Financial intermediation and the role of price discrimination in a two-tier market

Though unambiguously outperforming all other financial markets in terms of liquidity, foreign exchange trading is still performed in opaque and decentralized markets. In particular, the two-tier market structure consisting of a customer segment and an interdealer segment to which only market makers have access gives rise to the possibility of price discrimination. We provide a theoretical foreign exchange pricing model that accounts for market power considerations and analyze a database of the trades of a German market maker and his cross section of end-user customers. We find that the market maker generally exerts low bargaining power vis-á-vis his customers. The dealer earns lower average spreads on trades with financial customers than commercial customers, even though the former are perceived to convey exchange-rate-relevant information. From this perspective, it appears that market makers provide interdealer market liquidity to end-user customers with cross-sectionally differing spreads. --foreign exchange,market microstructure,pricing behavior

Interfacing optical fibers with plasmonic nanoconcentrators

The concentration of light to deep-subwavelength dimensions plays a key role in nanophotonics and has the potential to bring major breakthroughs in fields demanding to understand and initiate interaction on nanoscale dimensions, including molecular disease diagnostics, DNA sequencing, single nanoparticle manipulation and characterization, and semiconductor inspection. Although planar metallic nanostructures provide a pathway to nanoconcentration of electromagnetic fields, the delivery/collection of light to/from such plasmonic nanostructures is often inefficient, narrow-band, and requires complicated excitations schemes, limiting widespread applications. Moreover, planar photonic devices reveal a reduced flexibility in terms of bringing the probe light to the sample. An ideal photonic-plasmonic device should combine (i) a high spatial resolution at the nanometre level beyond to what is state-of-the-art in near-field microscopy with (ii) flexible optical fibers to promote a straightforward integration into current near-field scanning microscopes. Here, we review the recent development and main achievements of nanoconcentrators interfacing optical fibers at their end-faces that reach entirely monolithic designs, including campanile probes, gold-coated fiber-taper nanotips, and fiber-integrated gold nanowires

Money In Modern Macro Models: A Review of the Arguments

This paper provides an overview of the role of money in modern macro models. In particular, we are focussing on New Keynesian and New Monetarist models to investigate their main findings and most significant shortcomings in considering money properly. As a further step, we ask about the role of financial intermediaries in this respect. In dealing with these issues, we distinguish between narrow and broad monetary aggregates. We conclude that for theoretical as well as practical reasons a periodic review of the definition of monetary aggregates is advisable. Despite the criticism brought forward by the recent New Keynesian literature, we argue that keeping an eye on money is important to monetary policy decision-makers in order to safeguard price stability as well as, as a side-benefit, ensure financial market stability. In a nutshell: money still matters

Identification of zero density of states domains in band gap fibers using a single binary function

Here we introduce a new calculation method to find the domains of zero density of states for photonic band gap guiding fibers consisting of arrays of high refractive index strands in a low refractive index cladding. We find an analytic expression that associates any combination of geometric parameter, effective index, material and wavelength with a single binary function which allows direct determination whether the density of cladding states is zero or not. The method neither requires the typically used root finding procedure for dispersion tracking nor simulation volume discretization. We verify the validity of our approach on well-established results and reveal as example that band gap regions are mainly determined by the two lowest order Bessel function orders. Our method allows for extensive parameter scans and evaluation of photonic band gap structures against structural and material inaccuracies with substantially reduced simulation effort

Intracapillary leucocyte accumulation as a novel antihaemorrhagic mechanism in acute pancreatitis in mice

Background: Pancreatic infiltration by leucocytes represents a hallmark in acute pancreatitis. Although leucocytes play an active role in the pathophysiology of this disease, the relation between leucocyte activation, microvascular injury and haemorrhage has not been adequately addressed.Methods: We investigated intrapancreatic leucocyte migration, leucocyte extravasation and pancreatic microperfusion in different models of oedematous and necrotising acute pancreatitis in lys-EGFP-ki mice using fluorescent imaging and time-lapse intravital microscopy.Results: In contrast to the current paradigm of leucocyte recruitment, the initial event of leucocyte activation in acute pancreatitis was represented through a dose- and time-dependent occlusion of pancreatic capillaries by intraluminally migrating leucocytes. Intracapillary leucocyte accumulation (ILA) resulted in dense filling of almost all capillaries close to the area of inflammation and preceded transvenular leucocyte extravasation. ILA was also initiated by isolated exposure of the pancreas to interleukin 8 or fMLP, demonstrating the causal role of chemotactic stimuli in the induction of ILA. The onset of intracapillary leucocyte accumulation was strongly inhibited in LFA-1-/- and ICAM-1-/- mice, but not in Mac-1-/- mice. Moreover, prevention of intracapillary leucocyte accumulation led to the development of massive capillary haemorrhages and transformed mild pancreatitis into lethal haemorrhagic disease.Conclusions: ILA represents a novel protective and potentially lifesaving mechanism of haemostasis in acute pancreatitis. This process depends on expression of LFA-1 and ICAM-1 and precedes the classical steps of the leucocyte recruitment cascade

Nanotrimer enhanced optical fiber tips implemented by electron beam lithography

Here we present a novel fabrication approach that allows for the implementation of sophisticated planar nanostructures with deep subwavelength dimensions on fiber end faces by electron beam lithography. Specifically, we planarize the end faces of fiber bundles such that they are compatible with planar nanostructuring technology, with the result that fibers can be treated in the same way as typical wafers, opening up the entire field of nanotechnology for fiber optics. To demonstrate our approach, we have implemented densely-packed arrays of gold nanotrimers on the end face of 50 cm long standard single mode fibers, showing asymmetrical resonance lineshapes that arise due to the interplay of diffractive coupling of the individual timer response at infrared wavelengths that overlap with the single mode regime of typical telecommunication fibers. Refractive index sensing experiments suggest sensitivities of about 390 nm/RIU, representing the state-of-the-art for such a device type. Due to its unique capability of making optical fibers compatible with planar nanostructuring technology, we anticipate our approach to be applied in numerous fields including bioanalytics, telecommunications, nonlinear photonics, optical trapping and beam shaping

Electric current-driven spectral tunability of surface plasmon polaritons in gold coated tapered fibers

Here we introduce the concept of electrically tuning surface plasmon polaritons using current-driven heat dissipation, allowing controlling plasmonic properties via a straightforward-to-access quantity. The key idea is based on an electrical current flowing through the plasmonic layer, changing plasmon dispersion and phase-matching condition via a temperature-imposed modification of the refractive index of one of the dielectric media involved. This scheme was experimentally demonstrated on the example of an electrically connected plasmonic fiber taper that has sensitivities >50000 nm/RIU. By applying a current, dissipative heat generated inside metal film heats the surrounding liquid, reducing its refractive index correspondingly and thus modifying the phase-matching condition to the fundamental taper mode. We observed spectral shifts of the plasmonic resonance up to 300 nm towards shorter wavelength by an electrical power of ≤ 80 mW, clearly showing that our concept is important for applications that demand precise real-time and external control on plasmonic dispersion and resonance wavelengths

Nanograting-Enhanced Optical Fibers for Visible and Infrared Light Collection at Large Input Angles

The efficient incoupling of light into particular fibers at large angles is essential for a multitude of applications; however, this is difficult to achieve with commonly used fibers due to low numerical aperture. Here, we demonstrate that commonly used optical fibers functionalized with arrays of metallic nanodots show substantially improved large-angle light-collection performances at multiple wavelengths. In particular, we show that at visible wavelengths, higher diffraction orders contribute significantly to the light-coupling efficiency, independent of the incident polarization, with a dominant excitation of the fundamental mode. The experimental observation is confirmed by an analytical model, which directly suggests further improvement in incoupling efficiency through the use of powerful nanostructures such as metasurface or dielectric gratings. Therefore, our concept paves the way for high-performance fiber-based optical devices and is particularly relevant within the context of endoscopic-type applications in life science and light collection within quantum technology