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I develop and analyze a DSGE model of a currency union to revise the question of how to conduct monetary and fiscal policy in countries that share the same currency. In contrast with the previous literature which assumes coordination, this paper analyzes t ...
A two area dynamic stochastic general equilibrium model is employed to investigate the welfare implications of losing monetary independence. Two policy regimes are compared: (i) in one area there is a common currency, while in the other area countries stil ...
In this paper, a practical cryptosystem based on an authentication tree is described. It is an extension of Ralph Merkle's results. The security of the system depends on assumptions on a one-way function . This cryptosystem allows to make interactive proof ...
This paper revisits the question of the appropriate domain of a currency area using a New-Keynesian open economy model in which the world is split in two areas, each framed as a continuum of small open regions. We show that the adoption of a common currenc ...
We provide the first systematic study of liquidity in the foreign exchange market. We find significant variation in liquidity across exchange rates, substantial illiquidity costs, and strong commonality in liquidity across currencies and with equity and bo ...
Scrip is a generic term for any substitute for real currency; it can be converted into goods or services sold by the issuer. In the classic scrip system model, one agent is helped by another in return for one unit of scrip. In this paper, we present an upg ...
The exchange of goods conducted face-to-face between two parties dates back to before the beginning of recorded history. Traditional means of payment have always had security problems, but now electronic payments retain the same drawbacks and add some risk ...
TED has become a powerful vector for disseminating information and consequently influencing public opinion on a broad range of subjects. While TED talks are immensely popular (Sugimoto et al., 2013), there has not been much scholarly research on this form ...
In mobile ad hoc networks, it is usually assumed that all the nodes belong to the same authority; therefore, they are expected to cooperate in order to support the basic functions of the network such as routing. In this paper, we consider the case in which ...
