This paper asks why Argentina slipped into a deep crisis with its currency board (CB) arrangement though this regime had received so much academic support as a stabilisation device. It is argued that a CB does not make devaluation risks disappear but translates them into an explosive, strongly pro-cyclical mixture of exchange rate, financial system and default risk which might trap a country in...

This paper does two things. First, it shows both anecdotal and cross-country evidence that indicates that countries that have experienced hyperinflation display significantly lower long-term rates of inflation than countries that lack the same experience. Secondly, it presents a model to rationalize the main empirical finding. There is more than one mechanism through which the long-term effects...

Woodford (1997, 1998) employs an inter-temporal general equilibrium model to examine the properties of the monetary system as it evolves form the use of a physical medium of exchange to an electronic medium. He presents a structure in which cash (money) as a means of payment can be made to vanish at the limit but where he claims the price level remains determinate. It is shown that Woodford's a...

The essay starts positioning Simmel as a bridge between the money value theories of Menger and Mises, claiming that his contribution is important in its own right; notably, idea evolves towards more abstract forms society becomes complex. It states this trend exists course has not yet been completed. After that, Menger, Mises are succinctly described, with emphasis on contributions to Mises’ th...

We develop a random-matching model to study the price dynamics of monies produced privately according time-consuming mining technology. For our leading example, there exists unique equilibrium where value money increases over time and reaches steady state. There is also continuum perfect-foresight equilibria inflates bursts gradually time. Initially, held for speculative motive, but it acquires...

We ran and analyzed a total of eighteen, 10 ns molecular dynamics simulations of two C-terminal beta-hairpins from the B1 domain of Protein G: twelve runs for the last 16 residues and six runs for the last 15 residues, G41-E56 and E42-E56, respectively. Based on their CalphaRMS deviation from the starting structure and the pattern of stabilizing interactions (hydrogen bonds, hydrophobic contact...

In mammalian cerebrum there exist two distinct types of interneurons expressing nitric oxide synthase (NOS). Type I neurons are large in size and exhibit heavy nicotinamide adenine dinucleotide phosphate diaphorase (NADPH-d) histochemical reaction, while type II cells are small with light NADPH-d reactivity. The time of origin of these cortical neurons relative to corticogenesis remains largely...