We present a model with a complex and a real scalar fields and a potential whose symmetry is explicitly broken by Planck-scale physics. For exponentially small breaking, the model accounts for the period of inflation in the early universe and for the period of acceleration of the late universe or for the dark matter, depending on the smallness of the explicit breaking.

Over the past three years we have determined the basic features of the Universe – spatially flat; accelerating; comprised of 1/3 a new form of matter, 2/3 a new form of energy, with some ordinary matter and a dash of massive neutrinos; and apparently born from a burst of rapid expansion during which quantum noise was stretched to astrophysical size seeding cosmic structure. The New Cosmology gr...

Inflation is regarded as one of the most chronic problems in Pakistan and the recent surge of inflation (10.8) in consumer price index is a matter of serious concern in the economy [1]. Inflation imposes high cost on economies and societies; disproportionately hurts the poor and fixed income groups, creates uncertainty throughout the economy and undermines macroeconomic stability. It also resul...

This paper provides a theoretical framework for understanding how monetary policy can be used to control expectations of inflation. We study a simple production economy with a cash-in-advance constraint in which monetary-fiscal policy is Ricardian. Agents’ expectations are modeled as probability distributions on a finite set of possible inflation rates. The monetary authority announces a public...

We study the welfare cost of inflation in a general equilibrium life cycle model with growth, costly financial intermediation, and taxes on nominal quantities. We find a stationary equilibrium of the model matches a wide variety of facts about the postwar U.S. economy. We then calculate that the inflation policy of the monetary authority has welfare consequences for agents that are an order of ...

The case for a free-market commodity money as provided by a genuine gold standard is simple yet decisive. It is based on the insight that the root cause of inflation in the modern world is the almost absolute monopoly over the supply of money which all national governments possess within their respective political jurisdictions. That such an arrangement necessarily produces inflation is not dif...

----------------------------------------------------------------------------------------------------------------------------Using over 100 years of U.S. data, we find that the long-run effects of inflation on consumption, investment, and output are positive. Thus, models generating long-term negative effects of inflation on output and consumption (including endogenous growth and RBC models with...

BACKGROUND AND PURPOSE The introduction of balloon remodeling has revolutionized the approach to coiling of wide-neck aneurysms. We studied the effects of balloon inflation during coil embolization on ischemic complications. METHODS A retrospective review was undertaken of the most recent 147 patients undergoing balloon remodeling for unruptured intracranial aneurysm coil embolization at a si...

This paper reviews the monetary policy framework and implementation in Zambia since 1992. The paper argues that the thrust and orientation of monetary policy after 1992 has been towards market-based instruments of monetary control. In the process, it has been possible to reduce inflation from three-digit figures to an average of about 23 per cent over the past three years. However, formidable c...