Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/235590
Authors: 
Burda, Michael C.
Year of Publication: 
2021
Series/Report no.: 
IRTG 1792 Discussion Paper No. 2021-011
Abstract: 
This paper surveys the capacity of simple macroeconomic models - 'three easy pieces' - to account for persistent and positive valuations of privately issued assets based on the blockchain. Each of these three models - transactions demand for a means of payment, consumption-based capital asset pricing, and search and matching - highlights important aspects of digital payments. The mutual interference of these jointly produced features may impede widespread use of cryptocurrencies until technological innovations have been developed to separate them.
JEL: 
C00
Document Type: 
Working Paper

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