Suggested citation: "How Can Inflation be Considered Low When Food and Gas Prices Are So High?,” Federal Reserve Bank of Cleveland, Annual Report 2010: Price Stability: Why We Seek It and How Best to Achieve It, 12.31.2010.
A falling unemployment rate, the addition of more than 13,000 jobs, and an increase in per capita GDP are three encouraging factors for this metro area’s economy.
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With the introduction of bitcoin, the world got not just a new currency, it also got evidence that a decentralized control structure could work in practice for institutional governance. This Commentary discusses the advantages and disadvantages of centralized and decentralized control structures by examining the features of the bitcoin payment system. We show that while the decentralized nature of the Bitcoin network "democratizes" payments, it is not obvious that the approach increases the equity or efficiency of markets or that the costs of the decentralized control structure won’t outweigh the benefits in the long run.
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