Lowndes and Locke on the value of money

This paper was presented at the 11th Annual Conference of the European Society for the History of Economic Thought (ESHET).

Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money

This paper analyzes the existence of an inflation tax Laffer curve (ITLC) in the context of two standard optimizing monetary models: a cash-in-advance model and a money in the utility function model. Agents’ preferences are characterized in the two models by a constant relative risk aversion utility function. Explosive hyperinflation rules out the presence of an ITLC. In the context of a cash-in-advance economy, this paper shows that explosive hyperinflation is feasible and thus an ITLC is ruled out whenever the relative risk aversion parameter is greater than one. In the context of an optimizing model with money in the utility function, this paper firstly shows that an ITLC is ruled out. Moreover, it is shown that explosive hyperinflations are more likely when the transactions role of money is more important. However, hyperinflationary paths are not feasible in this context unless certain restrictions are imposed.

Cointegration analysis of money demand in the Euro Area

The analysis of the evolution of the M3 money aggregate is an important element in the definition and implementation of monetary policy for the ECB. A well-defined and stable long run demand function is an essential requisite for M3 to be a valid monetary tool. Therefore, this paper analyzes based in cointegration techniques the existence of a long run money demand, estimating it and testing its stability for the Euro Area and for ten of its member countries. Specifically, bearing in mind the high degree of monetary instability that the current economic crisis has created in the Euro Area, we also test whether this has had a noticeable impact in the cointegration among real money demand and its determinants. The analysis gives evidence of the existence of a long run relationship when the aggregated Euro Area and six of the ten countries are considered. However, these relationships are highly instable since the outbreak of the financial crisis, leading in some cases to even rejecting cointegration. All this suggests that the ECB’s strategy of focusing in the M3 monetary aggregates could not be a convenient approach under the current circumstances

Competitive issue of money & abolition of central banks

The aim of this work is to analyze the main characteristics of the current financial system and to investigate the arising of critical voices with respect this system. In particular, we analyze some historical facts that have been important in the creation of this financial order. We analyze the new digital currency, known as Bitcoin, as the basic ingredient in the formation of a new alternative and decentralized international financial system. In 10 years Bitcoin has expanded its influence to many economic activities. We also analyzed briefly the classic liberal theory that criticizes the intervention of governments in the markets. Finally, we consider relevant the arising of a group of countries (BRICS) that may challenge the current system where the position of USA is privileged.

Full Implementation of Rank Dependent Prizes

A manager/mechanism designer must allocate a set of money prizes ($1, $2, .., $n) between n agents working in a team. The agents know the state i.e. who contributed most, second most, etc. The agents' prefer- ences over prizes are state independent. We incorporate the possibility that the manager knows the state with a tiny probability and present a simple mechanism that uniquely implement prizes that respects the true state.

The use of “Bonus-Malus” schemes for promoting energy-efficient household appliances: a case study for Spain

32 p.

Optimisation of the first principle code Octopus for massive parallel architectures: application to light harvesting complexes

150 p.

Impact of Cyberprogram 2.0 on Different Types of School Violence and Aggressiveness

Some antibullying interventions have shown positive outcomes with regard to reducing violence. The aim of the study was to experimentally assess the effects on school violence and aggressiveness of a program to prevent and reduce cyberbullying. The sample was comprised of a randomly selected sample of 176 adolescents (93 experimental, 83 control), aged 13-15 years. The study used a repeated measures pre-posttest design with a control group. Before and after the program, two assessment instruments were administered: the "Cuestionario de Violencia Escolar-Revisado" (CUVE-R [School Violence Questionnaire- Revised]; Alvarez Garcia et al., 2011) and the "Cuestionario de agresividad premeditada e impulsiva" (CAPI-A [Premeditated and Impulsive Aggressiveness Questionnaire]; Andreu, 2010). The intervention consisted of 19 one-hour sessions carried out during the school term. The program contains 25 activities with the following objectives: (1) to identify and conceptualize bullying/cyberbullying; (2) to analyze the consequences of bullying/cyberbullying, promoting participants' capacity to report such actions when they are discovered; (3) to develop coping strategies to prevent and reduce bullying/cyberbullying; and (4) to achieve other transversal goals, such as developing positive variables (empathy, active listening, social skills, constructive conflict resolution, etc.). The pre-posttest ANCOVAs confirmed that the program stimulated a decrease in: (1) diverse types of school violence teachers' violence toward students (ridiculing or publicly humiliating students in front of the class, etc.); students' physical violence (fights, blows, shoves... aimed at the victim, or at his or her property, etc.); students' verbal violence (using offensive language, cruel, embarrassing, or insulting words... toward classmates and teachers); social exclusion (rejection or exclusion of a person or group, etc.), and violence through Information and Communication Technologies (ICT; violent behaviors by means of electronic instruments such as mobile phones and the Internet); and (2) premeditated and impulsive aggressiveness. Pre-posttest MANCOVA revealed differences between conditions with a medium effect size. This work contributes an efficacious intervention tool for the prevention and reduction of peer violence. The conclusions drawn from this study have interesting implications for educational and clinical intervention.