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X-WR-CALDESC:Events for CREST
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TZID:Europe/Helsinki
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TZOFFSETFROM:+0200
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TZNAME:EEST
DTSTART:20190331T010000
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DTSTART:20191027T010000
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DTSTART;TZID=Europe/Helsinki:20190319T001500
DTEND;TZID=Europe/Helsinki:20190319T133000
DTSTAMP:20260817T094102
CREATED:20190318T114457Z
LAST-MODIFIED:20190318T114457Z
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SUMMARY:Linda Schilling & Harald Uhlig   (CREST & Chicago) - "Some Simple Bitcoin Economics"
DESCRIPTION:CREST Microeconomics Seminar :  \n\nTime: 12:15 pm – 1:30pm\nDate: 19th March 2019\nPlace: Room 3001.\nLinda Schilling & Harald Uhlig (Chicago)  – “Some Simple Bitcoin Economics” \nAbstract: \nIn an endowment economy\, we analyze coexistence and competition between traditional fiat money (Dollar) and cryptocurrency (Bitcoin). Agents can trade consumption goods in either currency or hold on to currency for speculative purposes. A central bank ensures a Dollar inflation target\, while Bitcoin mining is decentralized via proof-of-work. We analyze Bitcoin price evolution and interaction between the Bitcoin price and monetary policy which targets the Dollar. We obtain a fundamental pricing equation\, which in its simplest form implies that Bitcoin prices form a martingale. We derive conditions\, under which Bitcoin speculation cannot happen\, and the fundamental pricing equation must hold. We explicitly construct examples for equilibria\n \n\nOrganizers:\nRoxana Fernandez Machado (CREST)\, Marie Laure Allain (CREST)\, and Linda Schilling (CREST)\nSponsors:\nCREST\nLunch registration:\nfood provided\, no registration needed\n\n  \n
URL:https://crest.science/event/linda-schilling-harald-uhlig-crest-chicago-some-simple-bitcoin-economics/
LOCATION:3001
CATEGORIES:Microeconomics
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