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Zentralbankverluste und "ungerechte?" Bankengewinne infolge der Wertpapieraufkaufprogramme und der Verzinsung der Überschussreserven
No full textDas Eurosystem und auch die Deutsche Bundesbank werden 2023 Verluste erzielen, die einige Jahre anhalten dürften. Aufgrund der massiven Käufe von Wertpapieren in den letzten 10 Jahren, vor allem Staatsanleihen, sind die Überschussreserven der Banken stark angestiegen. Die dadurch bedingten hohen Zinszahlungen an die Banken seit der geldpolitischen Kehrtwende, bei geringen Einnahmen für die hohen Wertpapierbestände, führten zu massiver Kritik. Die Banken würden dadurch „ungerechte“ Gewinne erzielen, während die Fiskalbehörden auf die früher üblichen Überweisungen der Zentralbankgewinne verzichten müssen. Populistische Forderungen nach einer Begrenzung der Bankengewinne durch z.B. eine pauschale, drastische Erhöhung der Mindestreservesätze im Eurosystem zur Reduzierung der Überschussreserven bergen neue Probleme und sind nicht hilfreich. Letztlich haben die Staaten sehr lange von historisch niedrigen Zinsen infolge der expansiven Geldpolitik des Eurosystems profitiert und müssen nun die Folgen der massiven Aufblähung der Zentralbankbilanzen während des Zeitraums der Normalisierung der Geldpolitik tragen.The Eurosystem and also Deutsche Bundesbank will make losses in 2023, which are likely to last for several years. Due to massive purchases of securities over the last 10 years, especially government bonds, banks' excess reserves have risen sharply. The resulting high interest payments to the banks since the change of the monetary policy course due to high inflation, combined with low income for the high securities holdings, led to massive criticism. The banks would thereby receive “unfair” subsidies, while fiscal authorities would lose transfers of central bank profits. Populist calls for a cap on bank profits through, e.g., a drastic increase in the minimum reserve ratios in the Eurosystem to reduce excess reserves do not appear to be helpful and pose new problems. Ultimately, states have benefited from historically low interest rates for a very long time as a result of the Eurosystem’s expansionary monetary policy. Now, they have to bear the consequences of the massive increase of central bank balance sheets during the period of normalization of monetary polic
Picosecond laser microvia drilling of ABF material using MHz burst mode
No full textWe report on a comprehensive study of laser percussion microvia drilling of Ajinomoto build-up film (ABF) material using an ultrashort pulsed laser in MHz burst mode. After laser processing, microvia drilling quality is being evaluated by the fabricated diameter and taper using laser scanning microscopy and metallography. The influences of the incubation effect, heat accumulation and shielding effects as a result of pulse to pulse interactions are being discussed on the ablation threshold, penetration depth and laser microvia drilling quality. We find that an increasing heat accumulation in MHz burst mode processing is responsible for the void formation and delamination of the insulating ABF layer. Therefore, the parameter clearance is introduced to evaluate these effects on the microvia sidewalls. For a comparable clearance, applying 2 intra-burst pulses achieves an average reduced taper of down to 19.5% compared to single pulse mode. At the same time, a reduced laser drilling time of 16.7% per microvia highlights the enormous potential of the MHz burst mode for laser drilling of ABF material in printed circuit board fabrication
Acceleration of Femtosecond Reductive Laser Sintering of Copper(II) Oxide for Conductive Copper Patterns on Cyclic Olefin Copolymers
No full textWe report on the acceleration of femtosecond reductive laser sintering of copper (II) oxide on the surface of transparent cyclic olefin copolymers (COC) by varying the focus size to generate metallic copper (Cu) layers. By using different focusing conditions, different process speeds are achieved, and the structural accuracies are controlled. The formation of Cu lines is observed for different focus sizes at various scan speeds, which is attributed to laser exposure duration and chemical reaction time. The formed lines are categorized and measured by optical microscopy and provide the basis for two-dimensional Cu surfaces. By hatching, high quality conductive films are produced with an increased focus diameter of up to 400 µm at a scan speed of 400 mm/s and a hatch distance of 250 µm resulting in a multiple increased process speed by a factor of thirteen compared to previous research. Using 4-tip measurement , a low sheet resistance of 0.165 Ω/sq was validated on these Cu films, which have an atomic Cu content of 89.5%
Stoßstromversuche zur Qualifizierung von sicherheitsrelevanten Komponenten im Antriebsstrang eines Elektrofahrzeuges
No full textProgress in the development of traction batteries requires high-performance test benches to qualify the safety-relevant components in the battery management system (BMS) for use in electric vehicles. Since all possible fault cases under all permissible operating conditions must be covered during qualification, only synthetic test circuits, in which a test requires only a short setup time, are used for this task. In this paper, an n-stage surge current generator for the generation of high short-circuit currents is presented. Using the example of a four-stage resonant circuit surge current converter, the advantages of this test circuit are explained and demonstrated by measurements. Furthermore, instructions for measuring the surge currents are given
Distinct dynamic behavioural response to social exclusion in male patients with a history of alcohol dependence
No full textSocial exclusion contributes to alcohol consumption, whereas the development of alcohol dependence (AD) can in turn lead to the social exclusion of people with AD. Previous research observed altered neural responses to experimentally induced social exclusion (i.e., Cyberball game) in patients with AD. In addition, inflammation has been associated with both social behaviours and AD. Our study aimed to investigate the dynamic behavioural response and the inflammatory effects of social exclusion in male patients with a history of AD. To this end, we analysed dynamic changes in ball tossing during a partial exclusion Cyberball game and the cytokine interleukin (IL)‐1b in saliva in 31 male patients who had a history of AD and 29 gender‐matched healthy controls without AD. Participants were included in the first 2 min of the Cyberball game and then excluded by one of the two co‐players in the proceeding 5 min. Saliva was collected three times: one before and two after the Cyberball game. Across groups, participants passed the ball more often to the excluder during the partial exclusion period. Analysis using piece‐wise linear mixed models showed that patients rapidly increased ball tosses to the excluder upon exclusion, which lasted to the late response phase, whereas the early behavioural response to exclusion took longer for controls. There was no significant change of salivary IL‐1b level to exclusion in either patients or controls. The results indicate a distinct dynamic behavioural response to social exclusion in male patients with a history of AD
Manipulation von Abgaswerten
No full textDieses kleine Buch stellt Hintergründe zum Abgasskandal dar, z. B. welche Schadstoffe kritisch sind, wie Motorsteuergeräte, Abgasrückführung und Abgasnachbehandlung funktionieren, wie Manipulationen auf dem Prüfstand möglich sind, mit welchen Fahrzyklen getestet wird und in welchem rechtlichen und politischen Umfeld dies lange Zeit unbemerkt mit unterschiedlichen Konsequenzen in der EU und den USA geschehen konnte. Es werden Maßnahmen vorgestellt, mit denen Fahrzeuge auch real gesetzliche Grenzwerte einhalten können und wie Manipulationen zukünftig rechtlich und politisch verhindert werden können. Dem Leser werden durch Literaturhinweise zusätzliche Details erschlossen
Fundamental Considerations and Analysis of the Energy Distribution in Laser Turning with Ultrashort Laser Pulses
No full textThis article discusses the process of the laser turning of rotational symmetric, cylindrical components using ultrashort laser pulses with respect to the geometrical conditions and the resulting energy distribution during the laser turning process. As a result, process predictions and potential process optimizations are feasible. Particular attention is drawn to the laser spot formation on the cylindrical surface of the work piece in conjunction with the positioning of the laser beam relative to the rotation axis of the specimen. Based on fundamental calculations and experimental results, an optimum processing strategy is discussed, whereat the use of a trepanning optic in the laser turning process and the forming of a particular surface structure is additionally being issued