경영경제 분야 세미나를 아래와 같이 개최하오니, 관심 있는 분들의 많은 참석 부탁 드립니다.

1. 일시: 2019년 02월 26일 (화), 17:00~18:20
2. 장소: 9호관 6층, 9601호 강의실
3. 강사: 강기윤 교수 (연세대학교)
4. 주제: Money, Cryptocurrency, and Monetary Policy
5. 연구분야: 경영경제

(Abstract)
We develop a search theoretic model where both money and Bitcoin can be used as a medium of exchanges, and currency choices are endogenously determined. Quantitative analysis shows that Bitcoin can meaningfully compete with money only when the inflation rate is sufficiently high, and that welfare in an economy with both money and Bitcoin is lower than that in a money-only economy due to the inefficient mining process of Bitcoins. The welfare gap between the two economies expands as the inflation rate increases. An increase in transaction fees for Bitcoins can increase welfare by reducing inefficient Bitcoin transactions.