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Macroeconomic Theory and Policy Lecture 2: National Income Accounting
ECO 209Y Macroeconomic Theory and Policy Lecture 2: National Income Accounting © Gustavo Indart Slide1 Gross Domestic Product Gross Domestic Product (GDP) is the value of all final goods and services produced in Canada during a given period of time That is, GDP is a flow of new products during a period of time, usually one year We can use three different approaches to measure GDP: Production approach Expenditure approach Income approach © Gustavo Indart Slide 2 Measuring GDP Production Approach –We can measure GDP by measuring the value added in the production of goods and services in the different industries (e.g., agriculture, mining, manufacturing, commerce, etc.) Expenditure Approach –We can measure GDP by measuring the total expenditure on final goods and services by different groups (households, businesses, government, and foreigners) Income Approach –We can measure GDP by measuring the total income earned by those producing goods and services (wages, rents, profits, etc.) © Gustavo Indart Slide 3 Flow of Expenditure and Income Labour, land FACTORS Labour, land & capital MARKETS & capital Wages, rent & interest HOUSEHOLDS FIRMS Expenditures on goods & services Goods & services GOODS Goods & MARKETS services © Gustavo Indart Slide 4 Measuring GDP Current Output –GDP includes only the value of output currently produced. For instance, GDP includes the value of currently produced cars and houses but not the sales of used cars and old houses Market Prices –GDP values goods at market prices, and the market price of a good includes -
Demand Composition and the Strength of Recoveries†
Demand Composition and the Strength of Recoveriesy Martin Beraja Christian K. Wolf MIT & NBER MIT & NBER September 17, 2021 Abstract: We argue that recoveries from demand-driven recessions with ex- penditure cuts concentrated in services or non-durables will tend to be weaker than recoveries from recessions more biased towards durables. Intuitively, the smaller the bias towards more durable goods, the less the recovery is buffeted by pent-up demand. We show that, in a standard multi-sector business-cycle model, this prediction holds if and only if, following an aggregate demand shock to all categories of spending (e.g., a monetary shock), expenditure on more durable goods reverts back faster. This testable condition receives ample support in U.S. data. We then use (i) a semi-structural shift-share and (ii) a structural model to quantify this effect of varying demand composition on recovery dynamics, and find it to be large. We also discuss implications for optimal stabilization policy. Keywords: durables, services, demand recessions, pent-up demand, shift-share design, recov- ery dynamics, COVID-19. JEL codes: E32, E52 yEmail: [email protected] and [email protected]. We received helpful comments from George-Marios Angeletos, Gadi Barlevy, Florin Bilbiie, Ricardo Caballero, Lawrence Christiano, Martin Eichenbaum, Fran¸coisGourio, Basile Grassi, Erik Hurst, Greg Kaplan, Andrea Lanteri, Jennifer La'O, Alisdair McKay, Simon Mongey, Ernesto Pasten, Matt Rognlie, Alp Simsek, Ludwig Straub, Silvana Tenreyro, Nicholas Tra- chter, Gianluca Violante, Iv´anWerning, Johannes Wieland (our discussant), Tom Winberry, Nathan Zorzi and seminar participants at various venues, and we thank Isabel Di Tella for outstanding research assistance. -
3. the Distortion in Consumer Goods This Section Calculates the Welfare Cost of Distortions in the Allocation of Consumer Goods
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Bjertnæs, Geir H. Working Paper The Welfare Cost of Market Power. Accounting for Intermediate Good Firms Discussion Papers, No. 502 Provided in Cooperation with: Research Department, Statistics Norway, Oslo Suggested Citation: Bjertnæs, Geir H. (2007) : The Welfare Cost of Market Power. Accounting for Intermediate Good Firms, Discussion Papers, No. 502, Statistics Norway, Research Department, Oslo This Version is available at: http://hdl.handle.net/10419/192484 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Discussion Papers No. 502, April 2007 Statistics Norway, Research Department Geir H. Bjertnæs The Welfare Cost of Market Power Accounting for Intermediate Good Firms Abstract: The market power of firms in intermediate good markets is found to generate a substantial welfare cost. -
1 Non-Rival Productive Inputs
1 Non-rival productive inputs. Consider a general production technology: Y = Y (A ; K ; L ) t t t t (1) K L A We conventionally label t as “capital”, t as labor and t as an index of technical knowledge. I will now try to be more fundamental, and single out a classi…cation of the productive inputs which is not based on some statistical aggregate, but, rather, on some economic properties which are relevant for the problems which we study in the theory of growth. Let us recall some basic notions of public economics. Private good RIVAL + EXCLUDABLE ² ´ Public (collective) good NON-RIVAL + NON-EXCLUDABLE ² ´ EXCLUDABILITY - problem of property rights. A good is perfectly ² excludable when the holder can withhold the bene…ts associated with the commodity from others without incurring signi…cant costs (an ex- ample of non excludable good is …sh in a certain segment of the ocean). RIVALROUSNESS - A good is rival in nature when the use of that ² good by one agent preclude the simultaneous use of the same good by other agents. An example of non-rival good is radio broadcast. Let me add a notion which is relevant in growth theory. REPRODUCIBILITY - An input is reproducible in nature if it can ² be accumulated in time by (directly or indirectly) foregoing present consumption. The stock of land is the most obvious example of non- reproducible factor. However, also goods which are accumulated ac- cording to some exogenous (e.g. demographic) dynamics enter this group. 1 K L In general, t is a reproducible, private input, while t is a non-reproducible private input. -
GDP and Beyond
GDP and beyond Adolfo Morrone Italian National Institute of Statistics (Istat) Head of Measures of well-being unit (Bes/Urbes) [email protected] Module content 1. Quick introduction on GDP 2. Shortcomings of GDP as indicator of well-being 3. Alternative approaches a. Historical background b. Recent perspectives 4. The Stiglitz-Sen-Fitoussi report a. Classical Gdp issues b. Quality of life 5. International experiences Definition of GDP 1. Quick introduction on GDP GDP (Gross Domestic Product) is the market value of all final goods and services produced in a country in a given time period. This definition has four parts: – Market value – Final goods and services – Produced within a country – In a given time period Definition of GDP 1. Quick introduction on GDP Market value GDP is a market value—goods and services are valued at their market prices. To add apples and oranges, computers and popcorn, we add the market values so we have a total value of output in euro/dollars. Definition of GDP 1. Quick introduction on GDP Final goods and services GDP is the value of the final goods and services produced. A final good (or service) is an item bought by its final user during a specified time period. A final good contrasts with an intermediate good, which is an item that is produced by one firm, bought by another firm, and used as a component of a final good or service. Excluding intermediate goods and services avoids double counting. Definition of GDP 1. Quick introduction on GDP Produced within a country GDP measures production within a country. -
Defensive Innovations
IZA DP No. 454 Defensive Innovations Winfried Koeniger DISCUSSION PAPER SERIES DISCUSSION PAPER March 2002 Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor Defensive Innovations Winfried Koeniger IZA, Bonn Discussion Paper No. 454 March 2002 IZA P.O. Box 7240 D-53072 Bonn Germany Tel.: +49-228-3894-0 Fax: +49-228-3894-210 Email: [email protected] This Discussion Paper is issued within the framework of IZA’s research area The Future of Labor. Any opinions expressed here are those of the author(s) and not those of the institute. Research disseminated by IZA may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent, nonprofit limited liability company (Gesellschaft mit beschränkter Haftung) supported by the Deutsche Post AG. The center is associated with the University of Bonn and offers a stimulating research environment through its research networks, research support, and visitors and doctoral programs. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. The current research program deals with (1) mobility and flexibility of labor, (2) internationalization of labor markets, (3) the welfare state and labor markets, (4) labor markets in transition countries, (5) the future of labor, (6) evaluation of labor market policies and projects and (7) general labor economics. -
Network on Chip for FPGA Development of a Test System for Network on Chip
Network on Chip for FPGA Development of a test system for Network on Chip Magnus Krokum Namork Master of Science in Electronics Submission date: June 2011 Supervisor: Kjetil Svarstad, IET Norwegian University of Science and Technology Department of Electronics and Telecommunications Problem Description This assignment is a continuation of the project-assignment of fall 2010, where it was looked into the development of reactive modules for application-test and profiling of the Network on Chip realization. It will especially be focused on the further development of: • The programmability of the system by developing functionality for more advanced surveillance of the communication between modules and routers • Framework that will be used to test and profile entire applications on the Network on Chip The work will primarily be directed towards testing and running the system in a way that resembles a real system at run time. The work is to be compared with relevant research within similar work. Assignment given: January 2011 Supervisor: Kjetil Svarstad, IET i Abstract Testing and verification of digital systems is an essential part of product develop- ment. The Network on Chip (NoC), as a new paradigm within interconnections; has a specific need for testing. This is to determine how performance and prop- erties of the NoC are compared to the requirements of different systems such as processors or media applications. A NoC has been developed within the AHEAD project to form a basis for a reconfigurable platform used in the AHEAD system. This report gives an outline of the project to develop testing and benchmarking systems for a NoC. -
Embedded Networks on Chip for Field-Programmable Gate Arrays by Mohamed Saied Abdelfattah a Thesis Submitted in Conformity With
Embedded Networks on Chip for Field-Programmable Gate Arrays by Mohamed Saied Abdelfattah A thesis submitted in conformity with the requirements for the degree of Doctor of Philosophy Graduate Department of Electrical and Computer Engineering University of Toronto © Copyright 2016 by Mohamed Saied Abdelfattah Abstract Embedded Networks on Chip for Field-Programmable Gate Arrays Mohamed Saied Abdelfattah Doctor of Philosophy Graduate Department of Electrical and Computer Engineering University of Toronto 2016 Modern field-programmable gate arrays (FPGAs) have a large capacity and a myriad of embedded blocks for computation, memory and I/O interfacing. This allows the implementation of ever-larger applications; however, the increase in application size comes with an inevitable increase in complexity, making it a challenge to implement on-chip communication. Today, it is a designer's burden to create a customized communication circuit to interconnect an application, using the fine-grained FPGA fab- ric that has single-bit control over every wire segment and logic cell. Instead, we propose embedding a network-on-chip (NoC) to implement system-level communication on FPGAs. A prefabricated NoC improves communication efficiency, eases timing closure, and abstracts system-level communication on FPGAs, separating an application's behaviour and communication which makes the design of complex FPGA applications easier and faster. This thesis presents a complete embedded NoC solution, includ- ing the NoC architecture and interface, rules to guide its use with FPGA design styles, application case studies to showcase its advantages, and a computer-aided design (CAD) system to automatically interconnect applications using an embedded NoC. We compare NoC components when implemented hard versus soft, then build on this component-level analysis to architect embedded NoCs and integrate them into the FPGA fabric; these NoCs are on average 20{23× smaller and 5{6× faster than soft NoCs. -
An Early Performance Evaluation of Many Integrated Core Architecture Based SGI Rackable Computing System
NAS Technical Report: NAS-2015-04 An Early Performance Evaluation of Many Integrated Core Architecture Based SGI Rackable Computing System Subhash Saini,1 Haoqiang Jin,1 Dennis Jespersen,1 Huiyu Feng,2 Jahed Djomehri,3 William Arasin,3 Robert Hood,3 Piyush Mehrotra,1 Rupak Biswas1 1NASA Ames Research Center 2SGI 3Computer Sciences Corporation Moffett Field, CA 94035-1000, USA Fremont, CA 94538, USA Moffett Field, CA 94035-1000, USA {subhash.saini, haoqiang.jin, [email protected] {jahed.djomehri, william.f.arasin, dennis.jespersen, piyush.mehrotra, robert.hood}@nasa.gov rupak.biswas}@nasa.gov ABSTRACT The GPGPU approach relies on streaming multiprocessors and Intel recently introduced the Xeon Phi coprocessor based on the uses a low-level programming model such as CUDA or a high- Many Integrated Core architecture featuring 60 cores with a peak level programming model like OpenACC to attain high performance of 1.0 Tflop/s. NASA has deployed a 128-node SGI performance [1-3]. Intel’s approach has a Phi serving as a Rackable system where each node has two Intel Xeon E2670 8- coprocessor to a traditional Intel processor host. The Phi has x86- core Sandy Bridge processors along with two Xeon Phi 5110P compatible cores with wide vector processing units and uses coprocessors. We have conducted an early performance standard parallel programming models such as MPI, OpenMP, evaluation of the Xeon Phi. We used microbenchmarks to hybrid (MPI + OpenMP), UPC, etc. [4-5]. measure the latency and bandwidth of memory and interconnect, Understanding performance of these heterogeneous computing I/O rates, and the performance of OpenMP directives and MPI systems has become very important as they have begun to appear functions. -
A Comparison of Four Series of Cisco Network Processors
Advanced Computational Intelligence: An International Journal (ACII), Vol.3, No.4, October 2016 A COMPARISON OF FOUR SERIES OF CISCO NETWORK PROCESSORS Sadaf Abaei Senejani 1, Hossein Karimi 2 and Javad Rahnama 3 1Department of Computer Engineering, Pooyesh University, Qom, Iran 2 Sama Technical and Vocational Training College, Islamic Azad University, Yasouj Branch, Yasouj, Iran 3 Department of Computer Science and Engineering, Sharif University of Technology, Tehran, Iran. ABSTRACT Network processors have created new opportunities by performing more complex calculations. Routers perform the most useful and difficult processing operations. In this paper the routers of VXR 7200, ISR 4451-X, SBC 7600, 7606 have been investigated which their main positive points include scalability, flexibility, providing integrated services, high security, supporting and updating with the lowest cost, and supporting standard protocols of network. In addition, in the current study these routers have been explored from hardware and processor capacity viewpoints separately. KEYWORDS Network processors, Network on Chip, parallel computing 1. INTRODUCTION The expansion of science and different application fields which require complex and time taking calculations and in consequence the demand for fastest and more powerful computers have made the need for better structures and new methods more significant. This need can be met through solutions called “paralleled massive computers” or another solution called “clusters of computers”. It should be mentioned that both solutions depend highly on intercommunication networks with high efficiency and appropriate operational capacity. Therefore, as a solution combining numerous cores on a single chip via using Network on chip technology for the simplification of communications can be done. -
MYTHIC MULTIPLIES in a FLASH Analog In-Memory Computing Eliminates DRAM Read/Write Cycles
MYTHIC MULTIPLIES IN A FLASH Analog In-Memory Computing Eliminates DRAM Read/Write Cycles By Mike Demler (August 27, 2018) ................................................................................................................... Machine learning is a hot field that attracts high-tech The startup plans by the end of this year to tape out investors, causing the number of startups to explode. As its first product, which can store up to 50 million weights. these young companies strive to compete against much larg- At that time, it also aims to release the alpha version of its er established players, some are revisiting technologies the software tools and a performance profiler. The company veterans may have dismissed, such as analog computing. expects to begin volume shipments in 4Q19. Mythic is riding this wave, using embedded flash-memory technology to store neural-network weights as analog pa- Solving a Weighty Problem rameters—an approach that eliminates the power consumed Mythic uses Fujitsu’s 40nm embedded-flash cell, which it in moving data between the processor and DRAM. plans to integrate in an array along with digital-to-analog The company traces its origin to 2012 at the University converters (DACs) and analog-to-digital converters (ADCs), of Michigan, where CTO Dave Fick completed his doctoral as Figure 1 shows. By storing a range of analog voltages in degree and CEO Mike Henry spent two and a half years as the bit cells, the technique uses the cell’s voltage-variable a visiting scholar. The founders worked on a DoD-funded conductance to represent weights with 8-bit resolution. This project to develop machine-learning-powered surveillance drones, eventually leading to the creation of their startup. -
Using Inspiration from Synaptic Plasticity Rules to Optimize Traffic Flow in Distributed Engineered Networks Arxiv:1611.06937V1
1 Using inspiration from synaptic plasticity rules to optimize traffic flow in distributed engineered networks Jonathan Y. Suen1 and Saket Navlakha2 1Duke University, Department of Electrical and Computer Engineering. Durham, North Carolina, 27708 USA 2The Salk Institute for Biological Studies. Integrative Biology Laboratory. 10010 North Torrey Pines Rd., La Jolla, CA 92037 USA Keywords: synaptic plasticity, distributed networks, flow control arXiv:1611.06937v1 [cs.NE] 21 Nov 2016 Abstract Controlling the flow and routing of data is a fundamental problem in many dis- tributed networks, including transportation systems, integrated circuits, and the Internet. In the brain, synaptic plasticity rules have been discovered that regulate network activ- ity in response to environmental inputs, which enable circuits to be stable yet flexible. Here, we develop a new neuro-inspired model for network flow control that only de- pends on modifying edge weights in an activity-dependent manner. We show how two fundamental plasticity rules (long-term potentiation and long-term depression) can be cast as a distributed gradient descent algorithm for regulating traffic flow in engineered networks. We then characterize, both via simulation and analytically, how different forms of edge-weight update rules affect network routing efficiency and robustness. We find a close correspondence between certain classes of synaptic weight update rules de- rived experimentally in the brain and rules commonly used in engineering, suggesting common principles to both. 1. Introduction In many engineered networks, a payload needs to be transported between nodes without central control. These systems are often represented as weighted, directed graphs. Each edge has a fixed capacity, which represents the maximum amount of traffic the edge can carry at any time.