다가오는 경제학 세미나 관련하여 안내드립니다:
발표자: Yang K. Lu 교수, Hong Kong University of Science and Technology
날짜: 2025.12.10 (수)
시간: 05:00 PM - 06:30 PM
장소: SK미래관 311호
주제: Optimal Monetary Policy for Proof-of-Stake Ethereum with Varying Capacity Requirement
논문 내용은 하기 초록 확인 부탁드립니다:
We would like to inform you about the upcoming Economics seminar:
Speaker: Prof. Yang K. Lu, Hong Kong University of Science and Technology
Date: Wed., Dec. 10, 2025
Time: 05:00 PM - 06:30 PM
Venue: Room 311, SK Future Hall
Topic: Optimal Monetary Policy for Proof-of-Stake Ethereum with Varying Capacity Requirement
Homepage: https://yanglu.people.ust.hk
In regards to the details of the thesis, please find the abstract below:
Title:
Optimal Monetary Policy for Proof-of-Stake Ethereum with Varying Capacity Requirement
Abstract:
We extend Jermann's (2023) macro-finance model to analyze optimal monetary policy for Proof-of-Stake Ethereum. The protocol issues new ether linearly in aggregate stake and adjusts gas fees to target network usage. Agents derive utility from consumption, transaction services, liquidity, and endogenous security from staked ETH. We characterize the balanced-growth equilibrium and derive closed-form links between issuance, inflation, and stake share. The welfare-maximizing issuance trades off liquidity provision and security incentives, diverging from the classical Friedman rule. Our results clarify the fundamental tension between inflation, liquidity, and security in PoS blockchains.