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around quantum computing and quantum money. We proceed in three steps. First, we discuss basic concepts in quantum computing …-cloning theorem. Second, we provide an overview of quantum money, an early invention of the quantum communication literature that has … recently been partially implemented in an experimental setting. One form of quantum money offers the privacy and anonymity of …
Persistent link: https://www.econbiz.de/10012497750
A central proposition in research on the role that banks play in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits, insofar as they constitute the supply of loanable funds, act as the driving force of bank lending. This paper argues that the...
Persistent link: https://www.econbiz.de/10005871023
Despite constituting the very heart of the monetary transmission mechanism, widespreadmisconceptions still exist regarding how monetary policy is implemented. This paperhighlights the key misconceptions in this regard and shows how they have compromised theunderstanding of important aspects of...
Persistent link: https://www.econbiz.de/10009248817
Building on Lea and Webley’s drug theory of money, the paper connects different theoretical resources to develop a … Darwinian theory of money. The central empirical observation is the neuroeconomic result of the independent role of money as a … reinforcer, which matches with a series of other insights into strong emotional impact of money use. Lea and Webley proposed that …
Persistent link: https://www.econbiz.de/10003884092
Persistent link: https://www.econbiz.de/10008728882
population-level interactions. I apply this framework on the case of money, analyzing the emotions that go along with the use of … money, and presenting a stylized account of the emergence of money in terms of the naturalized Searle-Aoki model. In this … view, money is a neuronally anchored metaphor for emotions relating with social exchange and reciprocity. Money as a meme …
Persistent link: https://www.econbiz.de/10009382374
We construct a monetary economy in which agents face aggregate demand shocks and heterogeneous idiosyncratic preference shocks. We show that, even when the Friedman rule is the best interest rate policy the central bank can implement, not all agents are satiated at the zero lower bound and...
Persistent link: https://www.econbiz.de/10011338171
Prior to the financial crisis mainstream monetary policy practice had become disconnected from money. We outline the … basic rationale for this development using a simple model of money and credit in which we explore the conditions under which … money matters directly for the conduct of policy. Then, drawing on Goodfriend and McCallum's (2007) DSGE model, we examine …
Persistent link: https://www.econbiz.de/10009744620
This article purports to trace the origin of money on the basis of factors in interpersonal relationships, affecting a … process toward the creation of money started, without any intrinsic value and the presence of any superior authority. In the … paper it is also hypothesized that the creation of money is one of the basic factors in the progress of economic and social …
Persistent link: https://www.econbiz.de/10010238314
This article addresses some of the recent proposals for the conduct of monetary policies in the post-bubble environment. Advocacy of higher inflation targets is analyzed, and the challenge of maintaining monetary discipline in the face of massive fiscal deficits and mounting government debts is...
Persistent link: https://www.econbiz.de/10013083284