I develop a novel link between frictions in international financial markets and fiscal procyclicality. Complementing existing evidence, A decomposition of government expenditure into social spending and public good spending reveals that the cyclical correlation of social spending exhibits the biggest differences across countries. I build a small open economy model with income inequality, endoge...

This study focuses on the employment effects of military spending versus alternative domestic spending priorities. The authors begin by introducing the basic input-output modeling technique for considering issues such as these in a systematic way. They then present some simple alternative spending scenarios-namely, devoting $1 billion to the military versus the same amount of money spent for fi...

The basic idea is to excise the bitcoin money generation formula, and otherwise apply bitcoin essentially “as is” over digital coins which are redeemable by the mint that minted them. This will preserve the bitcoin assured anonymity. The new bitcoin.BitMint solution will benefit from bitcoin’s double-spending prevention, and would otherwise enjoy all the benefits associated with money in a digi...

Security: Forging paper currency is difficult. Unfortunately, electronic currency is just data and is easily copied. Copying or double spending of electronic currency should be prevented or detected. Ideally the illegal creation, copying, and reuse of electronic cash should be unconditionally or computationally impossible. Some systems rely instead on post-fact detection and punishment of doubl...