Monetary Policy Implementation and Overnight Rate Persistence

Overnight money market rates are the predominant operational target of monetary policy. As a consequence, central banks have re- designed the implementation of monetary policy to keep the deviations of the overnight rate from the key policy rate small and short-lived. This paper uses fractional integration techniques to explore how the operational framework of four major central banks affects the persis- tence of overnight rates. Our results suggest that a well-communicated and transparent interest rate target of the central bank is a particu- larly important condition for a low degree of overnight rate persistence.Controllability and Persistence of Interest Rates; Oper- ational Framework of Central Banks; Long Memory and Fractional Integration

Loan supply in Germany during the financial crisis

Distinguishing pure supply effects from other determinants of price and quantity in the market for loans is a notoriously difficult problem. Using German data, we employ Bayesian vector autoregressive models with sign restrictions on the impulse response functions in order to enquire the role of loan supply and monetary policy shocks for the dynamics of loans to non-financial corporations. For the three quarters following the Lehman collapse, we find very strong negative loan supply shocks, while monetary policy was essentially neutral. Nevertheless, the historical decomposition shows a cumulated negative impact of loan supply shocks and monetary policy shocks on loans to non-financial corporations, due to the lagged effects of past loan supply and monetary policy shocks. However, these negative effects on loans to non-financial corporations are overcompensated by positive other shocks, which implies that loans developed more favorably than implied by the model, over the past few quarters. --Loan supply,Bayesian VAR,sign restrictions

Monetary Policy Implementation and Overnight RatePersistence

Overnight money market rates are the predominant operational target of monetary policy. As a consequence, central banks have redesigned the implementation of monetary policy to keep the deviations of the overnight rate from the key policy rate small and short-lived. This paper uses fractional integration techniques to explore how the operational framework of four major central banks affects the persistence of overnight rates. Our results suggest that a well-communicated and transparent interest rate target of the central bank is a particularly important condition for a low degree of overnight rate persistence

Corrosion behavior of austenitic stainless steel and nickel-based welded joints in underwater wet welding

Marine structures such as ports, bridges, pipelines, vessels, and platforms are an essential part of modern infrastructure, where the use of higher-strength steel provides savings in logistics and construction. However, the repair of higher-strength steels can be challenging, especially underwater. Wet shielded metal arc welding is the most widely used and least expensive method for underwater welding repairs, but is very susceptible to hydrogen-induced cracking. Thus, researchers and welding engineers aim to reduce the amount of hydrogen in the weld material. Recent success has been achieved through the use of austenitic welding consumables, such as austenitic stainless steel and nickel-based electrodes. The use of these consumables drastically reduces the amount of diffusible hydrogen in the weld metal. However, these austenitic materials usually have different corrosion potential as compared to the structural steel the weld beads are applied to. This creates the risk of severe galvanic corrosion. In the presented study, the corrosion behavior of welds created with austenitic stainless steel and nickel-based electrodes were studied. Samples were aged for 1.5 years in the Baltic Sea. Simultaneously, the effectiveness of corrosion protection systems such as coating and Impressed Current Cathodic Protection (ICCP) were evaluated. Localized corrosion occurred in the heat-affected zone when austenitic electrodes were used in the corrosive environment. The localized corrosion depth after 1.5 years in the Baltic Sea and in the salt spray layer was approximately 250 µm and 390 µm, respectively. The ICCP system and the use of a coating were effective in preventing localized corrosion. The low pitting corrosion density of 2.5 × 103m−2 corresponds to grade A1 according to the standard and was found to be negligible as compared to the localized corrosion in the heat-affect zone

Clinical Post-SARS-CoV-2 Infection Scenarios in Vaccinated and Non-Vaccinated Cancer Patients in Three German Cancer Centers: A Retrospective Analysis.

COVID-19 vaccines have become an integral element in the protection of cancer patients against SARS-CoV-2. To date, there are no direct comparisons of the course of COVID-19 infection in cancer patients between the pre- and post-vaccine era. We analyzed SARS-CoV-2 infections and their impact on cancer in COVID-19 vaccinated and non-vaccinated patients from three German cancer centers. Overall, 133 patients with SARS-CoV-2 were enrolled in pre- and post-vaccine eras: 84 non-vaccinated and 49 vaccinated, respectively. A mild course of COVID-19 was documented more frequently in vaccinated patients (49% vs. 29%), while the frequency of severe and critical courses occurred in approximately one-half of the non-vaccinated patients (22% vs. 42%, p = 0.023). Particularly, patients with hematologic neoplasms benefited from vaccination in this context (p = 0.031). Admissions to intermediate- and intensive-care units and the necessity of non-invasive and invasive respiratory support were reduced by 71% and 50% among vaccinated patients, respectively. The median length of admission was 11 days for non-vaccinated and 5 days for vaccinated patients (p = 0.002). COVID-19 mortality was reduced by 83% in vaccinated patients (p = 0.046). Finally, the median time from SARS-CoV-2 infection to restarting cancer therapy was 12 and 26 days among vaccinated and non-vaccinated groups, respectively (p = 0.002). Although this study does not have enough power to perform multivariate analyses to account for confounders, it provides data on COVID-19 in non-vaccinated and vaccinated cancer patients and illustrates the potential benefits of COVID-19 vaccines for these patients

Simulation-Based Resilience Quantification of an Indoor Ultrasound Localization System in the Presence of Disruptions

Time difference of arrival (TDOA) based indoor ultrasound localization systems are prone to multiple disruptions and demand reliable, and resilient position accuracy during operation. In this challenging context, a missing link to evaluate the performance of such systems is a simulation approach to test their robustness in the presence of disruptions. This approach cannot only replace experiments in early phases of development but could also be used to study susceptibility, robustness, response, and recovery in case of disruptions. The paper presents a simulation framework for a TDOA-based indoor ultrasound localization system and ways to introduce different types of disruptions. This framework can be used to test the performance of TDOA-based localization algorithms in the presence of disruptions. Resilience quantification results are presented for representative disruptions. Based on these quantities, it is found that localization with arc-tangent cost function is approximately 30% more resilient than the linear cost function. The simulation approach is shown to apply to resilience engineering and can be used to increase the efficiency and quality of indoor localization methods

Gut virome profiling identifies a widespread bacteriophage family associated with metabolic syndrome

There is significant interest in altering the course of cardiometabolic disease development via gut microbiomes. Nevertheless, the highly abundant phage members of the complex gut ecosystem -which impact gut bacteria- remain understudied. Here, we show gut virome changes associated with metabolic syndrome (MetS), a highly prevalent clinical condition preceding cardiometabolic disease, in 196 participants by combined sequencing of bulk whole genome and virus like particle communities. MetS gut viromes exhibit decreased richness and diversity. They are enriched in phages infecting Streptococcaceae and Bacteroidaceae and depleted in those infecting Bifidobacteriaceae. Differential abundance analysis identifies eighteen viral clusters (VCs) as significantly associated with either MetS or healthy viromes. Among these are a MetS-associated Roseburia VC that is related to healthy control-associated Faecalibacterium and Oscillibacter VCs. Further analysis of these VCs revealed the Candidatus Heliusviridae, a highly widespread gut phage lineage found in 90+% of participants. The identification of the temperate Ca. Heliusviridae provides a starting point to studies of phage effects on gut bacteria and the role that this plays in MetS

Gut-derived bacterial flagellin induces beta-cell inflammation and dysfunction

Hyperglycemia and type 2 diabetes (T2D) are caused by failure of pancreatic beta cells. The role of the gut microbiota in T2D has been studied, but causal links remain enigmatic. Obese individuals with or without T2D were included from two independent Dutch cohorts. Human data were translated in vitro and in vivo by using pancreatic islets from C57BL6/J mice and by injecting flagellin into obese mice. Flagellin is part of the bacterial locomotor appendage flagellum, present in gut bacteria including Enterobacteriaceae, which we show to be more abundant in the gut of individuals with T2D. Subsequently, flagellin induces a pro-inflammatory response in pancreatic islets mediated by the Toll-like receptor (TLR)-5 expressed on resident islet macrophages. This inflammatory response is associated with beta-cell dysfunction, characterized by reduced insulin gene expression, impaired proinsulin processing and stress-induced insulin hypersecretion in vitro and in vivo in mice. We postulate that increased systemically disseminated flagellin in T2D is a contributing factor to beta-cell failure in time and represents a novel therapeutic target.Peer reviewe

Responsive population-based cohorts as platforms for characterising pathogen- and population-level infection dynamics for epidemic prevention, preparedness and response

Establishing population-based cohorts is indispensable for effective epidemic prevention, preparedness and response. Existing passive surveillance systems face limitations in their capacity to promptly provide representative data for estimating disease burden and modelling disease transmission. This perspective paper introduces a framework for establishing a dynamic and responsive nationally representative population-based cohort, with Germany as an example country. We emphasise the need for comprehensive demographic representation, innovative strategies to address participant attrition, efficient data collection and testing using digital tools, as well as novel data integration and analysis methods. Financial considerations and cost estimates for cohort establishment are discussed, highlighting potential cost savings through integration with existing research infrastructures and digital approaches. The framework outlined for creating, operating and integrating the cohort within the broader epidemiological landscape illustrates the potential of a population-based cohort to offer timely, evidence-based insights for robust public health interventions during both epidemics and pandemics, as well as during inter-epidemic periods