Duration of asynchronous operations in distributed systems

A distributed asynchronous system is investigated. Its processing elements execute common operations concurrently and distributively. They are implemented as combinatorial circuits and exchange data via open collector bus lines. A method is presented to identify and to minimize the duration of an operation and therefore to increase the performance of the system. No hardware modifications are required

Euro area money demand and international portfolio allocation: a contribution to assessing risks to price stability

The long-run relationship between money and prices in the euro area embedded in traditional money demand models with income and interest rates broke down after 2001. We develop a money demand model where investors hold a diversified portfolio with money, domestic and foreign stocks and long-term bonds in which, in addition to the classical wealth effect, also a size and an international portfolio allocation effects arise. The estimated model identifies three cointegrating vectors stable over the sample 1980-2007: a long-run money demand, which depends on income and all risky assets' returns, and two equilibria for the euro area and the US financial markets. Steady state equilibrium of nominal M3 growth is estimated to be about 7% in 2007 with large standard errors mainly due to uncertainty in asset prices. The gap between actual euro area M3 growth and model-based fitted or predicted values helps forecast euro area inflation. JEL Classification: E41, E44, E52, G11, G15Euro area money demand, Inflation forecasts, monetary policy, portfolio allocation

A matrix ensemble with a preferential basis and its application to disordered metals and insulators

URL: http://www-spht.cea.fr/articles/s93/085The standard ensembles of the random matrix theory are invariant under change of basis. For non interacting electrons in disordered systems, this invariance is broken and deviations from the random matrix theory predictions occur, especially for strong disorder. We consider a generalization of the standard ensembles which includes a preferential basis and which gives rise to a ``screening'' of the logarithmic pairwise interaction between energy levels. In the unitary case, we recover a mathematically tractable distribution of energy levels first introduced by Gaudin. This simplified model provides a qualitative description of level statistics in the metal, insulator and at the mobility edge, which only depends on the dimensionless conductance $g$