Persistence exponent in a superantiferromagnetic quenching

We measure the persistence exponent in a phase separating two-dimensional spin system with non-conserved dynamics quenched in a region with four coexisting stripe phases. The system is an Ising model with nearest neighbor, next-to-the-nearest neighbor and plaquette interactions. Due the particular nature of the ground states, the order parameter is defined in terms of blocks of spins. Our estimate of the persistence exponent, $\theta=0.42$, differs from those of the two-dimensional Ising and four state Potts models. Our procedure allows the study of persistence properties also at finite temperature $T$: our results are compatible with the hypothesis that $\theta$ does not depend on $T$ below the critical point.Comment: LaTeX file with postscript figure

Zum Transfer kulturspezifischer Textbedeutungen. Theoretische und methodische Überlegungen aus einer semiotischen Perspektive

This paper discusses the role of cultural specific text elements in the constitution of the meaning of the text and focuses the problems which these elements can cause in the translation process. It is based on a description of the translation process as symbiosis of the three categories language, text and culture in a specific situation. The described comprehension of translation turns the question of the methodology of the cultural transfer into a key question that consequently has an impact on the praxis and didactics of translation. The meaning of a text is the result of a complex interaction of different systems in which different types of knowledge are activated. The central question is how culture manifests itself within texts and how these manifestations can be reconstructed, i.e. how the translator's decisions can be made transparent in the context of the transfer. Firstly there is a theoretical reflection on the interdependence of the three categories language, culture and text in which the underlying semiotic conception of text and culture is outlined. On this basis a pragma-semiotic model of the constitution of the text as a complex sign is presented, and a methodology for an integrative text analysis is deduced from this theoretical conception of text constitution. The different forms of cultural specific elements are analyzed and categorized, whereas in addition to the traditional manifestations the concept of intertextuality is introduced and discussed as an important fact for the pragmatic and cultural coherence of the text. The defined forms of cultural specific text elements are illustrated by a number of examples taken from translation praxis and classroom. All the examples are translations from Spanish into German. Finally, the practical and didactical implications, which are of great importance for the training of further translators, are discussed

Zinstransmission in der Niedrigzinsphase: Eine empirische Untersuchung des Zinskanals in Deutschland

Diese Untersuchung zeigt, dass die Notenbankzinsen, gemessen an verschiedenen Taylorregeln, für Deutschland bereits seit Langem zu niedrig sind. Dies ist ein Risiko für die Finanzsystemstabilität. Wie stark sich dieses in Deutschlands bankbasiertem Finanzsystem materialisiert, hängt auch davon ab, inwieweit die Niedrigzinsen an Bankkunden durchgereicht wurden. Dies wird mithilfe von Fehlerkorrekturmodellen für verschiedene Zinsarten untersucht. Die Ergebnisse deuten darauf hin, dass die gesunkenen Leitzinsen in der Niedrigzinsphase stärker an Bankkunden weitergegeben wurden. Zudem zeigt sich, dass die Aufschläge der Banken auf den Leitzins in der Niedrigzinsphase signifikant zurückgegangen sind; mit negativen Folgen für die Profitabilität deutscher Banken. Für eine strukturelle Veränderung der langfristigen Transmissionsbeziehung gibt es hingegen keine Evidenz. Dies dürfte aus Sicht der Geldpolitik zwar erfreulich sein, die verstärkte kurzfristige Durchleitung der Niedrigzinsen sowie die gesunkenen Zinsmargen geben jedoch Anlass zur Sorge.In this paper it is shown that the ECB's main refinance rate, measured by various Taylor-rules, is far too low for Germany for over half a decade. That entails risks for the stability of Germany's financial system. How strong these risks materialize depends on the extent to which German banks pass on the low policy rates to their customers. In this paper, the interest rate pass-through in Germany in the low interest era is investigated using error-correction models for various bank interest rates. The results indicate a stronger short-term pass-through as well as diminished interest rate margins that weigh on banks' profits. However, there is no evidence for structural changes in the long-term relationship between policy rates and banks' interest rates. While the latter might be soothing for monetary policy makers, the former is rather a reason for concern

The interest rate pass-through in the low interest rate environment: Evidence from Germany

In this paper it is shown that the ECB's main refinance rate, measured by various Taylor-rules, is far too low for Germany for over half a decade. That entails risks for the stability of Germany's financial system. How strong these risks materialize depends on the extent to which German banks pass on the low policy rates to their customers. In this paper, the interest rate pass-through in Germany in the low interest era is investigated using error-correction models for various bank interest rates. The results indicate a stronger short-term pass-through as well as diminished interest rate margins that weigh on banks' profits. However, there is no evidence for structural changes in the long-term relationship between policy rates and banks' interest rates. While the latter might be soothing for monetary policy makers, the former is rather a reason for concern