Statistical ensembles for money and debt

Stefano Viaggiu, Michele Longo, Andrea Lionetto, Leonardo Bargigli

Risultato della ricerca: Contributo in rivistaArticolo in rivistapeer review

3 Citazioni (Scopus)

Abstract

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.
Lingua originaleEnglish
pagine (da-a)4839-4849
Numero di pagine11
RivistaPHYSICA. A
Volume291
DOI
Stato di pubblicazionePubblicato - 2012

Keywords

  • Debt
  • Economic equilibrium
  • Money
  • Thermodynamics

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