Does broad money matter for interest rate policy?

This paper presents a business cycle model with financial intermediation encompassing the conventional New Keynesian model. Households’ financial wealth comprises cash and interest bearing deposits. When deposits provide transaction services, real broad money, which is predetermined, affects aggregate demand and has a stabilizing impact. Monetary policy can ensure equilibrium uniqueness if the central bank reacts at least slightly on the real broad money gap. Moreover, if the central bank aims at minimizing a standard loss function, real broad money enters the interest rate reaction function. Thus, money matters if it is defined broadly enough to include all households’ financial assets. --Interest rate policy,real broad money,financial wealth,macroeconomic stability

Can Money Matter for Interest Rate Policy?

In this paper it is shown that money can matter for macroeconomic stability under interest rate policy, if transactions frictions are specified in a consistent way. We develop a sticky price model with a shopping time specification, which induces the marginal utility of consumption to depend on the (predetermined) stock of money held at the beginning of the period. Saddle path stability is then ensured by a passive interest rate policy, whereas activeness is associated with an explosive equilibrium path unless the central bank reacts to changes in beginning-of-period real balances. When the central bank aims at minimizing macroeconomic distortions, real balances enter the interest rate feedback rule under discretionary optimization. If it is alternatively assumed that end-of-period money provides transaction services, money can be neglected for interest rate policy in order to implement the optimal plan. However, the equilibrium under the targeting rule is likely to be indetermined, allowing for endogenous fluctuations, which can be avoided by the central bank implementing the optimal plan with an interest rate feedback rule featuring beginning-of-period real balances.Transactions frictions, predetermined money, real balance effects, saddle path stability, discretionary optimization

Does broad money matter for interest rate policy?

This paper presents a business cycle model with financial intermediation encompassing the conventional New Keynesian model. Households’ financial wealth comprises cash and interest bearing deposits. When deposits provide transaction services, real broad money, which is predetermined, affects aggregate demand and has a stabilizing impact. Monetary policy can ensure equilibrium uniqueness if the central bank reacts at least slightly on the real broad money gap. Moreover, if the central bank aims at minimizing a standard loss function, real broad money enters the interest rate reaction function. Thus, money matters if it is defined broadly enough to include all households’ financial assets

Invariance of waveguide grating mirrors to lateral displacement phase shifts

We present a method to analyse the coupling of lateral displacements in nanoscale structures, in particular waveguide grating mirrors (WGM), into the phase of a reflected Gaussian beam using a finite-difference time-domain simulation. Such phase noise is of interest for using WGMs in high-precision interferometry. We show that WGMs do not couple lateral displacements into the phase of a reflected beam to a precision of 10^{-7} rad and that WGMs are therefore not subject to the same stringent alignment requirements as previously proposed layouts using diffraction gratings.Comment: 3 Pages, 4 figure

Determination of the rheological properties of high-viscous glass melts by the cylinder compression method

A detailed description of the cylinder compression method and its application on the viscoelastic behaviour of glass melts is given with the help of closed solutions and equations in contrast to algorithmic methods, like e.g. the finite element method. Special attention is paid to the system deformation and system deformation rate of the testing equipment and to the dissipation of mechanical energy within the specimen and the heat flow from the specimen. The limits of this treatment are discussed with respect to the applicability of the theoretical basis (Gent and Nadai equation) and with respect to the experimental determination of the rheological properties of glass melts. On this basis the pure non-Newtonian viscosity, ηnN, can be determined. If very small differences have to be ascertained in the rheological behaviour of glass melts due to small differences in composition or in melting history (e.g. redox condition or bad/good workability), the same conditions concerning the mechanical and thermal equipment and even the same geometry of the glass specimens have to be strictly maintained. Comparison between different glass melts should be made rather on the basis of equal (Newtonian) equilibrium viscosity, η₀, (isochomal conditions) and not on equal temperature. Owing to large thermal effects, the slope of the viscosity-temperature curve at η₀ plays a certain role, particularly for the forming process

Ion refraction and stress optical coefficients for di- and metasilicate glasses

Glasses of the di- and metasilicate stoichiometric composition were melted, with lithium, sodium and potassium being replaced for each other. Additionally, SiO2 and B2O3 glass samples, the DGG standard glass, a float glass and a metaphosphate glass were examined. Molar mass, molar volume and oxygen partial volume were measured and found to increase in the sequence Li < Na < K. While potassium expands the glass network, the lithium ions show a counteracting behavior. The metaphosphate and the pure B2O3 glass are those with the most compact structure (related to one structure unit) and therefore with the lowest values of the studied properties. It was shown quantitatively that the polarizabilities of the nonbridging oxygen atoms are much higher than those of the bridging oxygen atoms. The influence of the cations was usually small. The origin of the small polarizability values of the B2O3 glass may be interpreted in terms of the lack of the nonbridging oxygen atoms and in terms of the denser structure of the oxygen polyhedra as compared with those in the SiO2 glass. The values of the stress-optical coefficients increase from lithium- to sodium- to potassium-dominated glasses, presumably resulting from increasing ion refraction of the nonbridging oxygen atoms. All preloaded samples of the di- and possibly also of the metasilicate composition showed an increase of the stress-optical coefficients with increasing preload at temperatures higher than the glass transformation temperature Tg. The reason is that a certain flow condition of the glass melts is frozen-in

Rheological investigations in the decomposition ränge of the system Na₂O-B₂O₃-SiO₂

Three glass melts from the Vycor-type widely distributed along the mixing gap of the pseudobinary line SiO₂-(B₂O₃:Na₂O = 84:16) were invesdgated each one with three different thermal histories. The following rheological properties were determined by the cylinder compression method: the Newtonian and non-Newtonian flow behaviour, the stress generadon modulus as a measure of the stiffness, the high-temperature tensile strength and the critical deformation rate at which the first crack appears. The influences of the fundamental glass compositions (SiO₂ content) as well as the thermal pretreatments on these properties are demonstrated and discussed on the basis of isochomal conditions (equal Newtonian viscosities). The results can be interpreted by means of the knowledge about the demixing rules and processes which lead to various rheological two-phase Systems. Most drastical changes of the rheological properties are observed in the middle of the mixing gap where spinodal decomposidon has its optimum and where he differentation between the matrix phase and decomposed phase is lost

Different behaviour of mitochondrial and nuclear markers: introgression and the evolutionary history of Chrysocarabus (Coleoptera: Carabidae)

Phylogenetic analyses of Chrysocarabus taxa using different markers result in different phylogenetic trees. In particular, the mitochondrial gene tree contradicts the results of morphological and inbreeding studies. Two very different haplotypes of Carabus splendens Olivier, 1790 do not form a clade within this phylogenetic tree. We have earlier proposed that contradictory results are due to introgression. To verify our hypothesis, we analysed the internal transcribed spacer 2. No substitutions were observed in these nuclear sequences between the individuals of Carabus splendens, which contain the different mitochondrial haplotypes in question. The differences in the gene trees based on mitochondrial and nuclear sequences can be explained with at least two introgression events

structure-sensitive investigations on glass fibers from the system SiO₂-Al₂O₃-GaO

Glass fibers of the system SiO₂-Al₂O₃-CaO were prepared with respect to defined drawing conditions and investigated with structure-sensitive methods (birefringence, radial and axial alterations by thermal treatment at Tg). These glass fibers, which lie in a compositional sense roughly between the disilicate and silica glasses concerning the ratio network modifiers to network formers, exhibit similar optical anisotropies. On the other hand, they show remarkably lower axial and radial alterations which are exclusively contracdons on annealing for all applied drawing conditions in contrast to the silica or the alkali disilicate glass fibers. Obviously, the filling of free volume hollows with and the reinforcement of them by the Ca²⁺ ions and the smaller polarizability of the latter as compared to alkali ions are responsible for the relatively low structural anisotropy. An increase of the optical anisotropy with increasing CaO concentration is observed at comparable viscosities. This is a consequence of the increasing incorporation of the network modifier oxide which produces a weaker network strength and a larger polarizability

Microoptical multi aperture imaging systems

Die Verkleinerung digitaler Einzelapertur-Abbildungssysteme erreicht aktuell physikalische sowie technische Limits. Die Miniaturisierung führt zu einer Verringerung sowohl des Auflösungsvermögens als auch des Signal-Rausch-Verhältnisses. Einen Ausweg zeigen die Prinzipien der kleinsten in der Natur bekannten Sehsysteme - die Facettenaugen. Die parallelisierte Anordnung einer großen Anzahl von Optiken ermöglicht, trotz der geringen Baugröße, eine große Informationsmenge aus einem ausgedehnten Gesichtsfeld zu übertragen. Ziel ist es, die Vorteile natürlicher Facettenaugen zu analysieren und diese zur Überwindung aktueller Grenzen der Miniaturisierung von digitalen Kameras zu adaptieren. Durch die Synergie von Optik, Opto-Elektronik und Bildverarbeitung wird die Miniaturisierung unter Erreichung praxisrelevanter Parameter angestrebt. Dafür wurde eine systematische Einteilung bereits bekannter und neuartiger Prinzipien von Multiapertur-Abbildungssystemen vorgenommen. Das grundlegende Verständnis der Vor- und Nachteile sowie des Skalierungsverhaltens der verschiedenen Ansätze ermöglichte die detaillierte Untersuchung der zwei erfolgversprechendsten Systemklassen. Für die Auslegung der Multiapertur-Optiken wurde eine Kombination aus Ansätzen des klassischen Optikdesigns und neuen semi-automatisierten Simulations- und Optimierungsmethoden mittels Ray-Tracing angewandt. Die mit natürlichen Facettenaugen vergleichbare Größe der Optiken ermöglichte die Verwendung mikrooptischer Herstellungsverfahren im Wafermaßstab. Es wurden Prototypen experimentell untersucht und die simulierten Systemparameter mit Hilfe der für die Multiapertur Anordnungen angepassten Messmethoden bestätigt. Die dargestellten Lösungen demonstrieren grundsätzlich neue Ansätze für den Bereich der hochauflösenden, miniaturisierten Abbildungsoptik, die kleinste Baulängen bei gegebenem Auflösungsvermögen erzielen. Somit sind sie im Stande die Skalierungslimits der Einzelapertur-Abbildungsoptik zu überwinden