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Thomas Moser

Publications and source records attributed to Thomas Moser.

6 recordsLinked to original sources
arXiv2021

How to Issue a Central Bank Digital Currency

With the emergence of Bitcoin and recently proposed stablecoins from BigTechs, such as Diem (formerly Libra), central banks face growing competition from private actors offering their own digital alternative to physical cash. We do not address the normative question whether a central bank should issue a central bank digital currency (CBDC) or not. Instead, we contribute to the current research debate by showing how a central bank could do so, if desired. We propose a token-based system without distributed ledger technology and show how earlier-deployed, software-only electronic cash can be improved upon to preserve transaction privacy, meet regulatory requirements in a compelling way, and offer a level of quantum-resistant protection against systemic privacy risk. Neither monetary policy nor financial stability would be materially affected because a CBDC with this design would replicate physical cash rather than bank deposits.

econ.GN↗
arXiv2018

Energy contribution of a point interacting impurity in a Fermi gas

We give a bound on the ground state energy of a system of $N$ non-interacting fermions in a three dimensional cubic box interacting with an impurity particle via point interactions. We show that the change in energy compared to the system in the absence of the impurity is bounded in terms of the gas density and the scattering length of the interaction, independently of $N$. Our bound holds as long as the ratio of the mass of the impurity to the one of the gas particles is larger than a critical value $m_c\approx 0.36$, which is the same regime for which we recently showed stability of the system.

math-ph↗
arXiv2018

Stability of the 2+2 fermionic system with point interactions

We give a lower bound on the ground state energy of a system of two fermions of one species interacting with two fermions of another species via point interactions. We show that there is a critical mass ratio m_c \approx 0.58 such that the system is stable, i.e., the energy is bounded from below, for m \in [m_c, m_c^{-1}]. So far it was not known whether this 2+2 system exhibits a stable region at all or whether the formation of four-body bound states causes an unbounded spectrum for all mass ratios, similar to the Thomas effect. Our result gives further evidence for the stability of the more general N+M system.

math-ph↗
arXiv2017

Stability of a fermionic $N+1$ particle system with point interactions

We prove that a system of $N$ fermions interacting with an additional particle via point interactions is stable if the ratio of the mass of the additional particle to the one of the fermions is larger than some critical $m^*$. The value of $m^*$ is independent of $N$ and turns out to be less than $1$. This fact has important implications for the stability of the unitary Fermi gas. We also characterize the domain of the Hamiltonian of this model, and establish the validity of the Tan relations for all wave functions in the domain.

math-ph↗
arXiv2016

Triviality of a model of particles with point interactions in the thermodynamic limit

We consider a model of fermions interacting via point interactions, defined via a certain weighted Dirichlet form. While for two particles the interaction corresponds to infinite scattering length, the presence of further particles effectively decreases the interaction strength. We show that the model becomes trivial in the thermodynamic limit, in the sense that the free energy density at any given particle density and temperature agrees with the corresponding expression for non-interacting particles.

math-ph↗