# kaal:claim:3396522-002

**Claim.** Monetary policy making for fiat currencies largely lacks transparency, and that opacity prevents markets from taking anticipatory action on policy indicators.

**Type.** failure  **Support.** argued

**Source quote.**

> Lastly, monetary policy making for fiat currencies is largely lacking transparency. The lacking transparency of monetary policy making does not allow for anticipatory market action based on policy indicators.

**From.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, *Stable Cryptocurrencies* (2019), II. Fiat Currencies, 1. Arbitrary Policy Outcomes, page 6

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies (2019). SSRN: https://ssrn.com/abstract=3396522

**Verify.** sha256 of source PDF `ef5031b16aa53476ed618f0bdf92601cd4affb893692c701134bd9cba3ea8acf` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20et%20al.%20-%202019%20-%20Stable%20Cryptocurrencies.pdf

**Failure mode.** policy-opacity-blocks-anticipation  (family: information-asymmetry)

**Topics.** tokenomics, disclosure, economics

**Keywords.** monetary-policy, transparency, market-anticipation, fiat-currency

**Superseded by.** A later claim revises this one. Prefer quoting: https://wulfkaal.github.io/claims/3402701-035

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