2024 Klein Lecture ‐ Monies, Transactions, and Inflation: Part 1

International Economic Review · 2026-01-26

ABSTRACT Modern macroeconomics ignores the recent proliferation of new monies. We show in our model that new monies like credit cards or stable coins or crypto currencies or helicopter money can cause a huge increase in prices, like the 1970s inflation when credit cards emerged in full use. These monies are not perfect substitutes, so shrinking conventional money supply to compensate for the growth of new monies comes at a welfare cost. Price levels are determined by money chasing goods, measured by the separate quantities of each kind of money and the scale of individual transactions. In Part I we introduce a one period version of our model in which we concentrate on the transactions role of monies. We show how fiat wealth (net of taxes) can be positive if there are enough gains to trade. Monies that raise fiat wealth (such as helicopter money) cause more inflation—eventually even hyperinflation—by increasing the interest rate, which reduces transactions. In contrast, credit cards (and central bank purchases of bonds) also cause inflation, but they enhance transactions and welfare. In Part II we present a multiperiod version in which the store‐of‐value role of money, and expectations about future policy, also affect inflation.

Intel Xeon 6 Product Family

IEEE Micro · 2025-03-24 · 2 citations

The Intel® Xeon 6 product family delivers new degrees of performance and scalability to address a wide variety of deployments across data center, enterprise, networking, and edge. The diversity of workloads, power, performance, and form factor requirements led to Intel’s most advanced modular system on chip (SoC) processor architecture. This modular construction allows the flexibility to optimize each die and build multiple SoCs using the same building blocks. For ultimate versatility, Intel Xeon 6 processors allow for the choice of two different CPU microarchitectures: performance cores and efficient cores. Both core types use a compatible x86 instruction set architecture and a common hardware platform.

Toward Ecosystem Restoration and Climate-resilient Communities

2025-09-01

This report outlines the opportunities for ecosystem restoration in Gadchiroli, a predominantly rainfed, tribal district in Maharashtra, that can improve climate resilience, food and nutrition security, and livelihoods for its local communities. Using a landscape approach, it identifies interventions across agriculture, forests, and water resources and highlights the role of community-based institutions in leading landscape restoration in the district.

The need for transnational networks and transdisciplinary education for sustainable development in UNESCO Biosphere Reserves in the Global South

Current Opinion in Environmental Sustainability · 2025-07-04 · 4 citations

As learning sites for sustainable development, United Nations Educational, Scientific, and Cultural Organization (UNESCO) Biosphere Reserves (BRs) are unique sites that promote human–nature interactions in biodiversity conservation. BRs are part of a World Network of BRs, which provide opportunities for transnational collaborations. With the 50th anniversary of UNESCO’s Man and Biosphere Programme, we systematically analyzed literature on BRs in the Global South and assessed whether transnational connections emerged from the network especially in fulfilling the shared goal of being learning sites for sustainable development. We found little evidence of transnational networking between BRs in the Global South. While there are nonformal environmental education initiatives in BRs, there is a lack of reported transdisciplinary approaches and formal education about BRs in BRs. Furthermore, Indigenous and local knowledge (ILK) is rarely integrated into initiatives. Equitable and inclusive partnerships, integration of ILK, and co-production of knowledge could be enabling factors for transdisciplinary education.

NUTRIENT RELEASE PATTERN AND MINERAL FERTILIZER EQUIVALENT OF DIFFERENT ORGANIC SOURCES

PLANT ARCHIVES · 2025-05-22

Organic amendments play a vital role in enhancing soil fertility by gradually releasing nutrients necessary for plant growth. This review synthesizes studies on the nutrient release patterns and mineral fertilizer equivalents (MFE) of different organic sources, including farmyard manure, poultry manure, biogas slurry, vermicompost, mushroom compost and biochar. Findings indicate that these organic materials have significant variability in the release rates of key nutrients such as nitrogen, phosphorus, potassium, calcium, magnesium, sulphur and trace elements like zinc, copper, iron, manganese and boron. It is observed that poultry manure and biogas slurry have faster release rates of P, Ca, Mg and trace elements like Zn and Cu making them excellent alternative sources to chemical fertilizers for these nutrients. Biochar and FYM exhibited superior K release, while mushroom compost showed the highest manganese release. The mineral fertilizer equivalent (MFE) of these organic sources was determined by comparing nutrient release rates to standard inorganic fertilizers, providing practical insights into their contribution to soil nutrient replenishment over time. This review highlights the potential of organic amendments to substitute or complement chemical fertilizers, emphasizing the need for targeted application based on crop-specific nutrient demands and the distinct nutrient release dynamics of each organic source

Game Representations and Extensions of the Shapley Value

arXiv (Cornell University) · 2024-01-18

We show that any cooperative game can be represented by an assignment of costly facilities to players, in which it is intuitively obvious how to allocate the total cost in an equitable manner. This equitable solution turns out to be the Shapley value of the game, and thus provides as an alternative justification of the value. Game representations also open the door for extending the Shapley value to situations where not all coalitions can form, provided those that can constitute a "semi-algebra"; or, more generally, a "hierarchy"; or, still more generally, have "full span".

Putting all eggs in one basket: some insights from a correlation inequality

arXiv (Cornell University) · 2024-03-23

We give examples of situations -- stochastic production, military tactics, corporate merger -- where it is beneficial to concentrate risk rather than to diversify it, that is, to put all eggs in one basket. Our examples admit a dual interpretation: as optimal strategies of a single player (the `principal') or, alternatively, as dominant strategies in a non-cooperative game with multiple players (the `agents'). The key mathematical result can be formulated in terms of a convolution structure on the set of increasing functions on a Boolean lattice (the lattice of subsets of a finite set). This generalizes the well-known Harris inequality from statistical physics and discrete mathematics; we give a simple self-contained proof of this result, and prove a further generalization based on the game-theoretic approach.

Role of Biochar Technology in Carbon Sequestration and Agro-Environmental Sustainability

Sustainable plant nutrition in a changing world · 2024-01-01

Contributors

Elsevier eBooks · 2024-10-25

Emerging concern of nano-pollution in agro-ecosystem: Flip side of nanotechnology

Plant Physiology and Biochemistry · 2024-05-03 · 22 citations