The impact of the euro on money and bond markets

The paper provides an analysis of the euro area money and bond markets and their infrastructure since the introduction of the euro. Significant development in terms of integration took place in both markets in general to a various degree for the different segments. However, there remain room for further integration after the first year of Stage III of EMU notably regarding the bond market which lags behind in terms of liquidity, market completeness and overall size compared to the US corporate bond market. Analysis of the barriers to integration, which do not seem to be specific to these markets but apply more generally to euro securities infrastructure, identifies fields where further action is required. This covers (i) the lack of availability of cross-border settlement on a DVP basis, (ii) the lack of standardised legal documentation for repos, (iii) the lack of common practices concerning settlement procedures, (iv) the lack or harmonisation of collateralisation processes between national central banks and interbank operations, (v) the heterogeneity in fiscal and accounting procedures and, (vi) the need for a clearing house.money market, bond market, securities market, financial market integration, euro area, monetary policy.

The impact of the euro on money and bond markets

The paper provides an analysis of the euro area money and bond markets and their infrastructure since the introduction of the euro. Significant development in terms of integration took place in both markets in general to a various degree for the different segments. However, there remain room for further integration after the first year of Stage III of EMU notably regarding the bond market which lags behind in terms of liquidity, market completeness and overall size compared to the US corporate bond market. Analysis of the barriers to integration, which do not seem to be specific to these markets but apply more generally to euro securities infrastructure, identifies fields where further action is required. This covers (i) the lack of availability of cross-border settlement on a DVP basis, (ii) the lack of standardised legal documentation for repos, (iii) the lack of common practices concerning settlement procedures, (iv) the lack or harmonisation of collateralisation processes between national central banks and interbank operations, (v) the heterogeneity in fiscal and accounting procedures and, (vi) the need for a clearing house

Laser noise residuals in LISA from on-board processing and time-delay interferometry

Time-delay interferometry (TDI) is a crucial step in the on-ground data processing pipeline of the Laser Interferometer Space Antenna (LISA), as it reduces otherwise overwhelming laser noise and allows for the detection of gravitational waves (GWs). This being said, several laser noise couplings have been identified that limit the performance of TDI. First, on-board processing, which is used to decimate the sampling rate from tens of MHz down to a few Hz, requires careful design of the antialiasing filters to mitigate folding of laser noise power into the observation band. Furthermore, the flatness of those filters is important to limit the effect of the flexing-filtering coupling. Second, the postprocessing delays applied in TDI are subject to ranging and interpolation errors. All of these effects are partially described in the literature. In this paper, we present them in a unified framework and give a more complete description of aliased laser noise and the coupling of interpolation errors. Furthermore, for the first time, we discuss the impact of laser locking on laser noise residuals in the final TDI output. To verify the validity of the analytic power spectral density (PSD) models we derive, we run numerical simulations using LISA Instrument and calculate second-generation TDI variables with PyTDI. We consider a setup with six independent lasers and with locked lasers (locking configuration N1-12). We find that laser locking indeed affects the laser noise residuals in the TDI combinations as it introduces correlations among the six lasers inducing slight modulations of the PSDs compared to the case of six independent lasers. This implies further studies on laser noise residuals should consider the various locking configurations to produce accurate results

Uncovering gravitational-wave backgrounds from noises of unknown shape with LISA

Detecting stochastic background radiation of cosmological origin is an exciting possibility for current and future gravitational-wave (GW) detectors. However, distinguishing it from other stochastic processes, such as instrumental noise and astrophysical backgrounds, is challenging. It is even more delicate for the space-based GW observatory LISA since it cannot correlate its observations with other detectors, unlike today's terrestrial network. Nonetheless, with multiple measurements across the constellation and high accuracy in the noise level, detection is still possible. In the context of GW background detection, previous studies have assumed that instrumental noise has a known, possibly parameterized, spectral shape. To make our analysis robust against imperfect knowledge of the instrumental noise, we challenge this crucial assumption and assume that the single-link interferometric noises have an arbitrary and unknown spectrum. We investigate possible ways of separating instrumental and GW contributions by using realistic LISA data simulations with time-varying arms and second-generation time-delay interferometry. By fitting a generic spline model to the interferometer noise and a power-law template to the signal, we can detect GW stochastic backgrounds up to energy density levels comparable with fixed-shape models. We also demonstrate that we can probe a region of the GW background parameter space that today's detectors cannot access

Bilan des MOOC Inria 2015-2016

Dix MOOC (Massive Open Online Courses) ont été diffusés par Inria sur la plateforme France Université Numérique 1 entre septembre 2015 et juin 2016. La création de MOOC découle d'une volonté politique d'Inria de comprendre ce nouveau mode de formation et a été soutenue dans le cadre du projet uTop 2. Tout comme le document publié l'année précédente 3 sur les 6 MOOC diffusés en 2014-2015, ce nouveau document, construit sous la forme d'une série de questions, présente un bilan principalement quantitatif qui vise à alimenter la réflexion des membres d'Inria Learning Lab 4 (anciennement Mooc Lab Inria) et de la communauté des concepteurs de MOOC de manière générale

Innovative embedded sensors for power electronic modules: CAPTIF – ANR research project

Innovative embedded sensors for power electronic modules: CAPTIF – ANR research projec

Embedded set of sensors for power electronic modules

This study deals with the challenges for driving Wide Band Gap modules to maturity. In this study, development, integration and signal processing techniques of several types of sensors are studied. Industrial and academic partners, within CAPTIF project, are proposing complementary skills and experiences in the technological and scientific domains: multi-physic sensors, signal processing, integration and reliability for power electronics. Nanoparticle-based strain gauges, temperature sensors and electromagnetic array sensors will be validated and integrated in power an electronic power module. A specific multi-physic model will be developed in order to specify the best location of interest within the power module. These features will result in a better knowledge of real-time current density location, as well as current frequencies. For both sensor types, the data packaging will be challenging spin-offs. Finally, advanced data processing techniques – estimation as well as signal processing – will be adapted to numerous sensor outputs. A clean room process flowchart will be established to guarantee an advanced pre-industrial prototyping

Conception de capteurs intégrés et logiciels pour des modules d'électronique de puissance

Conception de capteurs intégrés et logiciels pour des modules d'électronique de puissanc

Cervical lymph node metastasis in high-grade transformation of head and neck adenoid cystic carcinoma: a collective international review

Adenoid cystic carcinoma (AdCC) is among the most common malignant tumors of the salivary glands. It is characterized by a prolonged clinical course, with frequent local recurrences, late onset of metastases and fatal outcome. High-grade transformation (HGT) is an uncommon phenomenon among salivary carcinomas and is associated with increased tumor aggressiveness. In AdCC with high-grade transformation (AdCC-HGT), the clinical course deviates from the natural history of AdCC. It tends to be accelerated, with a high propensity for lymph node metastasis. In order to shed light on this rare event and, in particular, on treatment implications, we undertook this review: searching for all published cases of AdCC-HGT. We conclude that it is mandatory to perform elective neck dissection in patients with AdCC-HGT, due to the high risk of lymph node metastases associated with transformation