Related papers: Universal Basic Income with Time-Decaying Currency…
We apply the formalism of the continuous time random walk to the study of financial data. The entire distribution of prices can be obtained once two auxiliary densities are known. These are the probability densities for the pausing time…
The "Money Exchange Model" is a type of agent-based simulation model used to study how wealth distribution and inequality evolve through monetary exchanges between individuals. The primary focus of this model is to identify the limiting…
The effects of saving and spending patterns on holding time distribution of money are investigated based on the ideal gas-like models. We show the steady-state distribution obeys an exponential law when the saving factor is set uniformly,…
It is a widely observed phenomenon that wealth is distributed significantly more unequal than wages. In this paper we study this phenomenon using a new extension of P\'olyas urn, modelling wealth growth through wages and capital returns. We…
Money was invented to address the difficulty in the double coincidence of wants between the supply and demand when people exchanged their goods and services. There are two information states in society: one is the initial state that people…
We note that the essential idea of inflation, that the universe underwent a brief period of accelerated expansion followed by a long period of decelerated expansion, can be encapsulated in a "closure condition" which relates the amount of…
This paper investigates the emergence of wealth inequality through a minimalist kinetic exchange model that incorporates two fundamental economic features: fixed-amount transactions and hard budget constraints. In contrast to the maximum…
Ten years ago we presented a modified version of Okun law for the biggest developed economies and reported its excellent predictive power. In this study, we revisit the original models using the estimates of real GDP per capita and…
In an ideal distributed computing infrastructure, users would be able to use diverse distributed computing resources in a simple coherent way, with guaranteed security and efficient use of shared resources in accordance with the wishes of…
This work considers two distinct settings: imitation learning and goal-conditioned reinforcement learning. In either case, effective solutions require the agent to reliably reach a specified state (a goal), or set of states (a…
We study the distributional implications of uncertainty shocks by developing a model that links macroeconomic aggregates to the US distribution of earnings and consumption. We find that: initially, the fraction of low-earning workers…
In this paper we give an elementary analysis of economics of Bitcoin that combines the transaction demand by the consumers and the supply of hashrate by miners. We argue that the decreasing block reward will have no significant effect on…
This research studies the relation between money and prices and its practical implications analyzing quarterly data from United States (1959-2022), Canada (1961-2022), United Kingdom (1986-2022), and Brazil (1996-2022). The historical,…
Financial instability has become a significant issue in today's society. While research typically focuses on financial aspects, there is a tendency to overlook time-related aspects of unstable work schedules. The inability to rely on…
This paper introduces a general continuous form of poverty index that encompasses most of the existing formulas in the literature. We then propose a consistent estimator for this index in case the poverty line is a functional of the…
Simple agent based exchange models are a commonplace in the study of wealth distribution of artificial societies. Generally, each agent is characterized by its wealth and by a risk-aversion factor, and random exchanges between agents allow…
This paper studies the identifying power of bunching at kinks when the researcher does not assume a parametric choice model. I find that in a general choice model, identifying the average causal response to the policy switch at a kink…
Labor share, the fraction of economic output accrued as wages, is inexplicably declining in industrialized countries. Whilst numerous prior works attempt to explain the decline via economic factors, our novel approach links the decline to…
The so called "globalization" process (i.e. the inexorable integration of markets, currencies, nation-states, technologies and the intensification of consciousness of the world as a whole) has a behavior exactly equivalent to a system that…
This paper evaluates the short and medium-term effectiveness of payroll tax reductions aimed at promoting the permanent conversion of temporary contracts through social contribution exemptions. Using rich administrative data from Tuscany,…