323 research outputs found
Lessons from a laissez-faire payments system: the Suffolk Banking System (1825-58)
No full textA classic example of a privately created interbank payments system was operated by the Suffolk Bank of New England (1825–58). Known as the Suffolk Banking System, it was the nation’s first regionwide net-clearing system for bank notes. While it operated, notes of all New England banks circulated at par throughout the region. Some have concluded from this experience that unfettered competition in the provision of payments services can produce an efficient payments system. But another look at the history of the Suffolk Banking System questions this conclusion. The Suffolk Bank earned extraordinary profits, and note-clearing may have been a natural monopoly. There is no consensus in the literature about whether unfettered operation of markets with natural monopolies produces an efficient allocation of resources. ; Reprinted in Quarterly Review, Fall 2002 (v. 26. no. 4)Suffolk Banking System ; Payment systems
Money, inflation, and output under fiat and commodity standards
No full textThis study examines the behavior of money, inflation, and output under fiat and commodity standards to better understand how changes in monetary policy affect economic activity. Using long-term historical data for 15 countries, the study finds that the growth rates of various monetary aggregates are more highly correlated with inflation and with each other under fiat standards than under commodity standards. Money growth, inflation, and output growth are also higher under fiat standards. In contrast, the study does not find that money growth is more highly correlated with output growth under one type of standard than under the other. This study was originally published in the Journal of Political Economy (December 1997, vol. 105, no. 6, pp. 1308_21). It is reprinted in the Federal Reserve Bank of Minneapolis Quarterly Review with the permission of the University of Chicago Press.Money theory
Towards an integrated understanding of neural networks
No full textThesis: Ph. D., Massachusetts Institute of Technology, Department of Mathematics, 2018.Cataloged from PDF version of thesis.Includes bibliographical references (pages 123-136).Neural networks underpin both biological intelligence and modern Al systems, yet there is relatively little theory for how the observed behavior of these networks arises. Even the connectivity of neurons within the brain remains largely unknown, and popular deep learning algorithms lack theoretical justification or reliability guarantees. This thesis aims towards a more rigorous understanding of neural networks. We characterize and, where possible, prove essential properties of neural algorithms: expressivity, learning, and robustness. We show how observed emergent behavior can arise from network dynamics, and we develop algorithms for learning more about the network structure of the brain.by David Rolnick.Ph. D
Lessons from a laissez-faire payments system: the Suffolk Banking System, 1825-58
No full textSuffolk Banking System ; Banks and banking - History ; Payment systems ; Banks and banking - New England ; Clearinghouses (Banking)
The Suffolk Bank and the Panic of 1837
No full textThe Suffolk Bank in Boston is well known as having been the clearinghouse for virtually all the banknotes that circulated in New England between 1836 and 1858. An examination of 19th century bank balance sheets shows that during and after the U.S. banking Panic of 1837, this private commercial bank also provided some services that today are provided by central banks. These include lending reserves to other banks (providing a discount window) and keeping the payments system operating. Because of Suffolk's activities, banks in New England fared better than banks elsewhere during the Panic of 1837. And after the panic, when much of the United States suffered a prolonged economic slowdown, New England fared better than the rest of the country, at least partly because of Suffolk’s central bank-like activities.Bank notes ; Banks and banking - History
Southern Minnesota Initiative Foundation: Early Childhood Initiative Grant
No full textIncludes bibliographical references
Class of 1960 - Day Section
No full textAbramson, I. Addess, A. Bardavid, R. Berger, S. Berman, P. Bernstein, S. Betsos, P. Blatt, D. Blittner, A. Brecher, G. Budin, J. Cahn, R. Callo, D. Cohen, M. Cohn, L. Colantuono, J. Creditor, P. Delman, N. Demartino, N. Dounias, P. Drossman, L. Duban, M. Edelman, H. Fleischer, B. Fleischer, E. Floyd, M. Fox, S. Frey, S. Friedman, H. Friedman, R. Frommer, W. Glaser, J. Gargano, H. Goldberg, B. Goldberg, G. Goldstein, Melvin. Goldstein, Michael. Goldstein, Mitchell. Goldstein, S. Goldstein, W. Gordon, S. Greenberg, S. Greene, A. Heller, A. Judlowitz, D. Katz, E. Koch, A. Koval, M. Lashin, M. Lazarowitz, H. Lebowitz, A. Leff, R. Leibowitz, G. Levenson, S. Levy, R. Lieberstein, S. Lipnack, M. Lobel, S. Mammana, S. Maroshick, E. Mendelson, A. Merani, P. Miller, C. Milonas, L. Morris, M. Moussouttas, D. Nitsberg, M. Ochs, M. O\u27Donnell, J. Perelman, M. Price, E. Ralph, W. Reich, E. Reiver, K. Ripton, J. Rolnick, G. Romanoff, G. Rosen, R. Ross, R. Roth, P. Rubin, M. Samuels, A. Scapicchio, F. Schachter, M. Schaumberger, N. Schmeltzer, D. Schneider, R. Seif, A. Shapiro, L. Silverman, B. Silverman, M. Simon, G. Simon, L. Sipress, M. Spiegelman, J. Strassberg, M. Thomas, C. Tremsky, W. Trolman, D. Walker, E. Weisman, M. Weiss, H. Weiswasser, R. Wessler, R. Wexler, E. Wildermuth, E., Jr. Wolfe, H. Youngstein, M. Zeitlan, B. Ziegler, G. Zimmerman, A. Zipkin, N.https://brooklynworks.brooklaw.edu/bls_classphotos/1070/thumbnail.jp
Recommended from our members
Class of 1960 - Day Section
No full textAbramson, I. Addess, A. Bardavid, R. Berger, S. Berman, P. Bernstein, S. Betsos, P. Blatt, D. Blittner, A. Brecher, G. Budin, J. Cahn, R. Callo, D. Cohen, M. Cohn, L. Colantuono, J. Creditor, P. Delman, N. Demartino, N. Dounias, P. Drossman, L. Duban, M. Edelman, H. Fleischer, B. Fleischer, E. Floyd, M. Fox, S. Frey, S. Friedman, H. Friedman, R. Frommer, W. Glaser, J. Gargano, H. Goldberg, B. Goldberg, G. Goldstein, Melvin. Goldstein, Michael. Goldstein, Mitchell. Goldstein, S. Goldstein, W. Gordon, S. Greenberg, S. Greene, A. Heller, A. Judlowitz, D. Katz, E. Koch, A. Koval, M. Lashin, M. Lazarowitz, H. Lebowitz, A. Leff, R. Leibowitz, G. Levenson, S. Levy, R. Lieberstein, S. Lipnack, M. Lobel, S. Mammana, S. Maroshick, E. Mendelson, A. Merani, P. Miller, C. Milonas, L. Morris, M. Moussouttas, D. Nitsberg, M. Ochs, M. O\u27Donnell, J. Perelman, M. Price, E. Ralph, W. Reich, E. Reiver, K. Ripton, J. Rolnick, G. Romanoff, G. Rosen, R. Ross, R. Roth, P. Rubin, M. Samuels, A. Scapicchio, F. Schachter, M. Schaumberger, N. Schmeltzer, D. Schneider, R. Seif, A. Shapiro, L. Silverman, B. Silverman, M. Simon, G. Simon, L. Sipress, M. Spiegelman, J. Strassberg, M. Thomas, C. Tremsky, W. Trolman, D. Walker, E. Weisman, M. Weiss, H. Weiswasser, R. Wessler, R. Wexler, E. Wildermuth, E., Jr. Wolfe, H. Youngstein, M. Zeitlan, B. Ziegler, G. Zimmerman, A. Zipkin, N.https://brooklynworks.brooklaw.edu/bls_classphotos/1070/thumbnail.jp
Class of 1960 - Day Section
No full textAbramson, I. Addess, A. Bardavid, R. Berger, S. Berman, P. Bernstein, S. Betsos, P. Blatt, D. Blittner, A. Brecher, G. Budin, J. Cahn, R. Callo, D. Cohen, M. Cohn, L. Colantuono, J. Creditor, P. Delman, N. Demartino, N. Dounias, P. Drossman, L. Duban, M. Edelman, H. Fleischer, B. Fleischer, E. Floyd, M. Fox, S. Frey, S. Friedman, H. Friedman, R. Frommer, W. Glaser, J. Gargano, H. Goldberg, B. Goldberg, G. Goldstein, Melvin. Goldstein, Michael. Goldstein, Mitchell. Goldstein, S. Goldstein, W. Gordon, S. Greenberg, S. Greene, A. Heller, A. Judlowitz, D. Katz, E. Koch, A. Koval, M. Lashin, M. Lazarowitz, H. Lebowitz, A. Leff, R. Leibowitz, G. Levenson, S. Levy, R. Lieberstein, S. Lipnack, M. Lobel, S. Mammana, S. Maroshick, E. Mendelson, A. Merani, P. Miller, C. Milonas, L. Morris, M. Moussouttas, D. Nitsberg, M. Ochs, M. O\u27Donnell, J. Perelman, M. Price, E. Ralph, W. Reich, E. Reiver, K. Ripton, J. Rolnick, G. Romanoff, G. Rosen, R. Ross, R. Roth, P. Rubin, M. Samuels, A. Scapicchio, F. Schachter, M. Schaumberger, N. Schmeltzer, D. Schneider, R. Seif, A. Shapiro, L. Silverman, B. Silverman, M. Simon, G. Simon, L. Sipress, M. Spiegelman, J. Strassberg, M. Thomas, C. Tremsky, W. Trolman, D. Walker, E. Weisman, M. Weiss, H. Weiswasser, R. Wessler, R. Wexler, E. Wildermuth, E., Jr. Wolfe, H. Youngstein, M. Zeitlan, B. Ziegler, G. Zimmerman, A. Zipkin, N.https://brooklynworks.brooklaw.edu/bls_classphotos/1070/thumbnail.jp
Digitalization and the Anthropocene
No full textGreat claims have been made about the benefits of dematerialization in a digital service economy. However, digitalization has historically increased environmental impacts at local and planetary scales, affecting labor markets, resource use, governance, and power relationships. Here we study the past, present, and future of digitalization through the lens of three interdependent elements of the Anthropocene: (a) planetary boundaries and stability, (b) equity within and between countries, and (c) human agency and governance, mediated via (i) increasing resource efficiency, (ii) accelerating consumption and scale effects, (iii) expanding political and economic control, and (iv) deteriorating social cohesion. While direct environmental impacts matter, the indirect and systemic effects of digitalization are more profoundly reshaping the relationship between humans, technosphere and planet. We develop three scenarios: planetary instability, green but inhumane, and deliberate for the good. We conclude with identifying leverage points that shift human–digital–Earth interactions toward sustainability
- …
