Superconducting electronics

During the last decades superconducting electronics has been the most prominent area of research for small scale applications of superconductivity. It has experienced quite a stormy development, from individual low frequency devices to devices with high integration density and pico second switching time. Nowadays it offers small losses, high speed and the potential for large scale integration and is superior to semiconducting devices in many ways ¿ apart from the need for cooling by liquid helium for devices based on classical superconductors like niobium, or cooling by liquid nitrogen or cryocoolers (40K to 77K) for high-Tc superconductors like YBa2Cu3O7. This article gives a short overview over the current state of the art on typical devices out of the main application areas of superconducting electronics

Risk and return of open-end real estate funds : the German case

Open-end real estate funds (so called “Offene Immobilienfonds”) play a major role in the German market for securitised real estate investments. Such funds are pools of money from many investors, which are invested in real estate by special investment management companies. This study seeks to identify the risk and return profile of this investment vehicle (before and after income taxes), to compare them with those of other major asset classes, and to provide implications for their appropriate role in a mixed-asset portfolio. Addition-ally, an overview of the institutional architecture and role of German open-end real estate funds is given. Empirical evidence suggests that the financial characteristics of open-end real estate funds are in many respects similar to those reported for direct real estate invest-ments. Accordingly, German open-end real estate funds qualify for medium and long-term investment horizons, rather than for shorter holding periods

Noise in (double) relaxation oscillation SQUIDs

We have modelled the effect of two intrinsic noise sources on the flux noise spectral density of (Double) Relaxation Oscillation SQUIDs ((D)ROSs) based on hysteretic Josephson tunnel junctions. An important noise source is the spread in the critical current of the SQUID due to thermal fluctuations. Critical current noise mainly determines the noise on the average output voltage of DROSs with high flux to voltage transfer. A second noise source is the spread in the relaxation frequency due to the random interaction between the Josephson oscillations and the relaxation oscillations during switching to the zero-voltage state. This effect can dominate the voltage noise of a ROS

The victory of hope over Angst? : Funding, asset allocation, and risk-taking in german public sector pension reform

Public employee pension systems throughout the developed world have traditionally been of the pay-as-you-go (PAYGO) defined benefit (DB) variety, where pensioner payments are financed by taxes (contributions) levied on the working generation. But as the number of retirees rises relative to the working-age group, such systems have begun to face financial distress. This trend has been exacerbated in many countries, among them Germany, by high unemployment rates producing further deterioration of the contribution base. In the long run, public sector pension benefits will have to be cut or contributions increased, if the systems are to be maintained. An alternative path sometimes offered to ease the crunch of paying for public employee pensions is to move toward funding: here, plan assets are gradually built up, invested, and enhanced returns devoted to partly defray civil servants’ pension costs. In this study, we evaluate the impact of introducing partial prefunding, paired with a strategic investment policy for the German federal state of Hesse. The analysis assesses the impact of introducing a supplementary tax-sponsored pension fund whose contributions are invested in the capital market and used to relieve the state budget from (some) pension payments. Our model determines the expectation and the Conditional Value-at-Risk of economic pension costs using a stochastic simulation process for pension plan assets. This approach simultaneously determines the optimal contribution rate and asset allocation that controls the expected economic costs of providing the promised pensions, while at the same time controlling investment risk. Specifically, we offer answers to the following questions: 1. How can the plan be designed to control cash-flow shortfall risk, so as to mitigate the potential burden borne by future generations of taxpayers? 2. What is the optimal asset allocation for this fund as it is built up, to generate a maximum return while simultaneously restricting capital market and liability risk? 3. What are reasonable combinations of annual contribution rates and asset allocation to a state-managed pension fund, which will limit costs of providing promised public sector pensions? We anticipate that this research will interest several sorts of policymaker groups. First, focusing on the German case, the state and Federal governments should find it relevant, as these entities face considerable public sector pension liabilities. Second, our findings will also be of interest to other European countries, as most have substantial underfunded defined benefit plans for civil servants. In what follows, we first offer a brief description of the structure of civil servant pensions in Germany, focusing on their benefit formulas, their financing, and the resulting current as well as future plan obligations for taxpayers. Next, we turn to an analysis of the actuarial status of the Hesse civil servants’ pension plan and evaluate how much would have to be contributed to fund this plan in a nonstochastic context. Subsequently we evaluate the asset-liability and decision-making process from the viewpoint of the plan sponsor, to determine sensible plan asset allocation behavior. A final section summarizes findings and implications.Wie in vielen anderen Ländern auch, beruhen die deutschen Beamtenpensionen traditionell auf einem umlage- und steuerfinanzierten System der Leistungszusage (defined benefit pension – DB). Aufgrund fehlender Rücklagen resultieren aus den Pensionsverspechen ungedeckte Verbindlichkeiten in Milliardenhöhe, die als solche jedoch nicht offiziell als Staatsverschuldung ausgewiesen werden. Das damit einhergehende Problem steigender Belastungen zukünftiger Haushalte wurde von der Politik erkannt, und erste Schritte in Richtung Kapitaldeckung wurden mit der Einführung der Versorgungsrücklagen sowie der Finanzierungsfonds vollzogen. Vor diesem Hintergrund evaluiert diese Studie die Chancen und Risiken, die mit dem Übergang zu einem (partiell) kapitalgedeckten Beamtenpensionssystems verbunden sind. Als Datengrundlage dient hierzu die vollständige Personalstandsstatistik des Landes Hessen, dessen Beamtenpopulation repräsentativ für den größten Teil des deutschen Beamtensystems ist. Unter Verwendung eigens für diese Studie berechneter Beamtensterbetafeln werden zunächst die Pensionsansprüche der aktuellen Pensionäre sowie die bereits erdienten Anwartschaften der aktuell diensttuenden Beamten aktuariell bewertet. Auf Grundlage einer 50-Jahres-Prognose der Beamtenpopulationsentwicklung werden die zur Finanzierung der Pensionsversprechen benötigten Beiträge, d.h. der Beitragssatz in Bezug auf die Beamtengehälter, deterministisch bestimmt. Im Rahmen einer Monte Carlo-Studie und auf Basis eines stochastischen Barwert-Ansatzes wird sodann die Anlagestrategie für das Planvermögen bestimmt, die zu minimalem Crash-Risiko, gemessen als Conditional Value at Risk der gesamten Pensionskosten, führt. Abschließend wird aufgezeigt, welchen Freiraum der Pensionsplanmanager hinsichtlich der Wahl von Beitragssatz und Anlagestrategie hat, wenn er nur auf Einhaltung eines vorgegebenen Risikobudgets verpflichtet wurde

High quality YBa2Cu3Ox ultra-thin films and Y/Pr/Y multilayers made by a modified RF-magnetron sputtering technique

High quality ĉ-axis oriented thin and ultra-thin films have been grown in situ on (100) surfaces of ZrO2, SrTiO3 and MgO. Sharp transitions were observed with Tc,zero of 87–91 K for films thicker than 70 Å. On atomically polished MgO substrates films as thin as 15 Å revealed a full transition to superconductivity above 45.5 K. The critical current density at 77 K was found to be strongly dependent on film thickness. A maximum value was found for a 100 Å film with 8 × 106A/cm2 at 77 K. Also, YBCO/PBCO/YBCO multilayer thin films have been fabricated in situ by the same technique. The epitaxy is maintained throughout the whole multilayer system. The superconducting properties of YBa2Cu3Ox layers do not change compared to single layers. Interdiffusion and possible chemical reaction close to the interfaces can be neglected.\ud \u

Properties of lift-off structured high Tc microbridges

Microbridges and DC SQUIDs (superconducting quantum interference devices) were fabricated, using a lift-off technique, from RF sputtered YBaCuO films on MgO single-crystal substrates. Microwave measurements at 9 GHz on microbridges and the magnetic-field dependence of their critical current reveal wide bridge behaviour up to temperatures near the maximum operating temperature of the bridge. Mostly, a linear dependence of the critical current on the temperature is found, which is connected with high intrinsic 1/f noise if the bridge is constant-current-biased slightly above the critical current. In some bridges and DC SQUIDs, regimes with a temperature dependence proportional to (1-T/Tc)1.5 are found. In this case the 1/f noise level is much smaller and SQUID modulation can be followed to about 65

Parameter study of in-situ grown superconducting YBaCuO thin films prepared by laser ablation

A parameter study has been made of YBaCuO thin films prepared by laser oblation. The films were deposited on SrTiO3, MgO, and Si with ZrO2 buffer layer at substrate temperatures between 600°C – 800°C. With optimization of different parameters like substrate temperature, pulse frequency, target-substrate distance, and oxygen pressure, zero resistivity was derived for the in-situ grown films on SrTiO3 at 89.5 K, on MgO at 84.6 K, and on Si (ZrO2) at 83.5 K

Introduction of ramp-type technology in HTS quasiparticle injection devices

Injection of quasiparticles with an energy larger than the superconducting gap into a superconducting strip results in breaking of Cooper-pairs and hence the suppression of the superconducting properties. Experiments using planar injection devices made of HTS materials with various barrier materials showed current gains varying from 2 up to 15 at 77 K. By changing the junction size and therefore the superconducting volume the current gain could be increased. A further reduction of the junction volume is very difficult using the planar device geometry. However, by applying the ramp-type technology it is possible to reduce the junction volume by at least one order of magnitude and a further increase in current gain is expected. Another advantage of this technology is the formation of in-situ barriers and electrodes and hence a better control of the junction characteristics should be possible, also the compatibility with the processes involved making RSFQ devices can be interesting for later applications. We have fabricated ramp-type injection devices, using various types of barriers. Characterization of these devices has been performed and the results of these experiments will be presented and discussed

Controlled preparation of all high-Tc SNS-type edge junctions and DC SQUIDs

High-Tc SNS-type Josephson junctions and DC SQUIDs were successfully fabricated using hetero-epitaxially grown multilayers of YBa2Cu3Ox and PrBa2Cu3Ox. These layers are c-axis oriented and hence edges of the multilayers give rise to a current flow in the ab-plane between the electrodes of a Josephson junction. The necessary structuring was done by Ar ion beam etching. The individual junctions exhibit a supercurrent up to 80 K. The IcRn-product of these junctions usually has a lower limit of 8 mV at 4.2 K. Voltage modulation of the first DC SQUIDs can be observed up to 66 K. Details on the fabrication and measurements are presented

Fabrication of 45 degrees template grain boundary junctions using a CaO lift-off technique

45 degrees grain boundary junctions have been made using (100) MgO substrates, a CeO2 template layer and an YBa2Cu3O7 top layer. To minimize the damage to the MgO surface, which will occur if the CeO2 is structured using ion milling, the CeO2 layer has been structured using the CaO lift-off technique. Electrical measurements of these junctions as a function of temperature, microwave irradiation and magnetic field will be discussed in this paper