Purpose - The development of blockchain and cryptocurrency may alleviate the economic strain associated with recession. Economic recessions tend to be aggregate-demand driven, meaning that they are caused by fluctuations in the supply of or demand for money. Holding monetary policy as solution assumes that stability must arise from outside of the economic system. Under a policy regime that allows innovations in blockchain to develop, blockchain technology may promote a money supply that is responsive to changes in demand to hold money. The purpose of this paper is to suggest that cryptocurrencies present an opportunity to profitably implement rules that promote macroeconomic stability. In particular, cryptocurrency that is asset-backed may provide a means for cheaply attaining liquidity during a crisis. Design/methodology/approach - The role of cryptocurrency in promoting macroeconomic equilibrium is approached through the lens of monetary theory. Moves away from macroeconomic equilibrium necessitate either a change in the average price of money or a change in the quantity of money, or a change in portfolio demand for money. Cryptocurrency promotes an increase, however this requires the alignment of policy regulating the use of cryptocurrency, reduction in taxes placed on the use of cryptocurrency and cryptocurrency protocol. Findings - Cryptocurrency is unlikely to become legal tender, but it may alleviate macroeconomic fluctuations as a near money that provides liquidity and whose supply is sensitive to changes in demand to hold money and money-like substitutes. This role might be inhibited if policy stifles the development of cryptocurrencies and blockchain technology. Research limitations/implications - New financial innovations like cryptocurrencies can be analyzed applying the equation of exchange in light of the mechanics of money creation under conditions of disequilibrium. Monetary disequilibrium may be promoted by policy that causes bottlenecks in financial markets. Originality/value - Theory of monetary disequilibrium has broad implications for the development and regulation of financial markets. This theory has not been applied to the development of cryptocurrency markets.

中文翻译：

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加密货币流动性：区块链和货币稳定性

目的-区块链和加密货币的发展可能缓解与衰退相关的经济压力。经济衰退往往是由需求总量驱动的，这意味着它们是由货币供应或需求波动引起的。持有货币政策作为解决方案的前提是，稳定性必须来自经济体系之外。在允许发展区块链创新的政策体制下，区块链技术可以促进货币供应，以响应持有货币需求的变化。本文的目的是建议加密货币提供机会以有利可图的方式实施促进宏观经济稳定的规则。特别是，由资产支持的加密货币可以提供在危机期间廉价获得流动性的手段。设计/方法/方法-通过货币理论来探讨加密货币在促进宏观经济均衡中的作用。要摆脱宏观经济均衡，就必须改变平均货币价格或改变货币数量，或者改变投资组合对货币的需求。加密货币促进了加密货币的增长，但是这要求调整加密货币使用的政策保持一致，减少使用加密货币和加密货币协议的税收。调查结果-加密货币不太可能成为法定货币，但它可以缓解宏观经济波动，因为近乎货币的货币提供流动性，其供应对持有货币和类似货币的替代品的需求变化敏感。如果政策扼杀了加密货币和区块链技术的发展，则该角色可能会被抑制。研究的局限性/意义-可以根据不平衡条件下的货币创造机制，应用交换方程式对诸如加密货币之类的新金融创新进行分析。导致金融市场瓶颈的政策可能会促进货币不平衡。原创性/价值-货币不平衡理论对金融市场的发展和监管具有广泛的意义。该理论尚未应用于加密货币市场的发展。研究的局限性/意义-可以根据不平衡条件下的货币创造机制，应用交换方程式对诸如加密货币之类的新金融创新进行分析。导致金融市场瓶颈的政策可能会促进货币不平衡。原创性/价值-货币不平衡理论对金融市场的发展和监管具有广泛的意义。该理论尚未应用于加密货币市场的发展。研究的局限性/意义-可以根据不平衡条件下的货币创造机制，应用交换方程式对诸如加密货币之类的新金融创新进行分析。导致金融市场瓶颈的政策可能会促进货币不平衡。原创性/价值-货币不平衡理论对金融市场的发展和监管具有广泛的意义。该理论尚未应用于加密货币市场的发展。