The essay starts positioning Simmel as a bridge between the money value theories of Menger and Mises, claiming that his contribution is important in its own right; notably, idea evolves towards more abstract forms society becomes complex. It states this trend exists course has not yet been completed. After that, Menger, Mises are succinctly described, with emphasis on contributions to Mises’ th...

In many countries, the monetary policy instrument remains unchanged for a long period and shows infrequent responses to exogenous shocks. The purpose of this paper is to provide a new explanation on why the central bank’s policy instrument remains so unchanged. In the following analysis, we explore how Knightian uncertainty affects optimal monetary policy. We apply the Choquet expected decision...

REFERENCES 1. Maher CA, Lewis LK, Ferrar K, et al. Are health behavior change interventions that use online social networks effective? A systematic review. J Med Internet Res. 2014;6:e40. 2. Guy GP Jr, Berkowitz Z, Watson M, Holman DM, Richardson LC. Indoor tanning among young non-Hispanic white females. JAMA Intern Med. 2013;173:1920-1922. 3. Lazovich D, Stryker JE, Mayer JA, et al. Measuring ...

In many countries, the monetary policy instrument sometimes remains unchanged for a long period and shows infrequent responses to exogenous shocks. The purpose of this paper is to provide a new explanation on why the central bank’s policy instrument remains unchanged. In the following analysis, we explore how uncertainty on the private agents’ expectations affects robust optimal monetary policy...

Union-wide Aggregates versus National Data Based Monetary Policies: Does it Matter for the Eurosystem?* The effectiveness of alternative loss functions assigned to the common central bank of a monetary union is studied. The alternative policy objectives are a function of the degree of aggregation of decision variables. We consider, respectively, the policy based on the union-wide aggregates and...

Kiyotaki and Wright (1989) developed a simple dynamic model of an exchange economy in which one or more commodities are used as media of exchange. In this paper, we report ndings from an experiment that implements the Kiyotaki{Wright model. We consider whether the equilibrium predictions of the Kiyotaki-Wright model are robust to the dynamics created by out{of{equilibrium play. In particular, w...

This paper studies random-matching economies where …at money coexists with a real asset, and no restrictions are imposed on payment arrangements. The real asset is partially illiquid due to informational asymmetries about its fundamental value. The extent to which the real asset is used as means of payment depends on the variance of its dividend as well as monetary policy. The e¤ects of in‡atio...

Physical currency (bills and coins) is being phased out as an important means of exchange both in developed and developing countries. Transactions are increasingly done by debit card, computer, and mobile phone. This technologically driven process opens up some very useful possibilities, among these new and – for society – beneficial roles for the Central Bank. The paper assumes a scenario wher...

Fast-paced IT advances have made it increasingly possible and useful for firms to collect data on their customers on an unprecedented scale. One downside of this is that firms can experience negative publicity and financial damage if their data is breached. Encrypting customer data is often presented as a potential solution, because encryption acts as a disincentive for potential malicious hack...

BACKGROUND Salivary ductal carcinoma and carcinoma ex pleomorphic adenoma (CEPA) are aggressive salivary gland cancers with poor prognosis. The standard of care is resection with or without radiotherapy, and there are no established systemic therapy options. METHODS We describe 1 patient with metastatic CEPA and 1 patient with metastatic recurrent salivary duct carcinoma whose tumors were eva...