This study examines the time-series relation between Bitcoin and forward inflation expectation rates. Using a vector autoregressive process, we find that changes in Bitcoin Granger cause changes in the forward inflation rate. Furthermore, imposing an exogenous shock to Bitcoin’s price results in a persistent increase in the forward inflation rate. Our findings provide support for the notion that Bitcoin may be used as a hedge against inflation as changes in the price of Bitcoin tend to lead changes in the expected inflation.

中文翻译：

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通货膨胀与比特币：描述性时间序列分析

这项研究研究了比特币和远期通胀预期率之间的时间序列关系。使用向量自回归过程，我们发现比特币Granger的变化会导致远期通货膨胀率的变化。此外，对比特币价格施加外来冲击会导致远期通货膨胀率持续上升。我们的发现为以下观点提供了支持：由于比特币价格的变化趋向于导致预期通胀的变化，因此比特币可以用作对冲通胀的对冲。