An Outline of a Progressive Resolution to the Euro-area Sovereign Debt Overhang: How a Five year Suspension of the Debt Burden Could Overthrow Austerity

The present study puts forward a plan for solving the sovereign debt crisis in the euro area (EA) in line with the interests of the working classes and the social majority. Our main strategy is for the European Central Bank (ECB) to acquire a significant part of the outstanding sovereign debt (at market prices) of the countries in the EA and convert it to zero-coupon bonds. No transfers will take place between individual states; taxpayers in any EA country will not be involved in the debt restructuring of any foreign eurozone country. Debt will not be forgiven: individual states will agree to buy it back from the ECB in the future when the ratio of sovereign debt to GDP has fallen to 20 percent. The sterilization costs for the ECB are manageable. This model of an unconventional monetary intervention would give progressive governments in the EA the necessary basis for developing social and welfare policies to the benefit of the working classes. It would reverse present-day policy priorities and replace the neoliberal agenda with a program of social and economic reconstruction, with the elites paying for the crisis. The perspective taken here favors social justice and coherence, having as its priority the social needs and the interests of the working majority

Dirichlet-based Gaussian Processes for Large-scale Calibrated Classification

This paper studies the problem of deriving fast and accurate classification algorithms with uncertainty quantification. Gaussian process classification provides a principled approach, but the corresponding computational burden is hardly sustainable in large-scale problems and devising efficient alternatives is a challenge. In this work, we investigate if and how Gaussian process regression directly applied to classification labels can be used to tackle this question. While in this case training is remarkably faster, predictions need to be calibrated for classification and uncertainty estimation. To this aim, we propose a novel regression approach where the labels are obtained through the interpretation of classification labels as the coefficients of a degenerate Dirichlet distribution. Extensive experimental results show that the proposed approach provides essentially the same accuracy and uncertainty quantification as Gaussian process classification while requiring only a fraction of computational resources

ARK: Autonomous mobile robot in an industrial environment

This paper describes research on the ARK (Autonomous Mobile Robot in a Known Environment) project. The technical objective of the project is to build a robot that can navigate in a complex industrial environment using maps with permanent structures. The environment is not altered in any way by adding easily identifiable beacons and the robot relies on naturally occurring objects to use as visual landmarks for navigation. The robot is equipped with various sensors that can detect unmapped obstacles, landmarks and objects. In this paper we describe the robot's industrial environment, it's architecture, a novel combined range and vision sensor and our recent results in controlling the robot in the real-time detection of objects using their color and in the processing of the robot's range and vision sensor data for navigation

Digital Signal Processing

Contains introduction and reports on seventeen research projects.U.S. Navy - Office of Naval Research (Contract N00014-81-K-0742)U.S. Navy - Office of Naval Research (Contract N00014-77-C-0266)National Science Foundation (Grant ECS80-07102)Bell Laboratories FellowshipAmoco Foundation FellowshipSchlumberger-Doll Research Center FellowshipSanders Associates, Inc.Toshiba Company FellowshipM.I.T. Vinton Hayes FellowshipHertz Foundation Fellowshi

Digital Signal Processing Group

Contains an introduction and reports on nineteen research projects.U.S. Navy - Office of Naval Research (Contract N00014-77-C-0266)U.S. Navy - Office of Naval Research (Contract N00014-81-K-0742)National Science Foundation (Grant ECS80-07102)Bell Laboratories FellowshipAmoco Foundation FellowshipU.S. Navy - Office of Naval Research (Contract N00014-77-C-0196)Schlumberger-Doll Research Center FellowshipToshiba Company FellowshipVinton Hayes FellowshipHertz Foundation Fellowshi

Property-driven State-Space Coarsening for Continuous Time Markov Chains

Dynamical systems with large state-spaces are often expensive to thoroughly explore experimentally. Coarse-graining methods aim to define simpler systems which are more amenable to analysis and exploration; most current methods, however, focus on a priori state aggregation based on similarities in transition rates, which is not necessarily reflected in similar behaviours at the level of trajectories. We propose a way to coarsen the state-space of a system which optimally preserves the satisfaction of a set of logical specifications about the system's trajectories. Our approach is based on Gaussian Process emulation and Multi-Dimensional Scaling, a dimensionality reduction technique which optimally preserves distances in non-Euclidean spaces. We show how to obtain low-dimensional visualisations of the system's state-space from the perspective of properties' satisfaction, and how to define macro-states which behave coherently with respect to the specifications. Our approach is illustrated on a non-trivial running example, showing promising performance and high computational efficiency.Comment: 16 pages, 6 figures, 1 tabl