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VERSION:2.0
PRODID:-//AMSE//Event Calendar//FR
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UID:event-12070@www.amse-aixmarseille.fr
DTSTAMP:20260414T111024Z
CREATED:20260414T111024Z
LAST-MODIFIED:20260414T111024Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:amse seminar - Jean-Charles Rochet
DTSTART:20250331T093000Z
DTEND:20250331T104500Z
DESCRIPTION:We analyze a simple continuous-time\, general equilibrium model
 \, in which agents can invest their wealth in a production technology expos
 ed to shocks and in fiat money issued by the government. The government rel
 ies on seigneurage and wealth taxation to fund public spending. If the gove
 rnment is non benevolent\, in order to extract rents from agents it runs an
  expansionary monetary policy\, which can lead to hyperinflation. When agen
 ts can also invest in a cryptocurrency\, they can use it to buffer producti
 vity shocks while avoiding public currency hyperinflation. This puts a cap 
 on how much the government can inflate and extract rents. Thus\, agents’ 
 welfare is larger with cryptocurrency than without. We analyze a simple con
 tinuous-time\, general equilibrium model\, in which agents can invest their
  wealth in a production technology exposed to shocks and in fiat money issu
 ed by the government. The government relies on seigneuriage and wealth taxa
 tion to fund public spending. If the government is non benevolent\, in orde
 r to extract rents from agents it runs an expansionary monetary policy\, wh
 ich can lead to hyperinflation. When agents can also invest in a cryptocurr
 ency\, they can use it to buffer productivity shocks while avoiding public 
 currency hyperinflation. This puts a cap on how much the government can inf
 late and extract rents. Thus\, agents’ welfare is larger with cryptocurre
 ncy than without.\\n\\nContact: Nicolas Clootens: nicolas.clootens[at]univ-
 amu.frRomain Ferrali: romain.ferrali[at]univ-amu.fr\n\nPlus d'informations:
  https://www.amse-aixmarseille.fr/en/events/jean-charles-rochet-2
LOCATION:Îlot Bernard du Bois - Amphithéâtre\, AMU - AMSE\, 5-9 boulevar
 d Maurice Bourdet\, 13001 Marseille
URL;VALUE=URI:https://www.amse-aixmarseille.fr/en/events/jean-charles-rochet-2
CONTACT:Nicolas Clootens: nicolas.clootens[at]univ-amu.frRomain Ferrali: ro
 main.ferrali[at]univ-amu.fr
TRANSP:OPAQUE
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