The Big Problem of Large Bills: The Bank of Amsterdam and the Origins of Central Banking

Central banking, commodity money, debasement

The big problem of large bills: the Bank of Amsterdam and the origins of central banking

This paper outlines a model of the first true central bank, the Bank of Amsterdam, founded in 1609. Employing a variant of the Freeman (1996) model of money and payments, we first analyze the problematic monetary situation in the Netherlands prior to the founding of the Bank. We then use the model to describe how the Bank could remedy this situation by creating a stable medium for the settlement of commercial obligations.

How Amsterdam got fiat money

We investigate a fiat money system introduced by the Bank of Amsterdam in 1683. Using data from the Amsterdam Municipal Archives, we partially reconstruct changes in the bank's balance sheet from 1666 through 1702. Our calculations show that the Bank of Amsterdam, founded in 1609, was engaged in two archetypal central bank activities—lending and open market operations—both before and after its adoption of a fiat standard. After 1683, the bank was able to conduct more regular and aggressive policy interventions, from a virtually nonexistent capital base. The bank's successful experimentation with a fiat standard foreshadows later developments in the history of central banking.

An economic explanation of the early Bank of Amsterdam, debasement, bills of exchange, and the emergence of the first central bank

The Bank of Amsterdam, founded in 1609, was the first public bank to offer accounts not directly convertible to coin. As such, it can be described as the first true central bank. The debut of central bank money did not result from any conscious policy decision, however, but instead arose almost by accident, in response to the chaotic monetary conditions during the early years of the Dutch Republic. This paper examines the history of this momentous development from the perspective of modern monetary theory.

The sensitivity of the NEMO technique to neutrinoless double beta decay and the commissioning of the SuperNEMO demonstrator module

The SuperNEMO Demonstrator Module is currently being commissioned at the LSM in Modane France. Its aim is to search for neutrinoless double beta decay (0νββ) with a half-life sensitivity of 4 × 10^24 years at 90% CL with an exposure of 17.5 kg.yr of the isotope ^82Se and a background level of < 10^−4 events/(keV.kg.yr). This corresponds to an effective Majorana neutrino mass limit of < (260 − 500) meV. SuperNEMO has a unique ability to measure the full topology of double beta-like events using its separated tracker-calorimeter design. Commissioning tasks for the calorimeter and tracker are presented. The quality of the SuperNEMO PMT pulse shapes is investigated and a novel approach to measuring the PMT time resolution is developed. The model development, experimental design and analysis techniques for a study into the effects of helium poisoning on the R5912-MOD Hamamatsu PMT is summarised and the practical implications of the study with respect to SuperNEMO are discussed. Initial data quality checks of the tracker commissioning data and example event maps are also presented. The next generation of 0νββ experiments aim to achieve a half-life sensitivity on the order of 10^28 years. A sensitivity study is presented to describe the outlook for the NEMO measurement technique in matching the sensitivity goals of these discovery type detectors

Finite-element reentry heat-transfer analysis of space shuttle Orbiter

A structural performance and resizing (SPAR) finite-element thermal analysis computer program was used in the heat-transfer analysis of the space shuttle orbiter subjected to reentry aerodynamic heating. Three wing cross sections and one midfuselage cross section were selected for the thermal analysis. The predicted thermal protection system temperatures were found to agree well with flight-measured temperatures. The calculated aluminum structural temperatures also agreed reasonably well with the flight data from reentry to touchdown. The effects of internal radiation and of internal convection were found to be significant. The SPAR finite-element solutions agreed reasonably well with those obtained from the conventional finite-difference method

Multimodal interventions to enhance adherence to secondary preventive medication after stroke: a systematic review and meta-analyses

Summary: Introduction: Nonadherence to secondary preventative medications after stroke is common and is associated with poor outcomes. Numerous strategies exist to promote adherence. We performed a systematic review and meta-analysis to describe the efficacy of strategies to improve adherence to stroke secondary prevention. Methods: We created a sensitive search strategy and searched multiple electronic databases (MEDLINE, EMBASE, CINAHL, PsycINFO, CENTRAL, and Web of Knowledge) for studies of interventions that aimed to enhance adherence to secondary preventative medication after stroke. We assessed quality of included studies using the Cochrane tool for assessing risk of bias. We performed narrative review and performed meta-analysis where data allowed. Results: From 12,237 titles, we included seventeen studies in our review. Eleven studies were considered to have high risk of bias, 3 with unclear risk, and 3 of low risk. Meta-analysis of available data suggested that these interventions improved adherence to individual medication classes (blood pressure-lowering drugs – OR, 2.21; 95% CI (1.63, 2.98), [P &lt; 0.001], lipid-lowering drugs – OR, 2.11; 95% CI (1.00, 4.46), [P = 0.049], and antithrombotic drugs – OR, 2.32; 95% CI (1.18, 4.56, [P = 0.014]) but did not improve adherence to an overall secondary preventative medication regimen (OR, 1.96; 95% CI (0.50, 7.67), [P = 0.332]). Conclusion: Interventions can lead to improvement in adherence to secondary preventative medication after stroke. However, existing data is limited as several interventions, duration of follow-up, and various definitions were used. These findings need to be interpreted with caution

The effect of leveling coatings on the atomic oxygen durability of solar concentrator surfaces

Space power systems for Space Station Freedom will be exposed to the harsh environment of low earth orbit (LEO). Neutral atomic oxygen is the major constituent in LEO and has the potential of severely reducing the efficiency of solar dynamic power systems through degradation of the concentrator surfaces. Several transparent dielectric thin films have been found to provide atomic oxygen protection, but atomic oxygen undercutting at inherent defect sites is still a threat to solar dynamic power system survivability. Leveling coatings smooth microscopically rough surfaces, thus eliminating potential defect sites prone to oxidation attack on concentrator surfaces. The ability of leveling coatings to improve the atomic oxygen durability of concentrator surfaces was investigated. The application of a EPO-TEK 377 epoxy leveling coating on a graphite epoxy substrate resulted in an increase in solar specular reflectance, a decrease in the atomic oxygen defect density by an order of magnitude and a corresponding order of magnitude decrease in the percent loss of specular reflectance during atomic oxygen plasma ashing

Actions of divided power Hopf algebras

AbstractWe study prime ideals in enveloping algebra smash products and use a duality construction to obtain results on prime ideals in rings on which divided power Hopf algebras act. These actions correspond to higher derivations. First, we consider chains of prime ideals in an enveloping algebra smash product over an arbitrary ring, where the Lie algebra is assumed to be finite dimensional abelian over a field of positive characteristic. We give a bound on the length of such a chain where the ideals all have the same intersection with the coefficient ring. Then using an explicit construction of a duality theorem of Blattner and Montgomery in this context, we are able to apply results on enveloping algebra smash products to study the invariant ideals of prime ideals in a ring, under a locally nilpotent divided power Hopf algebra action