Dollarization and the conquest of hyperinflation in divided societies

This study argues that the delegation of monetary policy control by one country to another can reduce inflation in the delegating country. Hyperinflation is common in a divided society, one in which special interest groups can pressure a weak central government to issue money to finance their own demands while neglecting the country’s overall welfare. A commitment device like dollarization or a currency board, which gives control of the divided country’s money supply to another country, can eliminate this inflation bias. This is illustrated by Argentina’s experience with inflation and a currency board which, in effect, gave control of Argentina’s money supply to the United States. This argument is made precise using a two-country overlapping generations model to study the effects of delegation. The study also finds that a dollarization treaty between the two countries can be welfare-improving for bothDollarization

Mimimal Length Uncertainty Principle and the Transplanckian Problem of Black Hole Physics

The minimal length uncertainty principle of Kempf, Mangano and Mann (KMM), as derived from a mutilated quantum commutator between coordinate and momentum, is applied to describe the modes and wave packets of Hawking particles evaporated from a black hole. The transplanckian problem is successfully confronted in that the Hawking particle no longer hugs the horizon at arbitrarily close distances. Rather the mode of Schwarzschild frequency $\omega$ deviates from the conventional trajectory when the coordinate $r$ is given by $| r - 2M|\simeq \beta_H \omega / 2 \pi$ in units of the non local distance legislated into the uncertainty relation. Wave packets straddle the horizon and spread out to fill the whole non local region. The charge carried by the packet (in the sense of the amount of "stuff" carried by the Klein--Gordon field) is not conserved in the non--local region and rapidly decreases to zero as time decreases. Read in the forward temporal direction, the non--local region thus is the seat of production of the Hawking particle and its partner. The KMM model was inspired by string theory for which the mutilated commutator has been proposed to describe an effective theory of high momentum scattering of zero mass modes. It is here interpreted in terms of dissipation which gives rise to the Hawking particle into a reservoir of other modes (of as yet unknown origin). On this basis it is conjectured that the Bekenstein--Hawking entropy finds its origin in the fluctuations of fields extending over the non local region.Comment: 12 pages (LateX), 1 figur

Quantum Field Theory with Nonzero Minimal Uncertainties in Positions and Momenta

A noncommutative geometric generalisation of the quantum field theoretical framework is developed by generalising the Heisenberg commutation relations. There appear nonzero minimal uncertainties in positions and in momenta. As the main result it is shown with the example of a quadratically ultraviolet divergent graph in $\phi^4$ theory that nonzero minimal uncertainties in positions do have the power to regularise. These studies are motivated with the ansatz that nonzero minimal uncertainties in positions and in momenta arise from gravity. Algebraic techniques are used that have been developed in the field of quantum groups.Comment: 52 pages LATEX, DAMTP/93-33. Revised version now includes a chapter on the Poincare algebra and curvature as noncommutativity of momentum spac

Perturbation spectrum in inflation with cutoff

It has been pointed out that the perturbation spectrum predicted by inflation may be sensitive to a natural ultraviolet cutoff, thus potentially providing an experimentally accessible window to aspects of Planck scale physics. A priori, a natural ultraviolet cutoff could take any form, but a fairly general classification of possible Planck scale cutoffs has been given. One of those categorized cutoffs, also appearing in various studies of quantum gravity and string theory, has recently been implemented into the standard inflationary scenario. Here, we continue this approach by investigating its effects on the predicted perturbation spectrum. We find that the size of the effect depends sensitively on the scale separation between cutoff and horizon during inflation.Comment: 6 pages; matches version accepted by PR

The Relation of Thermal Fluctuation and Information-Entropy for One-Dimensional Rindler Oscillator

Within the framework of thermo-field-dynamics (TFD), the information-entropies associated with the measurements of position and momentum for one-dimensional Rindler oscillator are derived, and the connection between its information-entropy and thermal fluctuation is obtained. A conclusion is drawn that the thermal fluctuation leads to the loss of information.Comment: 14 pages, 1 figur