  Reservoir computing (RC) is a novel approach to time series prediction using
recurrent neural networks. In RC, an input signal perturbs the intrinsic
dynamics of a medium called a reservoir. A readout layer is then trained to
reconstruct a target output from the reservoir's state. The multitude of RC
architectures and evaluation metrics poses a challenge to both practitioners
and theorists who study the task-solving performance and computational power of
RC. In addition, in contrast to traditional computation models, the reservoir
is a dynamical system in which computation and memory are inseparable, and
therefore hard to analyze. Here, we compare echo state networks (ESN), a
popular RC architecture, with tapped-delay lines (DL) and nonlinear
autoregressive exogenous (NARX) networks, which we use to model systems with
limited computation and limited memory respectively. We compare the performance
of the three systems while computing three common benchmark time series:
H{\'e}non Map, NARMA10, and NARMA20. We find that the role of the reservoir in
the reservoir computing paradigm goes beyond providing a memory of the past
inputs. The DL and the NARX network have higher memorization capability, but
fall short of the generalization power of the ESN.
