Can the value of a cryptocurrency be uniquely determined by fundamentals, such as rule for money growth implicit in design protocol? To answer this question, we construct recursive asset-pricing model single fiat cryptocurrency, similar to actual Bitcoin. We think our an ideal laboratory, which equilibria correspond solutions that can generate data. Our approach stresses role function object ra...

Just as engineers learnt to harness the power of electrons in transistors and microchips—which revolutionized modern society—physicists and biologists are now learning how to tame photons. Their work is generating exciting new possibilities for optical microscopy, with a resolution and level of detail hitherto undreamt of. Biophotonics is a new and exciting research field that is already delive...

This paper investigates the interplay between monetary aggregates and the dynamics and variability of output and prices by considering both the money supplied by commercial banks as credit to firms and the fiat money created by the central bank through the quantitative easing monetary policy. The authors address this problem by means of an agentbased model and simulator, called Eurace, which is...

Monetary policy is superneutral in an overlapping generations model. Previous authors have argued that superneutrality does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and are overturned if money creation through open market operations is taken into account. This result suggests that a more realistic representation of monetar...

The issue of digitalized forms payment systems has required adjustment from a State to accomodate and respond. One the issues is concerning use virtual currencies, Central Bank Digital Currency. It requires accomodative responsive law instruments in Indonesia arrange that issue. systems’ policy not placed any crypto/digital currency as one methods. Currency digital form fiat money. Through Regu...

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Research background: Bitcoin is defined as digital money in a peer-to-peer decentralized payment network, an amalgam hybrid between fiat and commodity currency without real value. This also independent of any government or administration. Purpose the article: article explores whether bitcoin works medium exchange relates to assets, focusing on its current use future utility regarding characteri...

It is generally stated that the fractional-reserve banking system (FRBS) consistent with sustainable economic growth and development. While it assumes depositors will not be a joint demand who claim all their money simultaneously, supposes monetary aggregate greater than base harm performance. However, FRBS’s call to central banks casts doubt on sustainability argument its ethical support. This...