The paper considers two problems related to Marx’s theory of money: first, the definition and measurement of the quantity of social labor time represented by a unit of money; second, the application of Marx’s commodity-money theory to contemporary monetary institutions based on state-credit money. In theory social labor time and the price expression of exchange value emerge simultaneously, so t...

Due to today’s highly competitive environment, both reducing lead time and the associated inventory cost are critically important issues in supply chain. And, the consideration of time value effect is lacked in most previous researches. However, the effect of inflation is too critical to ignore. Therefore, we develop an integrated inventory model with crashing cost which was determined by the l...

Because inflation targeting is a relatively recent phenomena, in the past we have had insufficient data to conduct time-series econometric work to evaluate this important new monetary policy strategy. However, now that inflation targeting has been around for close to ten years, we are able to do some preliminary econometric work on this topic. This is exactly what Neumann and von Hagen do in th...

Trade openness can reduce inflation volatility through limiting recourse to seigniorage during periods of temporary fiscal deficits, and by shifting consumption and production towards goods for which the terms of trade are relatively stable. This paper provides evidence for a negative effect of openness on inflation volatility using a dynamic panel model that controls for the endogeneity of ope...

This paper deals with an optimal replenishment policy for deteriorating items with multi-variate demand and partial backlogging. The proposed model allows for (1) multivariate demand replenishment cycles, (2) partial backlogging, and (3) time-varying shortage intervals. Consequently, the proposed model is in a general framework for that inventory models includes these above assumptions. We show...

In general, a supplier/retailer frequently offer trade credit to stimulate their respective sales. The main purpose of this paper is to investigate the optimal supplier/retailer’s replenishment decisions under two levels of trade credit policy within the economic order quantity (EOQ) framework. This paper deals with the supplier/retailer’s inventory replenishment problem under two levels of tra...