Statistical ensembles for money and debt
| Autor: | Viaggiu, Stefano, Lionetto, Andrea, Bargigli, Leonardo, Longo, Michele |
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| Rok vydání: | 2011 |
| Předmět: | |
| Zdroj: | Physica A 391/21 (2012), pp. 4839-4849 |
| Druh dokumentu: | Working Paper |
| DOI: | 10.1016/j.physa.2012.05.027 |
| Popis: | We build a statistical ensemble representation of two economic models describing respectively, in simplified terms, a payment system and a credit market. To this purpose we adopt the Boltzmann-Gibbs distribution where the role of the Hamiltonian is taken by the total money supply (i.e. including money created from debt) of a set of interacting economic agents. As a result, we can read the main thermodynamic quantities in terms of monetary ones. In particular, we define for the credit market model a work term which is related to the impact of monetary policy on credit creation. Furthermore, with our formalism we recover and extend some results concerning the temperature of an economic system, previously presented in the literature by considering only the monetary base as conserved quantity. Finally, we study the statistical ensemble for the Pareto distribution. Comment: Final version published on Physica A: Statistical Mechanics and its Applications |
| Databáze: | arXiv |
| Externí odkaz: |
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