This paper studies the equilibrium dynamics of an overlapping generations model with capital, money and cash-in-advance constraints. At each date the economy can experience two different regimes. In the first one the cash-inadvance constraint is binding and money is a dominated asset. In the second one, the constraint is strictly satisfied and money has the same return as capital. When the seco...

The Fiat-Shamir construction (Crypto 1986) is an efficient transformation in the random oracle model for creating non-interactive proof systems and signatures from sigmaprotocols. In classical cryptography, Fiat-Shamir is a zero-knowledge proof of knowledge assuming that the underlying sigma-protocol has the zero-knowledge and special soundness properties. Unfortunately, Ambainis, Rosmanis, and...

When, in 1784, the land surveyor Thomas Jefferson called into being the states of the so-called Northwest Ordinance by drawing lines on a map, his map was sufficiently inaccurate that it did not even have the Great Lakes in the right places. Ten states would nonetheless eventually be created in the area of Jefferson’s map, having boundaries which in large degree follow his original lines. These...

The growing importance of the cryptocurrency phenomenon has raised concerns about ethical implications a hypothetical widespread use these new forms digital money. In this paper, we undertake an assessment cryptocurrencies drawing upon two specific theories: private property ethics and utilitarianism. Particularly, focus on three distinctive aspects. First, examine advantages disadvantages vis-...

BACKGROUND Distinguishing bona fide (i.e. natural) and fiat (i.e. artificial) physical boundaries plays a key role for distinguishing natural from artificial material entities and is thus relevant to any scientific formal foundational top-level ontology, as for instance the Basic Formal Ontology (BFO). In BFO, the distinction is essential for demarcating two foundational categories of material ...

This paper contributes to the analysis of the money supply process in Germany during the period of monetary targeting by the Bundesbank from 1975-1998. While the standard money multiplier approach assumes that the money stock is determined by the money multiplier and the monetary base it is argued here that both the money stock and the monetary base are determined endogenously by the optimizing...

When you store your belongings in a private locker, does the owner of locker pay you? On contrary, owner, for he is providing with service called safe-keeping. In effect, holds safe until take them back. So, why it that accept money from bank to hold The obvious answer not holding money; lending out and rewarding portion what collects interest. If are happy this arrangement, have likely sought ...