Related papers: Quantitative easing is an incomplete strategy that…
Consider the problem of a government that wants to reduce the debt-to-GDP (gross domestic product) ratio of a country. The government aims at choosing a debt reduction policy which minimises the total expected cost of having debt, plus the…
Growth of monetary assets and debts is commonly described by the formula of compound interest which for the case of continuous compounding is the exponential growth law. Its differential form is dc/dt = i c where dc/dt describes the rate of…
We argue that a negative interest rate policy (NIRP) can be an effect tool for macroeconomic stabilization. We first discuss how implementing negative rates on reserves held at a central bank does not pose any theoretical difficulty, with a…
In this talk we discuss three different issues. First of all, there exist several proposals how to solve cosmological problems by adiabatic expansion of the Universe, without any use of inflation. We explain why these models do not solve…
Bulk viscosity leads to negative pressure, which is a key ingredient for successful inflation. We build an inflationary model where the slow-roll of the inflaton field is driven by a viscous component instead of the flat potential commonly…
Quantum gravitational back-reaction offers the potential of simultaneously resolving the problem of the cosmological constant and providing a natural model of inflation in which scalars play no special role. In this model inflation begins…
Eternal inflation, the idea that there is always a part of the universe that is expanding exponentially, is a frequent feature of inflationary models. It has been argued that eternal inflation requires the violation of energy conditions,…
A derivative is a financial security whose value is a function of underlying traded assets and market outcomes. Pricing a financial derivative involves setting up a market model, finding a martingale (``fair game") probability measure for…
Many inflating spacetimes are likely to violate the weak energy condition, a key assumption of singularity theorems. Here we offer a simple kinematical argument, requiring no energy condition, that a cosmological model which is inflating --…
The stochastic inflation program is a framework for understanding the dynamics of a quantum scalar field driving an inflationary phase. Though widely used and accepted, there have over recent years been serious criticisms of this theory. In…
An innovative method is proposed to construct a quantile dependence system for inflation and money growth. By considering all quantiles and leveraging a novel notion of quantile sensitivity, the method allows the assessment of changes in…
Do governments adjust budgetary policy to rising public debt, precluding fiscal unsustainability? Using budget data for 52 industrial and emerging economies since 1990, we apply panel methods accounting for cross-sectional dependence and…
We consider the problem of Partial Quantifier Elimination (PQE). Given formula exists(X)[F(X,Y) & G(X,Y)], where F, G are in conjunctive normal form, the PQE problem is to find a formula F*(Y) such that F* & exists(X)[G] is logically…
Quantifier elimination (QE) is an important problem that has numerous applications. Unfortunately, QE is computationally very hard. Earlier we introduced a generalization of QE called $\mathit{partial}$ QE (or PQE for short). PQE allows to…
Given a system of analytic functions and an approximate zero, we introduce inflation to transform this system into one with a regular quadratic zero. This leads to a method for isolating a cluster of zeros of the given system.
This contribution consists of two parts. In the first part, I review the tunneling approach to quantum cosmology and comment on the alternative approaches. In the second part, I discuss the relation between quantum cosmology and eternal…
This paper analyses the impact of credit expansions arising from decreases in collateral requirements or more expansionary monetary policies on long-term productivity in a model with endogenous growth. Credit expansions associated with…
We consider the relationship between economic activity and intervention, including monetary and fiscal policy, using a universal dynamic framework. Central bank policies are designed for growth without excess inflation. However,…
This paper develops a new model of business cycles. The model is economical in that it is solved with an aggregate demand-aggregate supply diagram, and the effects of shocks and policies are obtained by comparative statics. The model builds…
Quantum annealing (QA) is a method for solving combinatorial optimization problems. We can estimate the computational time for QA using the adiabatic condition. The adiabatic condition consists of two parts: an energy gap and a transition…