Our computers today, from sophisticated servers to small smartphones, operate based on the same computing model, which requires running a sequence of discrete instructions, specified as an algorithm. This sequential paradigm has not yet led fast algorithm for NP-complete problem despite numerous attempts over past half century. Unfortunately, even after introduction quantum mechanics world comp...

What explains the central role of dollar in world trade? Will US currency retain its dominant status future? This paper develops a quantitative general equilibrium framework with endogenous choice that can address these questions. Complementarities price setting and input-output linkages across firms generate complementarities making exporters coordinate on same invoicing. The is more likely to...

We build a business cycle model characterized by endogenous firms dynamics, where banks may prefer debt renegotiation, i.e. non-performing exposures, to outright borrowers default. find that renegotiations only do not have adverse effects in the event of financial crisis episodes, but large share is associated with sharp deterioration economic activity two cases. First, if there are congestion ...