PER Distinguished Lecture: Harald Uhlig

Professor Harald Uhlig will consider the possibility of a future world where a privately issued currency such as bitcoin is used as a perfect substitute for goods purchases alongside an official currency such as the U.S. dollar, issued by a central bank who seeks to achieve a particular dollar inflation target. This framework will be used to derive implications for pricing, extending classic results by Kareken-Wallace, conditions that imply absence of speculation and consequences for dollar monetary policy.

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