020
dc.description.abstractThis paper develops a Dynamic Stochastic General Equilibrium (DSGE) model to evaluate the economic repercussions of cryptocurrency. We assume that cryptocurrency offers an alternative currency option to government currency for households and we have an endogenous supply and demand for cryptocurrency. We estimate our model with Bayesian techniques using monthly data for the period 2013:M6-2019:M3. Our results indicate a substitution effect between the real balances of government currency and cryptocurrency in response to technology, preferences and monetary policy shocks. In addition, real balances of cryptocurrency exhibit a countercyclical reaction to these shocks. Moreover, we find that government currency demand shocks have larger effects on the economy than shocks to cryptocurrency demand. Our results also show that cryptocurrency productivity shocks have negative effects on output and on the exchange rate between government currency and cryptocurrency, with a more pronounced negative reaction to output if the central bank increases its weight to government currency growth. Overall, our results provide novel insights on the underlying mechanisms of cryptocurrency and spillover effects to the economy.nb_NO
dc.publisherBI Norwegian Business Schoolnb_NO
dc.relation.ispartofseriesCAMP Working Paper Series;07/2019
dc.subjectDSGE Modelnb_NO
dc.subjectGovernment Currencynb_NO
dc.subjectCryptocurrencynb_NO
dc.subjectBayesian Estimationnb_NO
dc.titleA New Economic Framework: A DSGE Model with Cryptocurrencynb_NO
dc.typeWorking papernb_NO
dc.source.pagenumber82nb_NO


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