Previous work in monetary policy futures markets under a single policy goal have shown this approach to be effective at eliminating the circularity problem inherent with private-sector targeting strategies. We extend this monetary policy setting framework to a typical multiple goal policy objective: inflation and output stabilization. We also demonstrate how the prices in policy futures markets...

Designed to compete with fiat currencies, bitcoin proposes it is a crypto-currency alternative. Bitcoin makes a number of false claims, including: bitcoin can be a reserve currency for banking; hoarding equals saving; and that we should believe bitcoin can expand by deflation to become a global transactional currency supply. Bitcoin’s developers combine technical implementation proficiency with...

I develop an asset-pricing model in which financial assets are valued for their liquidity– the extent to which they are useful in facilitating exchange–as well as for being claims to streams of consumption goods. The implications for average asset returns, the equitypremium puzzle, and the risk-free rate puzzle, are explored both analytically and quantitatively in a version of the model that ne...

In this study, we investigate the semi-real quaternionic curves in the semi-Euclidean space E_4_2. Firstly, we introduce algebraic properties of semi-real quaternions. Then, we give some characterizations of semi-real quaternionic involute-evolute curves in the semi-Euclidean space E42 . Finally, we give an example illustrated with Mathematica Programme.

To investigate the effects of subminimum inhibitory concentrations of cephalosporins on bacterial biofilm formation, the biofilm production of 52 Escherichia (E.) coli strains was examined following treatment with cephalosporin compounds at 1/4 minimum inhibitory concentrations (MICs). Ceftazidime (CAZ) inhibited biofilm formation in seven isolates, while cefoperazone (CFP) enhanced biofilm for...

We analyze a simple strategic model of interaction between central bank and labor union. We assume that the intransparency of the central bank (labor union) induces Knightian uncertainty faced by the labor union (central bank). Knightian uncertainty means that decision makers are unable to make exact probability judgements. It is modelled by Choquet Expected Utility Theory and its recent applic...

This paper describes the chaotic monetary environment of medieval and early modern Europe. The poor quality of the coinage was a result both of problems with the supply of bullion and with deficiencies of monetary policy. The paper examines the supply and demand of bullion and the determinants of bullion flows. It then discusses the economics and politics of debasement. It concludes with a desc...

This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data spanning 1980–2000. The P model is shown to have considerable empirical support. Thus, the “price gap” or, equivalently, the “real money gap” (the gap between current real balances and long-run equilibrium real balances), has substantial predictive power for future inflation. The...

This paper develops a model of settlement system to study the endogenous structure of settlement networks, and the welfare consequences of clearing agent failure. The equilibrium degree of tiering is endogenously determined by the cost structure and the information structure. The degree of tiering is decreasing in the fixed cost of operating the second-tier network and the availability of publi...

and Headnote We put “runs” back in the bank runs literature. A unified bank, one that invests in both liquid and illiquid assets, can easily avoid runs but it still faces a small probability of non-run rationing of depositors. In a separated financial system, the bank only holds relatively liquid assets; it is subject to runs with small probability, but because of its overinvestment in the liqu...