One supposed problem with Bitcoin taking over the world, critics say, is that lack of a central bank precludes countercyclical monetary policy. When aggregate demand grows more slowly than expected, you want the central bank to increase the money supply in order to induce people to spend. The argument is fair enough as far as it goes, but it is undercut somewhat by the
Bitcoin and endogenous nominal rigidities
Bitcoin and endogenous nominal rigidities
Bitcoin and endogenous nominal rigidities
One supposed problem with Bitcoin taking over the world, critics say, is that lack of a central bank precludes countercyclical monetary policy. When aggregate demand grows more slowly than expected, you want the central bank to increase the money supply in order to induce people to spend. The argument is fair enough as far as it goes, but it is undercut somewhat by the