====== Cryptocurrencies, Currency Competition, and the Impossible Trinity ======

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===== 文献基本信息 =====

==== 标题 ====
Cryptocurrencies, Currency Competition, and the Impossible Trinity

==== 作者 ====
  - Pierpaolo Benigno, LUISS Guido Carli
  - Linda M. Schilling, Ecole Polytechnique CREST
  - Harald Uhlig, University of Chicago


==== 出版年份 ====
2019

==== 来源 ====
NBER Workingpaper Series

==== 关键词 ====
Asset Pricing, International Finance and Macroeconomics, Monetary Economics

==== 摘要 ====
We analyze a two-country economy with complete markets, featuring two national currencies as well as a global (crypto)currency. If the global currency is used in both countries, the national nominal interest rates must be equal and the exchange rate between the national currencies is a risk- adjusted martingale. We call this result Crypto-Enforced Monetary Policy Synchronization (CEMPS). Deviating from interest equality risks approaching the zero lower bound or the abandonment of the national currency. If the global currency is backed by interest-bearing assets, additional and tight restrictions on monetary policy arise. Thus, the classic Impossible Trinity becomes even less reconcilable.

==== 引用方式 ====
Benigno, Pierpaolo, Linda M. Schilling, and Harald Uhlig. Cryptocurrencies, Currency Competition, and the Impossible Trinity. No. w26214. National Bureau of Economic Research, 2019.

==== 链接 ====
https://www.nber.org/papers/w26214

===== 评阅意见 =====

==== 文献简介 ====

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==== 文献评价 ====


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=== 创新性 ===
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=== 相关性 ===
研究问题、发现

=== 严谨性 ===
适当的方法、分析的正确性等
==== 需改改进之处 ====

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