When parallel applications are run in large-scale distributed environments, such as grids, peer-to-peer (P2P) systems, and clouds, the set of resources used can change dynamically as machines crash, reservations end, and new resources become available. It is vital for applications to respond to these changes. Therefore, it is necessary to keep track of the available resources—a problem which is...

This paper provides an analytically tractable general-equilibrium model of money demand with micro-foundations. The model is based on the incomplete-market model of Bewley (1980) where money serves as a store of value and provides liquidity to smooth consumption. The model is applied to study the e¤ects of monetary policies. It is shown that heterogeneous liquidity demand can lead to sluggish m...

This paper considers whether or not the Bitcoin stably stay in the market as a method of payment using a dual-currency money-search model. In the model, there are traditional money and Bitcoin. The two currencies are classi…ed by the storage cost and the probability that sellers accept particular money for payments. Agents are randomly matched for transactions. To consider substitution e¤ect be...

Inflation targeting has become an increasingly global framework, used by countries of many different types and in all the continents of the world. To assess its global contribution, this paper uses one of the broadest ever surveys of monetary policy frameworks to construct an overall picture from the individual jigsaw pieces of country frameworks. The jigsaw is made up of targets and other meas...