The Divided Information Superhighway

This issue marks the introduction of the Margaret Chase Smith Essay, which will be a feature in each issue honoring Sen. Smith by focusing on issues related to citizenship, ethics in government, and integrity as a virtue of public leadership. In this first essay, economist Robert Kuttner asks some important ethical questions about the new world of electronic communications. He suggests that who plays and who pays are very important issues that have not been adequately considered in the highly technical and competitive world that will mark the 21st century. [This essay originally appeared as a column in the Boston Globe and is reprinted with [permission of the author.]

Financial Regulation After the Fall

America's financial system has undergone a severe shock that is still cascading throughout the real economy. As financial institutions, their investors and homeowners have lost several trillion dollars, the combination of a contraction in asset values, declining consumer and business demand, and a weakened credit system have pushed the economy into a classic downward spiral. In the absence of heroic government measures, the financial crisis will lead to a serious general depression. Yet very substantial public spending and recapitalization of the nation's financial system, though necessary, are not sufficient. These measures must be combined with comprehensive regulation.This report by Distinguished Senior Fellow Robert Kuttner, provides an in-depth look at the causes and consequences nearly three decades of deregulation, pinpoints the challenges thay lay ahead, and lays out a regulatory framework for bringing us out of this economic mess

Development, Globalization, and Law

Is global commerce under essentially laissez-faire rules optimal for economic development? In this era of liberated and deregulated markets, and after the final collapse of communism, a great many commentators would consider that a self-evident question. Of course free global commerce is good for economic development, because we know that the freest possible markets produce the most efficient use of resources and the highest available rates of economic growth. And growth benefits development. How could it be otherwise? And what is the role of law in facilitating commerce and in contouring a particular regime of domestic and transnational commerce and capital flows? Isn\u27t the global role of law to define property rights and limit the interference and distortion imposed by states, and thus, again, to optimize outcomes? This Article explores these questions

Development, Globalization, and Law

Is global commerce under essentially laissez-faire rules optimal for economic development? In this era of liberated and deregulated markets, and after the final collapse of communism, a great many commentators would consider that a self-evident question. Of course free global commerce is good for economic development, because we know that the freest possible markets produce the most efficient use of resources and the highest available rates of economic growth. And growth benefits development. How could it be otherwise? And what is the role of law in facilitating commerce and in contouring a particular regime of domestic and transnational commerce and capital flows? Isn\u27t the global role of law to define property rights and limit the interference and distortion imposed by states, and thus, again, to optimize outcomes? This Article explores these questions

Tracking Midwest manufacturing and productivity growth

Federal Reserve District, 7th ; Manufactures

Unsupervised supervoxel-based lung tumor segmentation across patient scans in hybrid PET/MRI

Tumor segmentation is a crucial but difficult task in treatment planning and follow-up of cancerous patients. The challenge of automating the tumor segmentation has recently received a lot of attention, but the potential of utilizing hybrid positron emission tomography (PET)/magnetic resonance imaging (MRI), a novel and promising imaging modality in oncology, is still under-explored. Recent approaches have either relied on manual user input and/or performed the segmentation patient-by-patient, whereas a fully unsupervised segmentation framework that exploits the available information from all patients is still lacking. We present an unsupervised across-patients supervoxel-based clustering framework for lung tumor segmentation in hybrid PET/MRI. The method consists of two steps: First, each patient is represented by a set of PET/ MRI supervoxel-features. Then the data points from all patients are transformed and clustered on a population level into tumor and non-tumor supervoxels. The proposed framework is tested on the scans of 18 non-small cell lung cancer patients with a total of 19 tumors and evaluated with respect to manual delineations provided by clinicians. Experiments study the performance of several commonly used clustering algorithms within the framework and provide analysis of (i) the effect of tumor size, (ii) the segmentation errors, (iii) the benefit of across-patient clustering, and (iv) the noise robustness. The proposed framework detected 15 out of 19 tumors in an unsupervised manner. Moreover, performance increased considerably by segmenting across patients, with the mean dice score increasing from 0.169 ± 0.295 (patient-by-patient) to 0.470 ± 0.308 (across-patients). Results demonstrate that both spectral clustering and Manhattan hierarchical clustering have the potential to segment tumors in PET/MRI with a low number of missed tumors and a low number of false-positives, but that spectral clustering seems to be more robust to noise

Will Aging Baby Boomers Bust the Federal Budget?

The authors analyze in three steps the influence of the projected mortality decline on the long-run finances of the Social Security System. First, mortality decline adds person years of life which are distributed across the life cycle. The interaction of this distribution with the age distribution of taxes minus benefits determines the steady state financial consequences of mortality decline. Second, examination of past mortality trends in the United State and of international trends in low mortality populations, suggests that mortality will decline much faster than foreseen by the SSA\u27s forecasts. Third, based on work on stochastic demographic forecasting, stochastic forecasts of the system\u27s actuarial balance are derived, indicating a broader range of demographic uncertainty than in the latest SSA forecasts, and a relatively greater contribution to uncertainty from fertility than mortality

Large-Scale Asset Purchases by the Federal Reserve: Did They Work?

Discusses how the Federal Reserve faced the challenge to further ease the stance of monetary policy as the economic outlook deteriorated through LSAPs

Money Manager Capitalism and the Global Financial Crisis

This paper applies Hyman Minsky's approach to provide an analysis of the causes of the global financial crisis. Rather than finding the origins in recent developments, this paper links the crisis to the long-term transformation of the economy from a robust financial structure in the 1950s to the fragile one that existed at the beginning of this crisis in 2007. As Minsky said, 'Stability is destabilizing': the relative stability of the economy in the early postwar period encouraged this transformation of the economy. Today's crisis is rooted in what he called 'money manager capitalism,' the current stage of capitalism dominated by highly leveraged funds seeking maximum returns in an environment that systematically under-prices risk. With little regulation or supervision of financial institutions, money managers have concocted increasingly esoteric instruments that quickly spread around the world. Those playing along are rewarded with high returns because highly leveraged funding drives up prices for the underlying assets. Since each subsequent bust wipes out only a portion of the managed money, a new boom inevitably rises. Perhaps this will prove to be the end of this stage of capitalism-the money manager phase. Of course, it is too early even to speculate on the form capitalism will take. I will only briefly outline some policy implications