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Decentralised monetary policy by Yulin Liu
This document summarizes a lecture on decentralized monetary policy given by Prof. Dr. Yulin Liu. It begins with an overview of traditional monetary policy approaches, including conventional tools like interest rates and unconventional tools used during the financial crisis like quantitative easing. It notes challenges like rising inequality and the loss of central bank independence with unconventional policies. The second half introduces decentralized monetary policy concepts using blockchain and cryptocurrencies, including decentralized finance applications like stablecoins and lending protocols. It describes how protocols like Ampleforth implement an automatic, decentralized form of monetary policy through expanding or contracting the token supply to target a price level.
