We propose a model that uses the exchange rate of Bitcoin against the US dollar to predict the computing power of Bitcoin’s network. We show that free entry places an upper bound on mining revenues ...and explain how it can be identified. Calibrating the model’s parameters allows us to accurately forecast the evolution of the network computing power over time. We find that a significant share of mining rewards was invested in mining equipment and that the seigniorage income of miners was limited.
Nach einem jahrzehntelangen Bürgerkrieg erlangt die Republik Südsudan am 9. Juli 2011 ihre Unabhängigkeit. Doch trotz aller Bemühungen um einen friedlichen Staatsaufbau nimmt die erste Dekade der ...Eigenstaatlichkeit einen gewaltsamen Verlauf: Im Dezember 2013 schlittert der Südsudan in einen blutig geführten Bürgerkrieg, der sich nicht als einheitlicher Konflikt mit klar definierbaren Parteien, sondern zu einem Amalgam komplex verschachtelter Konfliktlandschaften entwickelt. In analytischen Vignetten, die verschiedene Regionen sowie die nationale und internationale Dimension des Bürgerkrieges untersuchen, gibt Jan Pospisil einen Einblick in die südsudanesische Konfliktrealität.
Inflation reached a 40-year high in 2021 and continued to climb in 2022. Record corporate profits received significant public attention as a potential explanation for high inflation. Although ...corporate profits and inflation do not have a direct accounting relationship, inflation is directly affected by growth in the markup, or the ratio between the price a firm charges and the firm's current marginal cost of production. Thus, the sum of the growth in the marginal cost of production and the growth in the markup is the inflation in a firm's price. Markups can change over time for many reasons, including firms' expectations for their marginal costs in the future.
This paper considers the tradeoffs in using revenues from slowing depreciation deductions to lower the corporate tax rate. It estimates how much the rate could be lowered and the resulting effective ...tax rates on different types of assets. Two issues arise: the overall effect on marginal tax burdens and the challenges of using a provision that largely reflects timing effects to finance a steady state rate reduction.
Since the financial crisis in 2008–09, concern over the sustainability of some EU countries’ sovereign debt has continued to mount higher and higher. This paper explores the ways in which the ...financial crisis caused the deterioration of European debt-to-GDP ratios, examines which countries are on sustainable debt paths and quantifies the fiscal adjustment required per country for debt sustainability.
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