The economics of TARGET2 balances

It has recently been argued that intra-eurosystem claims and liabilities in the form of TARGET2 balances would raise fundamental issues within the European monetary union. This article provides a framework for the economic analysis of TARGET2 balances and discusses the key arguments behind this recent debate. The analysis is conducted within a system of financial accounts in which TARGET2 balances can arise either due to current account transactions or cross-border capital flows. It is argued that the recent volatility of TARGET2 balances reflects capital flow movements, while the previously prevailing current account positions did not find a strong reflection in TARGET2 balances. Some recent statements regarding TARGET2 appear to be due to a failure to distinguish between the monetary base (a central bank liability concept) and the liquidity deficit of the banking system vis-à-vis the central bank (a central bank asset concept). Furthermore, the article highlights the importance of TARGET2 for the stability of the euro area and points out that the proposal to limit the size of TARGET2 liabilities essentially contradicts the idea of a monetary union.TARGET2, central bank balance sheet, liquidity deficit, financial crisis

Measurement-induced macroscopic superposition states in cavity optomechanics

We present a novel proposal for generating quantum superpositions of macroscopically distinct states of a bulk mechanical oscillator, compatible with existing optomechanical devices operating in the readily achievable bad-cavity limit. The scheme is based on a pulsed cavity optomechanical quantum non-demolition (QND) interaction, driven by displaced non-Gaussian states, and measurement-induced feedback, avoiding the need for strong single-photon optomechanical coupling. Furthermore, we show that single-quadrature cooling of the mechanical oscillator is sufficient for efficient state preparation, and we outline a three-pulse protocol comprising a sequence of QND interactions for squeezing-enhanced cooling, state preparation, and tomography.Comment: 7 pages, 5 figure

Protein Expression During Murine Thymus Differentiation

Driven by our long-standing interest in identifying proteins of the immune system and in characterizing processes involved in lymphocyte differentiation, we studied protein expression in biosynthetically labeled fetal and newborn thymus by 2D gel electrophoresis. Autoradiographs of the gels were scanned with a densitometer and image analysis was performed using the Kepler system. Calibrated polypeptide spot abundances (volumes) were compared to assesses qualitative and quantitative changes of the spot volumes. Among over 300 proteins evaluated at GD (gestation day) 13,15, and 17, there were sets of proteins that increased and others that decreased in intensity. We could in addition recognize proteins that were completely absent at GD 13 and/or 15 and that appeared thereafter to gradually increase in intensity. Conversely, various polypeptide spots present at early stages (at GD 13 and 15) disappear later (at GD 17 or at birth). Among the proteins that increase in intensity prevail molecules with masses less than 35 kD, whereas a considerable portion of those that decrease in intensity are characterized by masses above 60 kD. Spots reported in this communication were not defined beyond tagging them with numbers, which is a prerequisite to follow them up in the proteinpaedia developed in our laboratory. The next step will be to retrieve the coding sequences from the existing partitioned cDNA library (BW 5147) as well as from thymocyte subtraction libraries. We predict that among those polypeptides with varying intensity, important regulatory proteins in thymus development will be found

„Arbeitsplatzausstattung“ und „Arbeitsplatzlücke“ nach Geschlechtern in Ost- und Westdeutschland

The paper investigates (a) the number and structure of available jobs by gender in East and West Germany, (b) the gap between the supply and demand of jobs by gender in both regions and (c) the reasons for the wider “job gap” in East Germany compared with West Germany. The paper uses data from the Regional National Accounts and the Federal Labor Office. The analysis shows no significant difference in the number of jobs per 1000 persons in working age between East and West Germany. For women, the East German economy offers more jobs. Nevertheless, the gap between labour demand and the supply of jobs is wider in East Germany. This is caused not only by problems concerning the production structure, but also by the significantly higher partizipation rate of women in the labor market. Reasons are the traditional behaviour of East German woman and – compared with West Germany – the considerably lower household income.employment, underemployment, labor demand, labor supply, East Germany, West Germany