中文摘要
货币竞争会影响中央银行对利率和价格的控制吗? 答案是肯定的。在一个存在相互竞争现金 (实物或数字) 的双货币世界中, 若政府货币要保持其交易媒介职能, 加密货币的增长率就为名义利率和可实现的通货膨胀率设定了上限。无论如何, 政府对通货膨胀率拥有完全的控制权。若引入计息的数字货币, 政府货币丧失交易媒介属性的均衡将被排除。这一收益的代价是放弃对通货膨胀率的控制。
Abstract
Abstract Can currency competition affect central banks’ control of interest rates and prices? Yes, it can. In a two-currency world with competing cash (material or digital), the growth rate of the cryptocurrency sets an upper bound on the nominal interest rate and the attainable inflation rate, if the government currency is to retain its role as medium of exchange. In any case, the government has full control of the inflation rate. With an interest-bearing digital currency, equilibria in which government currency loses medium-of-exchange property are ruled out. This benefit comes at the cost of relinquishing control over the inflation rate.