Endogenous Demand for Money and Default of a Creditor
Bibliographic record
Abstract
We study a general equilibrium model of perfect competition with production and endogenous demand for fiat (or non-consumable) money (Shubik-Wilson, 1977), with workers, entrepreneurs, and a bank. Workers supply labor (Beker, 1971) and consume, entrepreneurs consume and organize production. There is no barter, and both agent types borrow money from a bank. The bank motivates borrowers to pay loans back with a punishment, which has an impact on demands for credits before a trade. The model has three markets: labor, goods, and credits. We study the results of the credit market with a numerical simulation in Maple. The model has 4 regimes, one of which corresponds to the classical money theory. Three other regimes have defaults as parts of an equilibrium. The special feature of our model is that it allows to study interactions of real (production and demand/supply of labor) markets with a nominal (credit) market, but also it can produce cases, when a value of default of borrowers exceeds total money supply from the bank, what become a reason for insolvency of the bank.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.005 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.002 |
| Scholarly communication | 0.002 | 0.003 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.002 | 0.001 |
| Insufficient payload (model declined to judge) | 0.005 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".