This paper looks at the implications for monetary policy of the widespread adoption of artificial intelligence and machine learning, which is sometimes called the "fourth industrial revolution". The paper reviews experiences from the previous three industrial revolutions, developing a template...

We use consumer surveys conducted in April, July and November 2020 to study how the COVID-19 pandemic affected the demand for cash and the use of various methods of payment. Continuing from Chen et al. (2020, 2021), we use data from the Bank Note Distribution System (BNDS) to track how the...

Default risk models have been widely employed to assess the ability of households and sovereigns to insure themselves against shocks. Grid search has often been used to solve these models because the complexity of the problem prevents the use of faster but less general methods. In this paper, we...

We conduct a follow-up to Chen et al. (2020) and study demand for and use of cash after the containment measures imposed at the beginning of the COVID-19 pandemic were relaxed during the summer of 2020. We find that bank notes in circulation continued to rise in July due to ongoing cash...

Internet searches statistics is a tool that is becoming more important in social science research. We propose to use the Internet search statistics, obtained through Google Insights, as an indicator of confidence or risk aversion of investors. Using this information we developed a Risk Aversion...

This paper proposes a method for estimating the joint distribution of two or more variables when only their marginal distributions and the distribution of their aggregates are observed. Nonparametric identification is achieved by modelling dependence using a latent commonfactor structure....

We investigate experimentally whether the extent of conditional cooperation in public good games depends on the marginal per capita return (MPCR) to the public good and type of game. The MPCR is varied from 0.2 to 0.4 to 0.8. The ‘standard’ game, in which three players contribute before a...

In the microsimulation literature, it is still uncommon to test the statistical significance of results. In this note we argue that this situation is both undesirable and unnecessary. Provided the parameters used in the microsimulation are exogenous, as is often the case in static...

Las estadísticas de búsquedas en internet constituyen una herramienta que cada vez tiene más peso en la investigación de las ciencias sociales. En este artículo proponemos utilizar las estadísticas de búsquedas en internet, obtenidas a través de la herramienta Google Insights, como...

We estimate capacity output and cycles relative to it in India’s non-agricultural sector from 1951 to 2008, defining capacity as the level of output beyond which demand leads to a rise in prices. We postulate a delayed response of the price level of non-agricultural goods and services after...