The purpose of cryptography is to transmit information in such a way that access to it is restricted entirely to the intended recipient, even if the transmission itself is received by others. This science is of increasing importance with the advent of broadcast and network communication, such as electronic transactions, the Internet, e-mail, and cell phones, where sensitive monetary, business, ...

The aim of this paper is to know how well a money-in-the-utility function model with a Taylor rule is able to match Chilean data, specially some monetary stylized facts. A dynamic stochastic general equilibrium model is formulated, solved and calibrated to evaluate its abilities to replicate the main features of the Chilean economy in the 1986-2000 period. In particular, I focus the attention o...

The potential of monetary policy to stabilize fluctuations in output and employment is demonstrated in a stochastic rational expectations model in which firms choose, considering average profitability, to set prices in advance of the period when they apply to goods sold. This lead time in pricing decisions increases the fluctuations of output about the normal employment level. But proper use of...

This paper investigates optimal monetary policy rules when two large countries simultaneously face non-negativity constraints on nominal interest rates. Under policy coordination, domestic optimal monetary policy rules depend on domestic endogenous variables, foreign inflation, and domestic and foreign policy rates when the zero lower bound is never binding. Such policy rules generally lose the...

A common belief among monetary theorists is that monetary equilibria are tenuous due to the intrinsic uselessness of fiat money (Wallace (1978)). In this article we argue that the tenuousness of monetary equilibria vanishes as soon as one introduces a small perturbation in an otherwise standard random matching model of money. Precisely, we show that the sheer belief that fiat money may become i...

t is a challenging time to be taking up the reins of Sexually Transmitted Infections. After a prolonged period of decline, there are epidemics of bacterial STIs in the United Kingdom and Western Europe, including outbreaks of syphilis. HIV continues to escalate; the prevalence of HIV is escalating due to persistent or rising incidence combined with increased survival. Globally we face major epi...

The issue of doctors’ pay is once again under the spotlight. profession remains divided over how important is, debating whether proposed 1% rise just another kick in teeth. To put this into context, has failed to keep pace with inflation for successive years, extent that we are now facing a 7% cut real terms past 10 years.1 And it’s not been eroded. current NHS pension offering about half what …

By routing and processing photons, quantum networks (also called quantum internet) would allow for distributing quantum information and multipartite entanglement between multiple parties separated by potentially long distances. Here we list some applications of such networks. Secure long-distance communication. Quantum networks, including linear quantum networks called quantum repeaters [1], wi...

This article uses seasonal integration and co integration techniques to test the hypothesis of neutrality of money, using data from the Iranian economy. Seasonal data for the three variables of money supply, output and prices show that (increase in) money supply and the price level are co integrated at zero frequency, but one does not see such a relationship between (increase in) money supply a...