The Parts Are Greater Than the Whole: How Securitization of Divisible Interests Can Revolutionize Structured Finance and Open the Capital Markets to Middle-Market Companies

We evaluated whether new information could be drawn from additional data collection and unconventional statistical analyses of an on-farm trial. First, we compared a conventional sampling method using a biomass estimate of weed abundance to repeated visual assessment of the percentage ground cover of weeds. The biomass was sampled once after the treatment, whereas the ground cover was repeatedly sampled once before weed control plus several occasions after weed control. Second, we contrasted the outcomes from analysis of variance (ANOVA), taking samples from a single point in time with repeated measures (rm)ANOVA and a multivariate method. As the outcomes and conclusions drawn were relatively similar, we conclude that the ground cover estimate of weed abundance was as reliable as the biomass estimate. The rmANOVA enabled us to follow the temporal trend in response to treatments in the most abundant species, including possible initial differences. Multivariate analysis went even further, by clearly displaying species-wise responses and treatment selectivity.The definitive version is available at www.blackwell-synergy.com: LIBÈRE NKURUNZIZA and PER MILBERG, Repeated grading of weed abundance and multivariate methods to improve the efficacy of on-farm weed control trials, 2007, Weed Biology and Management, (7), 132-139. http://dx.doi.org/10.1111/j.1445-6664.2007.00247.x. Copyright: Blackwell Publishing www.blackwell-synergy.co

Search theory and applied economic research

In the summer of 2002, the Swiss National Bank (SNB) hosted the “SNB-Fed Cleveland Workshop on Monetary Economics”. Recent years have seen the development of the search-theoretic approach to monetary theory. It has established itself as an important strand of monetary theory in a very short space of time, although it has yet to exert a significant influence on the empirical models that are typically used for monetary policy analysis. This is why the conference organisers, David Altig (Federal Reserve Bank of Cleveland), Aleksander Berentsen (University of Basel) and Thomas Jordan (SNB) decided that the event should focus on linking search theory with applied economic research. This summary article first briefly examines the objectives and challenges of search theory before discussing briefly the conference papers.Search Theory; Monetary Policy; Applied Economic Research

Recent developments in monetary economics: a summary of the 2004 Workshop on Money, Banking, and Payments

We provide a summary and an overview of the papers presented at the Federal Reserve Bank of Cleveland’s 2004 Workshop on Money, Banking, and Payments, held during the weeks of August 3-7 and August 23-27, 2004.Monetary policy ; Monetary theory ; Banks and banking ; Payment systems

A Search Theory of Money and Commerce with Neoclassical Production

This paper advances a highly tractable model with search theoretic foundations for money and neoclassical growth. In the model, manufacturing and commerce are distinct and separate activities. In manufacturing, goods are efficiently produced combining capital and labor. In commerce, goods are exchanged in bilateral meetings. The model is applied to study the effects of in ation on capital accumulation and welfare. With realistic parameters, in ation has large negative effects on welfare even though it raises capital and output. In contrast, with cash-in-advance, a device informally motivated with bilateral trading, in ation depresses capital and output and has a negligible effecton welfare. (Keywords: search, money, commerce, in ation, neoclassical production, capital accumulation, optimum quantity of money.)search, money, commerce, in;ation, neoclassical production, capital accumulation, optimum quantity of money.

The Evolution of Embedding Metadata in Blockchain Transactions

The use of blockchains is growing every day, and their utility has greatly expanded from sending and receiving crypto-coins to smart-contracts and decentralized autonomous organizations. Modern blockchains underpin a variety of applications: from designing a global identity to improving satellite connectivity. In our research we look at the ability of blockchains to store metadata in an increasing volume of transactions and with evolving focus of utilization. We further show that basic approaches to improving blockchain privacy also rely on embedding metadata. This paper identifies and classifies real-life blockchain transactions embedding metadata of a number of major protocols running essentially over the bitcoin blockchain. The empirical analysis here presents the evolution of metadata utilization in the recent years, and the discussion suggests steps towards preventing criminal use. Metadata are relevant to any blockchain, and our analysis considers primarily bitcoin as a case study. The paper concludes that simultaneously with both expanding legitimate utilization of embedded metadata and expanding blockchain functionality, the applied research on improving anonymity and security must also attempt to protect against blockchain abuse.Comment: 9 pages, 6 figures, 1 table, 2018 International Joint Conference on Neural Network

Protecting Rights, Preventing Windfalls: A Model for Harmonizing State and Federal Laws on Floating Liens

This Article examines the conflict between state law which permits the creation of security interests in a debtor\u27s after-acquired property--or floating liens --and federal bankruptcy law\u27s potential cutoff of many of those security interests. This conflict arises in virtually every bankruptcy case. However, because of ambiguous statutory language and a failure of the jurisprudence conceptual center. This Article argues that using a model of a debtor in liquidation to analyze the cutoff of floating liens would balance the underlying policy considerations and make judicial outcomes more predictable

Price isn't everything

A comparison of Fedwire, CHIPS, and GlobeSet payment services for 24-hour global markets, emphasizing the constraining influence of the Federal Reserve's monetary policy responsibilities on Fedwire's market share.Federal Reserve banks ; Electronic funds transfers ; Payment systems

A Digital Cash Paradigm with Valued and No-Valued e-Coins

Digital cash is a form of money that is stored digitally. Its main advantage when compared to traditional credit or debit cards is the possibility of carrying out anonymous transactions. Diverse digital cash paradigms have been proposed during the last decades, providing different approaches to avoid the double-spending fraud, or features like divisibility or transferability. This paper presents a new digital cash paradigm that includes the so-called no-valued e-coins, which are e-coins that can be generated free of charge by customers. A vendor receiving a payment cannot distinguish whether the received e-coin is valued or not, but the customer will receive the requested digital item only in the former case. A straightforward application of bogus transactions involving no-valued e-coins is the masking of consumption patterns. This new paradigm has also proven its validity in the scope of privacy-preserving pay-by-phone parking systems, and we believe it can become a very versatile building block in the design of privacy-preserving protocols in other areas of research. This paper provides a formal description of the new paradigm, including the features required for each of its components together with a formal analysis of its security.This research was funded by the Spanish Ministry of Science, Innovation and Universities grant number MTM2017-83271-R