# kaal:claim:3249860-013

**Claim.** Combining quasi-fiscal policy, increasing benefits attached to tokens, with monetary policy, increasing supply in circulation, may or may not have an effect on the market price of the tokens.

**Type.** failure  **Support.** asserted

**Holds when.**

- when benefit increases and supply increases are applied simultaneously

**Source quote.**

> The combined effect of quasi-fiscal policy (increasing benefits associated with the tokens) and monetary policy (increasing the token supply in circulation) may or may not have an effect on the market price of the respective tokens.

**From.** Wulf A. Kaal, *Crypto Economics - The Top 100 Token Models Compared* (2018), II.5 Fiscal Policy, page 10

**Cite as.** Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860

**Verify.** sha256 of source PDF `72b13f11002ba26206cd53e74c324b913d1830c642bfa024da6bac0d3af3a7b0` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Crypto%20Economics%20-%20The%20Top%20100%20Token%20Models%20Compared.pdf

**Failure mode.** indeterminate-combined-policy-effect  (family: valuation-and-pricing-failure)

**Topics.** tokenomics, economics

**Keywords.** fiscal-policy, monetary-policy, token-price, policy-uncertainty

**Related claims.**

- supersedes: https://wulfkaal.github.io/claims/3067615-011
- supersedes: https://wulfkaal.github.io/claims/3067615-012
- supersedes: https://wulfkaal.github.io/claims/3067615-009

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.