Most models derive current cryptocurrency prices over rational expectations of future ones. We complement this perspective with a backward-looking view accounting for herding and momentum trading observed in cryptocurrency markets. Our approach merges an asset-flow approach modeling rational and...

A cryptocurrency system can be understood as a system intended for the issuance of tokens which are intended to be used as a general or limited-purpose medium-of-exchange, and which are accounted for using an often collectively-maintained digital ledger making use of cryptography to replace...

A cryptocurrency system can be understood as a system intended for the issuance of tokens which are intended to be used as a general or limited-purpose medium-of-exchange, and which are accounted for using an often collectively-maintained digital ledger making use of cryptography to replace...

We provide a comprehensive, academic definition of the term "cryptocurrency". A cryptocurrency system can be understood as a system intended for the issuance of tokens which are intended to be used as a general or limited-purpose medium-of-exchange, and which are accounted for using an often...

This study applies the Caginalp & Balenovic (1999) model for asset flow dynamics to fully collateralized stablecoins. The analysis provides novel insights on how trend-reversion and reactions to peg deviations work together to keep stablecoin prices close to the price they are targeting. A...

Velocity of money is central to the quantity theory of money, which relates it to the general price level. While the theory motivated countless empirical studies to include velocity as price determinant, few find a significant relationship in the short or medium run. Since the velocity of money...

The price volatility of cryptocurrencies is often cited as a major hindrance to their wide-scale adoption. Consequently, during the last two years, multiple so called stablecoins have surfaced---cryptocurrencies focused on maintaining stable exchange rates. In this paper, we systematically...

German Abstract: Die Kluft zwischen Regierten und Regierung scheint sich auszudehnen. Trotz Internet und sozialen Netzwerken fühlen Bürgerinnen und Bürger abgehängt, von der Politik entfremdet. Europäisierung und Globalisierung tun das Ihrige dazu, dass die Menschen das Gefühl bekommen, in...