Revitalizing the public internet by making it extensible

ACM SIGCOMM Computer Communication Review · 2021 · 36 citations

• Computer Science
• Computer Science
• World Wide Web

There is now a significant and growing functional gap between the public Internet, whose basic architecture has remained unchanged for several decades, and a new generation of more sophisticated private networks. To address this increasing divergence of functionality and overcome the Internet's architectural stagnation, we argue for the creation of an Extensible Internet (EI) that supports in-network services that go beyond best-effort packet delivery. To gain experience with this approach, we hope to soon deploy both an experimental version (for researchers) and a prototype version (for early adopters) of EI. In the longer term, making the Internet extensible will require a community to initiate and oversee the effort; this paper is the first step in creating such a community.

Foreign Safe Asset Demand and the Dollar Exchange Rate

The Journal of Finance · 2021 · 321 citations

• Monetary economics
• Economics
• Business

ABSTRACT We develop a theory that links the U.S. dollar's valuation in FX markets to the convenience yield that foreign investors derive from holding U.S. safe assets. We show that this convenience yield can be inferred from the Treasury basis, the yield gap between U.S. government and currency‐hedged foreign government bonds. Consistent with the theory, a widening of the basis coincides with an immediate appreciation and a subsequent depreciation of the dollar. Our results lend empirical support to models that impute a special role to the United States as the world's provider of safe assets and the dollar as the world's reserve currency.

A Vision for Runtime Programmable Networks

2021 · 18 citations

• Computer Science
• Computer Science
• Operating system

Our community has made significant progress in developing programmable network infrastructure, starting from the control plane and expanding to the data plane. As a latest trend, network devices are becoming runtime programmable while serving live traffic. This allows for reprogramming of individual device programs at fine-grained timescales to add or remove network functions. Many applications and services, however, need control over a combination of devices, including end host stacks, NICs, and switches, to accomplish their goals. We lay out our vision for runtime programmable networks, building upon device-level features to provide live, network-wide, runtime reprogramming. A whole-stack approach is needed with new programming models, compiler support, and network management abstractions. We outline a research agenda as a call to arms to the community.

Programmable calendar queues for high-speed packet scheduling

Networked Systems Design and Implementation · 2020 · 37 citations

• Computer Science
• Computer Science
• Parallel computing

Review Article: Perspectives on the Future of Asset Pricing

Review of Financial Studies · 2020 · 103 citations

• Computer Science
• Business
• Computer Security

Mortgage Design in an Equilibrium Model of the Housing Market

The Journal of Finance · 2020 · 120 citations

• Economics
• Econometrics
• Monetary economics

ABSTRACT How can mortgages be redesigned to reduce macrovolatility and default? We address this question using a quantitative equilibrium life‐cycle model. Designs with countercyclical payments outperform fixed payments. Among those, designs that front‐load payment reductions in recessions outperform those that spread relief over the full term. Front‐loading alleviates liquidity constraints when they bind most, reducing default and stimulating housing demand. To illustrate, a fixed‐rate mortgage (FRM) with an option to convert to adjustable‐rate mortgage, which front‐loads payment reductions relative to an FRM with an option to refinance underwater, reduces price and consumption declines six times as much and default three times as much.