Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/232601
Authors: 
Hull, Isaiah
Sattath, Or
Diamanti, Eleni
Wendin, Göran
Year of Publication: 
2020
Series/Report no.: 
Sveriges Riksbank Working Paper Series No. 398
Abstract: 
Research on quantum technology spans multiple disciplines: physics, computer science, engineering, and mathematics. The objective of this manuscript is to provide an accessible introduction to this emerging field for economists that is centered around quantum computing and quantum money. We proceed in three steps. First, we discuss basic concepts in quantum computing and quantum communication, assuming knowledge of linear algebra and statistics, but not of computer science or physics. This covers fundamental topics, such as qubits, superposition, entanglement, quantum circuits, oracles, and the no-cloning theorem. Second, we provide an overview of quantum money, an early invention of the quantum communication literature that has recently been partially implemented in an experimental setting. One form of quantum money offers the privacy and anonymity of physical cash, the option to transact without the involvement of a third party, and the efficiency and convenience of a debit card payment. Such features cannot be achieved in combination with any other form of money. Finally, we review all existing quantum speedups that have been identified for algorithms used to solve and estimate economic models. This includes function approximation, linear systems analysis, Monte Carlo simulation, matrix inversion, principal component analysis, linear regression, interpolation, numerical differentiation, and true random number generation. We also discuss the difficulty of achieving quantum speedups and comment on common misconceptions about what is achievable with quantum computing.
Subjects: 
Quantum Computing
Econometrics
Computational Economics
Money
Central Banks
JEL: 
C50
C60
E40
E50
Document Type: 
Working Paper

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