Roundtable discussion: reflection on twenty years of bank regulatory reform

In 1986 the American Bankers Association asked five banking academics to assess and recommend policy options to improve the banking system's efficiency, performance, and safety. The report these five economists produced, Perspectives on Safe and Sound Banking: Past, Present, and Future, has in many ways served as a roadmap for ensuing bank regulatory reforms. In this roundtable discussion, each of the five authors reflects on the past twenty years and the current status of the banking industry and, in some cases, shares thoughts about the industry's future direction.Banks and banking ; Bank supervision

Autonomic management of multiple non-functional concerns in behavioural skeletons

We introduce and address the problem of concurrent autonomic management of different non-functional concerns in parallel applications build as a hierarchical composition of behavioural skeletons. We first define the problems arising when multiple concerns are dealt with by independent managers, then we propose a methodology supporting coordinated management, and finally we discuss how autonomic management of multiple concerns may be implemented in a typical use case. The paper concludes with an outline of the challenges involved in realizing the proposed methodology on distributed target architectures such as clusters and grids. Being based on the behavioural skeleton concept proposed in the CoreGRID GCM, it is anticipated that the methodology will be readily integrated into the current reference implementation of GCM based on Java ProActive and running on top of major grid middleware systems.Comment: 20 pages + cover pag

The Cowl - v.33 - n.17 - Mar 31, 1971

The Cowl - student newspaper of Providence College. Volume 33, Number 17 - March 31, 1971. 12 pages

The ECMWF Ensemble Prediction System: Looking Back (more than) 25 Years and Projecting Forward 25 Years

This paper has been written to mark 25 years of operational medium-range ensemble forecasting. The origins of the ECMWF Ensemble Prediction System are outlined, including the development of the precursor real-time Met Office monthly ensemble forecast system. In particular, the reasons for the development of singular vectors and stochastic physics - particular features of the ECMWF Ensemble Prediction System - are discussed. The author speculates about the development and use of ensemble prediction in the next 25 years.Comment: Submitted to Special Issue of the Quarterly Journal of the Royal Meteorological Society: 25 years of ensemble predictio

Revenues in the 700 MHz Spectrum Auction

There have been several comments that criticize auction rules that prevent the two major low-frequency incumbents from winning all of the newly available spectrum and incorporating it into their proprietary networks. Such rules include new-entrant set-asides, new-entrant bidding credits, and the open access plan. We disagree with these criticisms and argue that given the current market structure, such rules are likely to improve welfare and auction revenues. We are submitting this report to provide sound economic analysis of these claims.Auctions, spectrum auctions, market design