The recent decades have seen many periods of economic uncertainty. During uncertain periods characterized by inflation where the real value of assets tends to depreciate, investors usually look for assets that can reduce the risk for their overall portfolio. This study aims to investigate whether copper can act as a hedge against the U.S. inflation. This purpose will be investigated through an econometric analysis (OLS) where time series data over the timespan 1990-2023 are analyzed. The result suggests and argues that copper should be considered a hedge against inflation in the U.S. However, the results from the analysis must be viewed with caution, due to the fact that multicollinearity exists in the model and that an OLS regression gives a simplified picture of a complex topic.

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This study aims to conduct a descriptive analysis of inflation targeting in Mongolia. In this context, I will assess whether the current inflation targeting practice of Mongolia is classified as a fully-fledged, eclectic, or inflation targeting lite regime. Then I will verify that Mongolia validates the prerequisites necessary for the implementation of fully fledged inflation targeting. Finally, I will proceed to a VAR model analysis aiming to describe the determinants of inflation. The results show that the inflation targeting practice of Mongolia falls in inflation targeting lite countries categorization and most of the prerequisites to adopt fully fledged inflation targeting have not been fulfilled. It would require significant improvement in the independence of the Bank of Mongolia’s operation and monetary policy decision making, modeling capabilities within the Bank of Mongolia, and financial stability. Finally, the VAR model results show a relationship among the variables, CPI, money supply, exchange rate, and GDP in Mongolia. The principal finding is that the money supply and exchange rate are more important in explaining variation in CPI than GDP in Mongolia.

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Inflation, the currently favoured solution to the grievous initial conditions problems of the Big Bang model of the universe, is a very general framework that can be constructed from any number of underlying theories. As inflation is meant to solve a problem of initial conditions, it is generally preferred that it not introduce its own initial conditions problem. The purpose of this thesis is to explore the sensitivity to initial conditions of solutions to two toy models of inflation. The models in and of themselves are not intended to explain inflation, but rather seek to begin to explore, in a controlled way, interesting properties that a full inflationary theory might have. The first model is one with a single scalar inflaton, but two compact extra dimensions. We find this model has two inflationary solutions that can be well understood analytically. These solutions are power laws in time. One is found to be marginally insensitive to its initial conditions, and the other is found to be highly sensitive to its initial conditions. We also find a solution to this model that exhibits 4D quasi-de Sitter space, but is difficult to understand analytically, and its sensitivity to initial conditions is not yet well known. The second model examines an n-scalar field Lagrangian that includes kinetic terms first-order in the derivatives of the fields (similar to certain ferromagnetic Lagrangians). It is found that this model can realize slow-roll inflation with arbitrarily steep potentials. A solution is constructed that can realize an exact de Sitter equation of state without saying anything about the slope of its potential. This solution is found to be marginally insensitive to its initial conditions for a certain range of parameters. Corrections from higher order terms in the Lagrangian are found to introduce a parameter space for which this solution is in fact highly insensitive to its initial conditions. We therefore make progress in understanding higher-dimensional inflation, slow-roll inflation with steep potentials, and the sensitivity of solutions in both those cases to their initial conditions. / Thesis / Master of Science (MSc)

Thesis advisor: Geoffrey Sanzenbacher / In recent decades, an increasing number of countries have adopted inflation targeting (IT) as a framework for monetary policy, wherein the country's central bank attempts to steer actual inflation toward a projected target rate. However, the question still remains whether or not IT can work in low-income countries experiencing hyperinflation, such as Venezuela. One of the main challenges facing such countries is the lack of credibility of their monetary institutions. Inflation targeting may help restore this credibility by committing the central bank to a transparent and accountable monetary policy. This paper delves into the theory of inflation targeting, examines the benefits and challenges associated with IT, and discusses the specific challenges that Venezuela may face when adopting IT. The paper also emphasizes the importance of accurate economic data in developing effective monetary policies and argues that forecasting can play a critical role in predicting the effectiveness of IT in Venezuela. Empirical evidence from other countries that have implemented inflation targeting will also be used to provide insights into the potential benefits and challenges of this policy for Venezuela. / Thesis (BA) — Boston College, 2023. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Departmental Honors. / Discipline: Economics.

This master’s thesis looks at how Rome paid its soldiers and the impact of this payment on the Roman economy. The research will make a significant contribution to the classics field in its focused exploration of how Roman soldiers were paid, the payment sources and how these payments contributed to the Roman Empire's vast military operations. This thesis will further analyze how the payment of soldiers impacted Rome’s inflation during the Republic and Augustan and Flavian periods of the early Empire. The author uses numismatic evidence to support his arguments. In chapter 1, the author uses research by Duncan-Jones and Michael Crawford’s hoard evidence to support the line of inquiry on how much it cost to pay the Roman army. In chapter 2, the author argues for and provides support on using Dutch excavation findings to illustrate the types of coins used and when they were used to pay the Roman military. Previously, scholars relied on excavations in German forts along the main part of the Rhine for such evidence. The author’s use of numismatic evidence in this unique way provides further support that the use of the denarius was the government's standard currency. He includes pictures of similar coins from the McMaster Museum of Art’s Bruce Brace Coin Collection to help the reader visualize the currency. Finally, in chapter 3, the author looks at the economic impact of such massive payments to pay Rome’s ever-expanding army. There, he uses numismatic evidence to look at issues of debasement, inflation and the bi-metallic standard. Again, he returns to the Dutch fort excavations for additional evidence on debasement. In each chapter, the author looks at the socioeconomic impacts of these issues on the soldiers, especially the foot soldiers, and asks the question of how Rome valued its army. From this thesis, readers will gain insight into how paying the military negatively impacted Rome’s economy. The inflation that resulted had a significant impact on Roman culture, and this thesis focuses on the specific impact on Roman soldiers. / Thesis / Master of Arts (MA) / This master’s thesis looks at how Rome paid its soldiers and the impact of this payment on its economy. The research will help our field to explore how soldiers were paid, where the money came from and how these payments to its vast military operations impacted Rome’s inflation during the Republic and Augustan and Flavian periods of the early Empire. The author uses numismatic evidence in a unique way to support his arguments on issues including the costs of paying the army, the use of the denarius as the government's standard currency and the impact on the economy of such massive payments, including its association with debasement, inflation and the bi-metallic standard. In each chapter, the author looks at the socioeconomic impacts of these issues on the soldiers, especially the foot soldiers, and asks the question of how Rome valued its army.

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