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We investigate monopolistic tendencies and the intensity of currency competition on the crypto market in the light of … Hayek’s "Denationalization of money". Interestingly, Hayek never considered differentiation and specialization by innovative … private currencies could lead lasting currency competition instead of network effects. We argue that competition between …
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Joseph A. Schumpeter is one of the most famous economists of the 20th century and the ’patron saint’ of the finance and growth literature. We have discovered that the prevailing literature has, however, misinterpreted Schumpeter, which leads to puzzling empirical results and difficulties in...
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correlation structure of shocks that hit the currency area. Additionally a high degree of integration in product markets is …
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Over the last decade a new consensus model has emerged in monetary macroeconomics, labelled New Keynesian macroeconomics (Clarida et al., 1999). It consists of three simple building blocs: a forward-looking IS-equation that is derived from the optimization problem of a representative household,...
Persistent link: https://www.econbiz.de/10010305736