A modular and scalable architecture for the realization of high-speed programmable rank-order filters using threshold logic

We present a new scalable architecture for the realization of fully programmable rank order filters (ROF). Capacitive Threshold Logic (CTL) gates are utilized for the implementation of the multi-input programmable majority (voting) functions required in the architecture. The CTL-based realization of the majority gates used in the ROF architecture allows the filter rank as well as the window size to be user-programmable, using a much smaller silicon area, compared to conventional realizations of digital median filters. The proposed filter architecture is completely modular and scalable, and the circuit complexity grows only linearly with maximum window size (m) and with word length (n). A prototype of the proposed filter circuit has been designed and fabricated using double-polysilicon 0.8 μm CMOS technology. Detailed post-layout simulations and test results of the ROF prototype circuit indicate that the new architecture can accommodate sampling clock rates of up to 50 MHz, corresponding to an effective data processing rate of 800 Mb/s for a very large filter with window size 63 and word length of 16 bits

Artificial Intelligence in Swedish Policies::Values, benefits, considerations and risks

Part 4: AI, Data Analytics and Automated Decision MakingInternational audienceArtificial intelligence (AI) is said to be the next big phase in digitalization. There is a global ongoing race to develop, implement and make use of AI in both the private and public sector. The many responsibilities of governments in this race are complicated and cut across a number of areas. Therefore, it is important that the use of AI supports these diverse aspects of governmental commitments and values. The aim of this paper is to analyze how AI is portrayed in Swedish policy documents and what values are attributed to the use of AI. We analyze Swedish policy documents and map benefits, considerations and risks with AI into different value ideals, based on an established e-government value framework. We conclude that there is a discrepancy in the policy level discourse on the use of AI between different value ideals. Our findings show that AI is strongly associated with improving efficiency and service quality in line with previous e-government policy studies. Interestingly, few benefits are highlighted concerning engagement of citizens in policy making. A more nuanced view on AI is needed for creating realistic expectations on how this technology can benefit society

Central Bank Transparency under Model Uncertainty

This paper explores the effects of central bank transparency on the performance of optimal inflation targeting rules. I assume that both the central bank and the private sector face uncertainty about the correct model of the economy and have to learn. A transparent central bank can reduce one source of uncertainty for private agents by communicating its policy rule to the public. The paper shows that central bank transparency plays a crucial role in stabilizing the agents' learning process and expectations. By contrast, lack of transparency can lead to expectations-driven fluctuations that have destabilizing effects on the economy, even when the central bank has adopted optimal policie

Expectation and Duration at the Effective Lower Bound

I study unconventional monetary policy in a structural model of risk-averse arbitrage, augmented with an effective lower bound (ELB) on nominal rates. The model exposes nonlinear interactions among short-rate expectations, bond supply, and term premia that are absent from models that ignore the ELB, and these features help it replicate the recent behavior of long-term yields, including event-study evidence on the responses to unconventional policy. When the model is calibrated to long-run moments of the yield curve and subjected to shocks approximating the size of the Federal Reserve.s forward guidance and asset purchases, it implies that those policies worked primarily by changing the anticipated path of short-term interest rates, not by lowering investors.exposures to interest-rate risk. However, the effects of short-rate expectations were more attenuated than the effects of bond-supply shocks during the ELB period

The Impact of ECB Communication on Financial Market Expectations

This paper analyzes European financial markets' comprehension and interpretation of ECB communication signals. By applying a novel indicator developed by Berger et al. (2006), that quantifies the contents of the ECB's introductory statements, we find that communication affects the term structure of interest rates in the medium run over a horizon between five months to one year. Our results suggest that financial market agents expect the ECB to prepare them for a change in interest rates well in advance. However, judging upon the dynamics of the response, the exact timing of a decision is less foreseeable. Disentangling the effects of ECB statements on prices, the real and the monetary sector, we provide evidence that especially the ECB's interpretation and forecasts of price developments represent important news to financial market agents

Pricing TIPS and Treasuries with Linear Regressions

We present an affine term structure model for the joint pricing of Treasury Inflation-Protected Securities (TIPS) and Treasury yield curves that adjusts for TIPS' relative illiquidity. Our estimation using linear regressions is computationally very fast and can accommodate unspanned factors. The baseline specification with six principal components extracted from Treasury and TIPS yields, in combination with a liquidity factor, generates negligibly small pricing errors for both real and nominal yields. Model-implied expected inflation provides a better prediction of actual inflation than breakeven inflation. The value of the deflation floor calculated from the model is generally small in magnitude, but spiked during the recent crisis

Inflation Uncertainty and Disagreement in Bond Risk Premia

This paper examines the relation between variations in perceived inflation uncertainty and bond premia. Using the subjective probability distributions available in the Survey of Professional Forecasters we construct a quarterly time series of average individual uncertainty about inflation forecasts since 1968. We show that this ex-ante measure of inflation uncertainty differs importantly from measures of disagreement regarding inflation forecasts and other proxies, such as model-based ex-post measures of macroeconomic risk. Inflation uncertainty is an important driver of bond premia, but the relation varies across inflation regimes. It is most important in the high-inflation regime early in the sample and the low-inflation regime over the last 15 years. Once the role of inflation uncertainty is accounted for, disagreement regarding inflation forecasts appears a much less important driver of bond premia