The Mytery of Banking
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Efficient Money Burning in General Domains
Efficient Money Burning in General Domains? Dimitris Fotakis1, Dimitris Tsipras2, Christos Tzamos2, and Emmanouil Zampetakis2 1 School of Electrical and Computer Engineering, National Technical University of Athens, 157 80 Athens, Greece 2 Computer Science and Artificial Intelligence Laboratory, Massachusetts Institute of Technology, Cambridge, MA 02139, U.S.A. Emails: [email protected], [email protected], [email protected], [email protected] Abstract. We study mechanism design where the objective is to maximize the residual surplus, i.e., the total value of the outcome minus the payments charged to the agents, by truthful mechanisms. The motivation comes from applications where the payments charged are not in the form of actual monetary transfers, but take the form of wasted resources. We consider a general mechanism design setting with m discrete outcomes and n multidimensional agents. We present two randomized truthful mechanisms that extract an O(log m) fraction of the maximum social surplus as residual surplus. The first mechanism achieves an O(log m)-approximation to the social surplus, which is improved to an O(1)-approximation by the second mechanism. An interesting feature of the second mechanism is that it optimizes over an appropriately restricted space of probability distributions, thus achieving an efficient tradeoff between social surplus and the total amount of payments charged to the agents. 1 Introduction The extensive use of monetary transfers in Mechanism Design is due to the fact that so little can be implemented truthfully in their absence (see e.g., [20]). On the other hand, if monetary transfers are available (and their use is acceptable and feasible in the particular application), the famous Vickrey-Clarke-Groves (VCG) mechanism succeeds in truthfully maximizing the social surplus (a.k.a. -
H.Doc. 108-224 Black Americans in Congress 1870-2007
“The Negroes’ Temporary Farewell” JIM CROW AND THE EXCLUSION OF AFRICAN AMERICANS FROM CONGRESS, 1887–1929 On December 5, 1887, for the first time in almost two decades, Congress convened without an African-American Member. “All the men who stood up in awkward squads to be sworn in on Monday had white faces,” noted a correspondent for the Philadelphia Record of the Members who took the oath of office on the House Floor. “The negro is not only out of Congress, he is practically out of politics.”1 Though three black men served in the next Congress (51st, 1889–1891), the number of African Americans serving on Capitol Hill diminished significantly as the congressional focus on racial equality faded. Only five African Americans were elected to the House in the next decade: Henry Cheatham and George White of North Carolina, Thomas Miller and George Murray of South Carolina, and John M. Langston of Virginia. But despite their isolation, these men sought to represent the interests of all African Americans. Like their predecessors, they confronted violent and contested elections, difficulty procuring desirable committee assignments, and an inability to pass their legislative initiatives. Moreover, these black Members faced further impediments in the form of legalized segregation and disfranchisement, general disinterest in progressive racial legislation, and the increasing power of southern conservatives in Congress. John M. Langston took his seat in Congress after contesting the election results in his district. One of the first African Americans in the nation elected to public office, he was clerk of the Brownhelm (Ohio) Townshipn i 1855. -
Mystery of Banking.Pdf
The Mystery of Banking Murray N. Rothbard The Mystery of Banking Murray N. Rothbard Richardson & Snyder 1983 First Edition The Mystery of Banking ©1983 by Murray N. Rothbard Library of Congress in publication Data: 1. Rothbard, Murray N. 2. Banking 16th Century-20th Century 3. Development of Modern Banking 4. Types of Banks, by Function, Bank Fraud and Pitfalls of Banking Systems 5. Money Supply. Inflation 1 The Mystery of Banking Murray N. Rothbard Contents Chapter I Money: Its Importance and Origins 1 1. The Importance of Money 1 2. How Money Begins 3 3. The Proper Qualifies of Money 6 4. The Money Unit 9 Chapter II What Determines Prices: Supply and Demand 15 Chapter III Money and Overall Prices 29 1. The Supply and Demand for Money and Overall Prices 29 2. Why Overall Prices Change 36 Chapter IV The Supply of Money 43 1. What Should the Supply of Money Be? 44 2. The Supply of Gold and the Counterfeiting Process 47 3. Government Paper Money 51 4. The Origins of Government Paper ,Money 55 Chapter V The Demand for Money 59 1. The Supply of Goods and Services 59 2. Frequency of Payment 60 3. Clearing Systems 63 4. Confidence in the Money 65 5. Inflationary or Deflationary Expectations 66 Chapter VI Loan Banking 77 Chapter VII Deposit Banking 87 1. Warehouse Receipts 87 2. Deposit Banking and Embezzlement 91 2 The Mystery of Banking Murray N. Rothbard 3. Fractional Reserve Banking 95 4. Bank Notes and Deposits 103 Chapter VIII Free Banking and The Limits on Bank Credit Inflation 111 Chapter X Central Banking: Determining Total Reserves 143 1. -
The Political Career of Stephen W
37? N &/J /V z 7 PORTRAIT OF AN AGE: THE POLITICAL CAREER OF STEPHEN W. DORSEY, 1868-1889 DISSERTATION Presented to the Graduate Council of the North Texas State University in Partial Fulfillment of the Requirements For the Degree of DOCTOR OF PHILOSOPHY By Sharon K. Lowry, M.A. Denton, Texas May, 19 80 @ Copyright by Sharon K. Lowry 1980 Lowry, Sharon K., Portrait of an Age: The Political Career of Stephen W. Dorsey, 1868-1889. Doctor of Philosophy (History), May, 1980, 447 pp., 6 tables, 1 map, bibliography, 194 titles. The political career of Stephen Dorsey provides a focus for much of the Gilded Age. Dorsey was involved in many significant events of the period. He was a carpetbagger during Reconstruction and played a major role in the Compromise of 1877. He was a leader of the Stalwart wing of the Republican party, and he managed Garfield's 1880 presidential campaign. The Star Route Frauds was one of the greatest scandals of a scandal-ridden era, and Dorsey was a central figure in these frauds. Dorsey tried to revive his political career in New Mexico after his acquittal in the Star Route Frauds, but his reputation never recovered from the notoriety he received at the hands of the star route prosecutors. Like many of his contemporaries in Gilded Age politics, Dorsey left no personal papers which might have assisted a biographer. Sources for this study included manuscripts in the Library of Congress and the New Mexico State Records Center and Archives in Santa Fe; this study also made use of newspapers, records in the National Archives, congressional investigations of Dorsey printed in the reports and documents of the House and Senate, and the transcripts of the star route trials. -
Information Management in Banking Crises∗
Information Management in Banking Crises Joel Shapiroyand David Skeiez University of Oxford and Federal Reserve Bank of New York August 5, 2013 Abstract A regulator resolving a bank faces two audiences: depositors, who may run if they believe the regulator will not provide capital, and banks, which may take excess risk if they believe the regulator will provide capital. When the regulator’s cost of injecting capital is pri- vate information, it manages expectations by using costly signals: (i) A regulator with a low cost of injecting capital may forbear on bad banks to signal toughness and reduce risk taking, and (ii) A regula- tor with a high cost of injecting capital may bail out bad banks to increase confidence and prevent runs. Regulators perform more infor- mative stress tests when the market is pessimistic. Keywords: bank regulation, bailouts, reputation, financial crisis, sovereign debt crisis, stress tests JEL Codes: G01, G21, G28 We thank Mitchell Berlin, Elena Carletti, Brian Coulter, Frederic Malherbe, Juan Francisco Martinez, Alan Morrison, José-Luis Peydró Alcalde, Tarun Ramadorai, Peter Tufano and the audiences at the Bank of England, Ecole Polytechnique, EFMA 2013, EUI, LBS FIT working group, ISCTE, Queens College, UPF and U. Porto for helpful comments. We also thank the Editor and the Referees for detailed comments and suggestions. We thank Alex Bloedel, Mike Mariathasan, and Ali Palida for excellent research assistance. The views expressed in this paper represent those of the authors and not necessarily those of the Federal Reserve Bank of New York or the Federal Reserve System. ySaïd Business School, University of Oxford. -
The Prospects for Economic Recovery and Inflation
FOR RELEASE ON DELIVERY THURSDAY, MAY 15, 1975 9:30 A.M. EDT THE PROSPECTS FOR ECONOMIC RECOVERY AND INFLATION Remarks by Henry C. Wallich Member, Board of Governors of the Federal Reserve System at The Conference Board's Conference on the Management of Funds: Strategies for Survival in New York City Thursday, May 15, 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE PROSPECTS FOR ECONOMIC RECOVERY AND INFLATION Remarks by Henry C. Wallich Member, Board of Governors of the Federal Reserve System at The Conference Board's Conference on the Management of Funds: Strategies for Survival in New York City Thursday, May 15, 1975 I am glad to have this opportunity to address an audience of funds managers on the two principal economic problems that we must resolve: economic recovery and inflation. The Conference Board, to which we are indebted for the opportunity to engage in this discussion, has -- wisely, I think — put these topics at the beginning of a Conference on "Strategies for Survival. 11 The prospects for survival of a free enterprise economy, such as we have known, lie, I believe, in disciplining our freedoms of economic choice sufficiently to avoid the inflationary excesses that produce recessions, including inflationary actions intended to overcome recession. My message here today will be that the outlook for recovery is good and that the prospects for further progress against inflation depend very much on how we handle the recovery. If common sense can be made to prevail, you as funds managers should be able to look forward not only to survival, but hopefully to a positive rate of return. -
Commitment Vs. Flexibility∗
Commitment vs. Flexibility¤ Manuel Amadory Iv¶an Werningz George-Marios Angeletosx Abstract We study the optimal tradeo® between commitment and flexibility in a consumption-savings model. Individuals expect to receive relevant information regarding tastes, and thus value the flexibility provided by larger choice sets. On the other hand, they also expect to su®er from temptation, with or without self-control, and thus value the commitment a®orded by smaller choice sets. The optimal commitment problem we study is to ¯nd the best subset of the individual's budget set. We show that the optimal commitment problem leads to a principal-agent formulation. We ¯nd that imposing a minimum level of savings is always a feature of the solution. Necessary and su±cient conditions are derived for minimum-savings policies to completely characterize the solu- tion. Individuals may perfectly mimic such a policy with a portfolio of liquid and illiquid assets. We discuss applications of our results to situations with sim- ilar tradeo®s, such as paternalism, the design of ¯scal constitutions to control government spending, and externalities. ¤We thank comments and suggestions from Daron Acemoglu, Andy Atkeson, Paco Buera, VV Chari, Peter Diamond, Doireann Fitzgerald, Narayana Kocherlakota and especially Pablo Werning. We also thank seminar and conference participants at the University of Chicago, Rochester, Harvard, M.I.T., Stanford, Pennsylvania, Berkeley, New York, Yale, Maryland, Austin-Texas, Torcuato di Tella, Stanford Institute for Theoretical Economics, American Economic Association, Society of Economic Dynamics, CESifo Venice Summer Institute, the Central Bank of Portugal, and the Federal Reserve Banks of Cleveland and Boston. -
Pulitzer Prize-Winning History Books (PDF)
PULITZER PRIZE WINNING HISTORY BOOKS The Past 50 Years 2013 Embers of War: The Fall of an Empire and the Making of America's Vietnam by Fredrik Logevall 2012 Malcolm X : A Life of Reinvention by Manning Marable 2011 The Fiery Trial: Abraham Lincoln and American Slavery by Eric Foner 2010 Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed 2009 The Hemingses of Monticello: An American Family by Annette Gordon- Reed 2008 "What Hath God Wrought: The Transformation of America, 1815-1848" by Daniel Walker Logevall 2007 The Race Beat: The Press, the Civil Rights Struggle, and the Awakening of a Nation by Gene Roberts and Hank Klibanoff 2006 Polio: An American Story by David M. Oshinsky 2005 Washington's Crossing by David Hackett Fischer 2004 A Nation Under Our Feet: Black Political Struggles in the Rural South from Slavery to the Great Migration by Steven Hahn 2003 An Army at Dawn: The War in North Africa, 1942-1943 by Rick Atkinson 2002 The Metaphysical Club: A Story of Ideas in America by Louis Menand 2001 Founding Brothers: The Revolutionary Generation by Joseph J. Ellis 2000 Freedom From Fear: The American People in Depression and War, 1929-1945 by David M. Kennedy 1999 Gotham : A History of New York City to 1898 by Edwin G. Burrows and Mike Wallace 1998 Summer for the Gods: The Scopes Trial and America's Continuing Debate Over Science and Religion by Edward J. Larson 1997 Original Meanings: Politics and Ideas in the Making of the Constitution by Jack N. Rakove 1996 William Cooper's Town: Power and Persuasion on the Frontier of the Early American Republic by Alan Taylor 1995 No Ordinary Time: Franklin and Eleanor Roosevelt: The Home Front in World War II by Doris Kearns Goodwin 1994 (No Award) 1993 The Radicalism of the American Revolution by Gordon S. -
Turning Points in the Civil War: Views from the Greenback Market Author(S): Kristen L
American Economic Association Turning Points in the Civil War: Views from the Greenback Market Author(s): Kristen L. Willard, Timothy W. Guinnane and Harvey S. Rosen Source: The American Economic Review, Vol. 86, No. 4 (Sep., 1996), pp. 1001-1018 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/2118316 Accessed: 12-12-2016 15:48 UTC JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at http://about.jstor.org/terms American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to The American Economic Review This content downloaded from 155.41.86.191 on Mon, 12 Dec 2016 15:48:40 UTC All use subject to http://about.jstor.org/terms Turning Points in the Civil War: Views from the Greenback Market By KRISTEN L. WILLARD, TIMOTHY W. GUINNANE, AND HARVEY S. ROSEN * "I wish every one of them had his dev- them to the accounts of traditional historians.2 ilish head shot off!" Our method agrees with conventional histories Abraham Lincoln on for some events, such as the Battle of Gettys- gold-market traders' burg, but also generates some surprises. Fi- nancial markets reacted strongly to several The goal of this paper is to determine which events that have not been assigned a central events of the U.S. -
Money and Inflation
CHAPTER 4 Money and Inflation Learning Objectives Working for Peanuts? After studying this chapter, you should be able to: In Germany in 1923, people burned paper currency rather than wood or coal. In Zimbabwe in 2008, people were 4.1 Define money and explain its functions paying for health care with peanuts, not money. Burning (pages 104–114 ) paper money and using goods instead of money to pay for goods and services are signs that a country’s money has 4.2 Explain how central banks change the money become worthless. supply (pages 114–118 ) People in most countries are used to some inflation. 4.3 Describe the quantity theory of money, and Even a moderate inflation rate of 2% or 3% per year grad- use it to explain the connection between ually reduces the purchasing power of money. For exam- changes in the money supply and the infla- ple, if over the next 30 years the average rate of inflation in tion rate (pages 118–124 ) Canada is 2% (the mid-point of the current target inflation rate (see Chapter 12 ) , a bundle of goods and services that 4.4 Discuss the relationships among the growth costs $100 now will cost over $180 in 30 years. Germany rate of money, inflation, and nominal interest rates (pages 124–127 ) and Zimbabwe experienced the much higher inflation rates known as hyperinflation , which is usually defined as 4.5 Explain the costs of a monetary policy that a rate exceeding 50% per month (or 13 000% a year). allows inflation to be greater than zero The inflation rates suffered by Germany and Zimbabwe (pages 128–132) were extreme, even by the standards of hyperinflations. -
Consumer Culture in the Rural Midwest, 1865-1900
Loyola University Chicago Loyola eCommons Dissertations Theses and Dissertations 1996 Sowing the American Dream: Consumer Culture in the Rural Midwest, 1865-1900 David Blanke Loyola University Chicago Follow this and additional works at: https://ecommons.luc.edu/luc_diss Part of the History Commons Recommended Citation Blanke, David, "Sowing the American Dream: Consumer Culture in the Rural Midwest, 1865-1900" (1996). Dissertations. 3642. https://ecommons.luc.edu/luc_diss/3642 This Dissertation is brought to you for free and open access by the Theses and Dissertations at Loyola eCommons. It has been accepted for inclusion in Dissertations by an authorized administrator of Loyola eCommons. For more information, please contact [email protected]. This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License. Copyright © 1996 David Blanke LOYOLA UNIVERSITY CHICAGO SOWING THE AMERICAN DREAM: CONSUMER CULTURE IN THE RURAL MIDDLE WEST, 1865-1900 VOLUME I (CHAPTERS 1 TO 6) A DISSERTATION SUBMITTED TO THE FACULTY OF THE GRADUATE SCHOOL IN CANDIDACY FOR THE DEGREE OF DOCTOR OF PHILOSOPHY DEPARTMENT OF HISTORY BY DAVID BLANKE CHICAGO, ILLINOIS MAY 1996 Copyright © by David Blanke, 1996 All rights reserved. ii ACKNOWLEDGEMENTS I wish to acknowledge my gratitude for the guidance, support, and friendship provided by Harold Platt, Timothy Gilfoyle, and Susan Hirsch. Each afforded me a substantial amount of their time and expertise, and challenged me to expand an indistinct graduate research paper on mail-order catalogs into a more expansive and inclusive study of early consumer culture. I thank each of them for a debt that can never be fully repaid. -
Pulitzer Prize Winners and Finalists
WINNERS AND FINALISTS 1917 TO PRESENT TABLE OF CONTENTS Excerpts from the Plan of Award ..............................................................2 PULITZER PRIZES IN JOURNALISM Public Service ...........................................................................................6 Reporting ...............................................................................................24 Local Reporting .....................................................................................27 Local Reporting, Edition Time ..............................................................32 Local General or Spot News Reporting ..................................................33 General News Reporting ........................................................................36 Spot News Reporting ............................................................................38 Breaking News Reporting .....................................................................39 Local Reporting, No Edition Time .......................................................45 Local Investigative or Specialized Reporting .........................................47 Investigative Reporting ..........................................................................50 Explanatory Journalism .........................................................................61 Explanatory Reporting ...........................................................................64 Specialized Reporting .............................................................................70