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David Andolfatto

David Andolfatto

The views and opinions expressed by me in this blog are my own and should in no way be attributed to the Federal Reserve Bank of St. Louis, or to the Federal Reserve System.

Videos by David Andolfatto

David Andolfatto on Central Bank Digital Currencies (CBDC)

Paul Buitink talks to St. Louis Fed economist David Andolfatto about Central Bank Digital Currencies (CBDC). What are they, do we need them at all and can will they co-exist with crypto-currencies. A deep dive into design, pros and cons.

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The Spirit of St. Louis: A View from Inside the Fed (w/ Pedro da Costa and David Andolfatto)

David Andolfatto, economist and senior vice president at the Federal Reserve Bank of St. Louis, joins Pedro da Costa, senior reporter at Market News International, to give a peek behind the curtain into the Fed’s monetary policy at this unique market juncture. Andolfatto analyzes the most recent economic data and estimates that we are headed towards a “W-shaped” recovery. He then describes the remaining tools the Fed still has at its disposal. Da Costa and Andolfatto also analyze the pandemic as an accelerant of secular trends, such as working from home and rapid adoption of technology, as well of the lasting impacts of this acceleration. They also explore helicopter money, the commoditization of consumer loans, as well as the looming threat of inflation. Filmed on July 10, 2020.


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Interview with David Andolfatto, Economist at the Federal Reserve Bank of St. Louis

This interview includes many great topics

-Bitcoin, is it digital gold or will it be a currency
-Are the federal reserve banks teaching house members about crypto, bitcoin and other alt coins
-What are the economical benefits of Bitcoin and how will it impact in the future
-Does crypto and bitcoin threaten the centralization of central banks or will they coincide and work separately for different purposes
-How the Federal and Central banking works and why it won’t be jeopardized

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#266 David Andolfatto: The Impact of Central Bank Digital Currencies on the Banking Sector

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Since the rise of digital currencies and cryptocurrencies, central banks are considering the role these new forms of money may play in our evolving digital economy. One of the ideas studied is the notion of a central bank digital currency. While people and companies can hold central bank liabilities in the form of cash, only licensed banks have access to digital cash accounts with central banks.

We’re joined by David Andolfatto, VP of Research at the Federal Reserve Bank of St. Louis. David was previously on the podcast to discuss his

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Emmanuel Farhi, The Safety Trap

The Federal Reserve Bank of St. Louis hosted its 40th Annual Fall Conference on Oct. 15-16, 2015. David Andolfatto, a vice president and economist at the St. Louis Fed, sat down with each of the conference presenters and discussed their work in plain English.

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EB83 – David Andolfatto: Fedcoin And The Implications Of Cryptocurrencies Issued By Central Banks

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Many people think of Bitcoin as the ultimate contender against the power of central banks, most importantly the Federal Reserve System. But that is certainly not the only way that cryptocurrencies and the blockchain can be used and one particularly interesting idea is that central banks could issue their own cryptocurrencies.

To discuss how this could be done and what the consequences could be we were joined by David Andolfatto, a Vice President of Research at the Federal Reserve Bank of St. Louis and a professor of Economics at Simon Fraser University.

Topics covered included:
– What makes good money? How does Bitcoin fare in comparison?
– What is Fedcoin and how could it work?
– Why the

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David Andolfatto archaeologist, UNESCO consultant

French archaeologist and art historian, David Andolfatto, is a UNESCO consultant assessing the Swayambhu site after the 25 April earthquake. He explains how the population can protect damaged monuments before the monsoon.
Video by Stéphane Huët
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FEDCOIN "On the desirablity of a goverment cryptocurrency" David Andolfatto P2P Finacial Systems Ffm

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Recorded Live at P2P Financial Systems 2015 Bundesbank Frankfurt am Main Germany 29. Jan 2015
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Cryptocurrencies: Bitcoin & Beyond

Cryptocurrencies: Bitcoin & Beyond was a free public lecture and dialogue with David Andolfatto, Professor of Economics, Simon Fraser University; Vice President, Research Division, Federal Reserve Bank of St. Louis. Charlie Smith, editor of the Georgia Straight moderated the evening.

Professor Andolfatto discussed money, payments, and monetary policy in a world with cryptocurrencies. Following the lecture, Andolfatto was joined by cryptocurrency commentators Stephen Hui and Michael Yeung for a moderated discussion.

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Cryptocurrencies: Bitcoin and Beyond

Simon Fraser University Economics Professor David Andolfatto discusses Bitcoin & beyond at the latest SFU Vancouver Speaker Series on July 7, 2014. Andolfatto was joined by panelists Stephen Hui of The Georgia Straight and Michael Yeung of Simon Fraser Bitcoin Club, with moderator Charlie Straight at the Segal Graduate School of Business at SFU.

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Michael Woodford, 2013 Fall Policy Conference

The Federal Reserve Bank of St. Louis hosted its 38th Annual Fall Conference on Oct. 10-11, 2013. David Andolfatto, a vice president in the Research division, sat down with Michael Woodford and discussed his work in plain English.

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Markus Brunnermeier, The I Theory of Money

The Federal Reserve Bank of St. Louis hosted its 38th Annual Fall Conference on Oct. 10-11, 2013. David Andolfatto, a vice president in the Research division, sat down with Markus Brunnermeier, and discussed his work in plain English.

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David Andolfatto, Bitcoin and Beyond, Conclusion

St. Louis Fed Economist David Andolfatto provides a look at the evolution of money and the long tradition of new currencies competing with old ones. Here, he also discusses the bitcoin competitors. One of the benefits of these new, virtual currencies is their ability (and desire) to be global. Perhaps, he says, the most important aspect of this technology revolution is the threat of entry into the money and payments system. This will force traditional institutions—including central banks—to either adapt or die. So how will this new wave affect central banks? Well-run central banks, Andolfatto argues, should welcome the emerging competition. There is room, he says, for beneficial coexistence—perhaps, establishing a blend of price-level stability and low-cost payments.

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David Andolfatto, Legal and Illegal Trading of Bitcoin

Does bitcoin facilitate illegal trading? Sure, St. Louis Fed Economist David Andolfatto says, but so does the U.S. dollar, gold, etc. Bitcoin transactions travel wallet to wallet, where the wallet identities are disguised. In this sense, using bitcoins is like using U.S. cash in facilitating illegal trades. On the other hand, he points out, wallet histories are publically available (unlike U.S. cash transaction histories). He also notes that bitcoins support a great deal of legal trading.

Can bitcoin be regulated? Some countries have issued an outright ban on the use of bitcoin and other virtual currencies. Can bitcoins be taxed? In the U.S., the IRS has recently ruled that, for tax purposes, bitcoins will be treated as property and not as currency. For example, when you buy then sell

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David Andolfatto, How Big Is Bitcoin, and Is It Stable?

St. Louis Fed Economist David Andolfatto briefly explains some of the benefits and drawbacks to virtual currency. So, how big is the bitcoin realm? Currently, there are about $7 billion bitcoins in circulation worldwide, compared to about $1.2 trillion in U.S. dollars. About 40 transactions happen per minute, compared to about 200,000 Visa transactions per minute. However, the average bitcoin transaction size is about $2,000, compared to about $80 in the average Visa transaction. While it’s relatively small now, there is potential for growth.

Andolfatto then discusses the trends concerning the price of bitcoin. Is bitcoin a bubble? He defines "bubble" as a liquidity premium; examined this way, bitcoin is a bubble. So is bitcoin a good investment? Perhaps, but the outlook depends on a

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David Andolfatto, How Does Bitcoin Work?

So, how is bitcoin different? First, it is a virtual currency with zero intrinsic value and no legal backing. Second, it has no central bank to manage the money supply—it is, in fact, devoid of any central authority.

How does bitcoin work? Andolfatto provides a basic look at the nuts and bolts of bitcoin. Next, he addresses the security concerns in regard to bitcoins, explaining that bitcoins are subject to theft and loss just like cash. What solutions are available to solve this problem? Andolfatto says establishing a relationship with a trusted intermediary—such as Coinbase—is essential and unavoidable. Another very important part of this process is the "blockchain." The blockchain, Andolfatto explains, is a transaction log for every bitcoin purchase since bitcoin was established in

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David Andolfatto, An Overview of Bitcoin

David Andolfatto, a vice president in the Research division at the Federal Reserve Bank of St. Louis, offers a brief overview of his presentation, which addresses these and other questions: What is bitcoin and what does it offer? How does it work? Who are its competitors? What’s the impact on central banks?

First, Andolfatto takes a look at how things work currently—analyzing how transactions typically take place. He then discusses common complaints that the public has about the existing payment system. These complaints lead the public to looking for alternative options—such as bitcoins and other virtual currencies.

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