The Financial Instability Hypothesis, Disaggregated Finance and the Structure of Econometric Models

Paper presented at the Econometric Society, Toronto, Ontario, Canada, December 28, 1972

Time lower bounds for nonadaptive turnstile streaming algorithms

We say a turnstile streaming algorithm is "non-adaptive" if, during updates, the memory cells written and read depend only on the index being updated and random coins tossed at the beginning of the stream (and not on the memory contents of the algorithm). Memory cells read during queries may be decided upon adaptively. All known turnstile streaming algorithms in the literature are non-adaptive. We prove the first non-trivial update time lower bounds for both randomized and deterministic turnstile streaming algorithms, which hold when the algorithms are non-adaptive. While there has been abundant success in proving space lower bounds, there have been no non-trivial update time lower bounds in the turnstile model. Our lower bounds hold against classically studied problems such as heavy hitters, point query, entropy estimation, and moment estimation. In some cases of deterministic algorithms, our lower bounds nearly match known upper bounds

Bounded Counter Languages

We show that deterministic finite automata equipped with $k$ two-way heads are equivalent to deterministic machines with a single two-way input head and $k-1$ linearly bounded counters if the accepted language is strictly bounded, i.e., a subset of $a_1^*a_2^*... a_m^*$ for a fixed sequence of symbols $a_1, a_2,..., a_m$. Then we investigate linear speed-up for counter machines. Lower and upper time bounds for concrete recognition problems are shown, implying that in general linear speed-up does not hold for counter machines. For bounded languages we develop a technique for speeding up computations by any constant factor at the expense of adding a fixed number of counters

Securitization and financialization

Securitization and financialization are the main causes of the financial crisis. These two concepts explain not only Minsky’s financial instability hypothesis but also the off-balance-sheet operations represented by erivative products, which are closely related to mortgage loans. Financial intermediaries in need of liquidity did everything in their power so that the securitization of assets could have a life of its own in financial operations. This is a process that is endogenous to the development of financialization. Because said process was a violation of the monetary economy, it was necessary for central banks to intervene as “lenders of last resort” as well as to nationalize and restructure all the financial intermediaries

Counter Machines and Distributed Automata: A Story about Exchanging Space and Time

We prove the equivalence of two classes of counter machines and one class of distributed automata. Our counter machines operate on finite words, which they read from left to right while incrementing or decrementing a fixed number of counters. The two classes differ in the extra features they offer: one allows to copy counter values, whereas the other allows to compute copyless sums of counters. Our distributed automata, on the other hand, operate on directed path graphs that represent words. All nodes of a path synchronously execute the same finite-state machine, whose state diagram must be acyclic except for self-loops, and each node receives as input the state of its direct predecessor. These devices form a subclass of linear-time one-way cellular automata.Comment: 15 pages (+ 13 pages of appendices), 5 figures; To appear in the proceedings of AUTOMATA 2018

Interprocedural Reachability for Flat Integer Programs

We study programs with integer data, procedure calls and arbitrary call graphs. We show that, whenever the guards and updates are given by octagonal relations, the reachability problem along control flow paths within some language w1* ... wd* over program statements is decidable in Nexptime. To achieve this upper bound, we combine a program transformation into the same class of programs but without procedures, with an Np-completeness result for the reachability problem of procedure-less programs. Besides the program, the expression w1* ... wd* is also mapped onto an expression of a similar form but this time over the transformed program statements. Several arguments involving context-free grammars and their generative process enable us to give tight bounds on the size of the resulting expression. The currently existing gap between Np-hard and Nexptime can be closed to Np-complete when a certain parameter of the analysis is assumed to be constant.Comment: 38 pages, 1 figur

Perceptual Context in Cognitive Hierarchies

Cognition does not only depend on bottom-up sensor feature abstraction, but also relies on contextual information being passed top-down. Context is higher level information that helps to predict belief states at lower levels. The main contribution of this paper is to provide a formalisation of perceptual context and its integration into a new process model for cognitive hierarchies. Several simple instantiations of a cognitive hierarchy are used to illustrate the role of context. Notably, we demonstrate the use context in a novel approach to visually track the pose of rigid objects with just a 2D camera