107 research outputs found
Periodically poled waveguides in potassium titanyl phosphate : from technology development to applications
No full textDie integrierte Quantenoptik ist ein aufstrebendes Forschungsfeld, das skalierbare Ansätze für neue Anwendungen wie die Quantensimulation bietet. Die Basis für alle Anwendungen der Quantenoptik sind die integrierten Bauelemente, die höchste Probenqualität aufweisen müssen. In dieser Arbeit wurde eine neuartige Technologie zur Herstellung maßgeschneiderter, periodisch gepolter Wellenleiter aus Kaliumtitanylphosphat (KTP) entwickelt und etabliert, ein Material, das aufgrund seiner einzigartigen Dispersionseigenschaften von großem Interesse ist aber gleichzeitig eine besondere Herausforderung an die Herstellung stellt. Es wurden detaillierte Untersuchungen zu den Eigenschaften von KTP durchgeführt. Diese Ergebnisse erlaubten es, die durch elektrische Felder erzeugte Domäneninversion und durch Kalium-Rubidium ausgetauschte Wellenleiter zu kombinieren, um die Herstellung periodisch gepolter KTP-Wellenleiter zu ermöglichen. Des Weiteren konnte eine Beschichtungstechnologie etabliert werden, die die Abscheidung dielektrischer optischer Beschichtungen auf Wellenleiter und Substraten ermöglicht. Die Beschichtungen basieren auf Sauerstoffionen-unterstützter Elektronenstrahlverdampfung und integrierter Breitbandüberwachung. Es konnten maßgeschneiderte multifunktionale Beschichtungen hergestellt werden. Unter Verwendung der neuen Technologien wurden zwei neuartige Bauelemente für die Frequenzkonversion zwischen UV- und sichtbaren Wellenlängen realisiert: periodisch gepolte KTP Rippen- und Kanalwellenleiter. Beide Bauelemente zeigen sowohl in der Erzeugung der zweiten Harmonischen als auch der parametrischen Fluoreszenz einen hohen Wirkungsgrad. Die Ergebnisse dieser Arbeit werden dazu beitragen, das Gebiet der integrierten Quantenoptik voranzubringen, indem wichtige Fortschritte in der Technologie erzielt werden.Integrated quantum optics is an emerging research field that offers scalable approaches towardsexciting new applications such as quantum simulation. The basis for all integrated quantumoptics applications is, obviously, the integrated devices, which must exhibit supreme samplequality and replicability.In this thesis, we developed and established a novel technology for the fabrication of tailored,periodically poled waveguides in potassium titanyl phosphate (KTP), a material that is of highinterest due to its unique dispersion properties and, at the same time, exquisitely challengingfor fabrication. We conducted detailed studies of the properties of KTP, which led to a betterunderstanding of the material behaviour during the manufacturing. These results allowed us tofuse electric field-enhanced domain inversion and potassium-rubidium-exchanged waveguidesto enable the production of periodically poled KTP waveguides.We further established a coating technology, which facilitates the deposition of engineered dielectriccoatings on waveguide end facets and other substrates. The coatings are based onoxygen ion assisted electron beam evaporation and integrated broadband monitoring, and wedemonstrate tailored, multifunctional coatings.We used the new technologies to realise two new devices for frequency conversion between UVand visible wavelengths: periodically poled KTP ridge and channel waveguides. Both deviceswere thoroughly characterised, and we demonstrated both second harmonic generation and parametricdown-conversion with high efficiencies. The results of our thesis will help to advancethe field of integrated quantum optics by providing important progress in the technology, whichlies at the heart of all applications.vorgelegt von Christof EignerTag der Verteidigung: 07.03.2019Universität Paderborn, Dissertation, 201
Cross currency swap valuation
Get PDFCross currency swaps are powerful instruments to transfer assets or liabilities from one currency into another. The market charges for this a liquidity premium, the cross currency basis spread, which should be taken into account by the valuation methodology. We describe and compare two valuation methods for cross currency swaps which are based upon using two different discounting curves. The first method is very popular in practice but inconsistent with single currency swap valuation methods. The second method is consistent for all swap valuations but leads to mark-to-market values for single currency off market swaps, which can be quite different to standard valuation results. --interest rate swap,cross currency swap,basis spread
On the cost of delayed currency fixing announcements
Get PDFIn Foreign Exchange Markets vanilla and barrier options are traded frequently. The market standard is a cutoff time of 10:00 a.m. in New York for the strike of vanillas and a knock-out event based on a continuously observed barrier in the inter bank market. However, many clients, particularly from Italy, prefer the cutoff and knock-out event to be based on the fixing published by the European Central Bank on the Reuters Page ECB37. These barrier options are called discretely monitored barrier options. While these options can be priced in several models by various techniques, the ECB source of the fixing causes two problems. First of all, it is not tradable, and secondly it is published with a delay of about 10 - 20 minutes. We examine here the effect of these problems on the hedge of those options and consequently suggest a cost based on the additional uncertainty encountered. --exotic options,currency fixings
A case for money in the ECB monetary policy strategy
Get PDFOne major outcome of the review of the ECBs two pillar monetary policy strategy, which was published on 8 May 2003, has been the de facto downgrading of the hitherto prominent role assigned to the stock of money. According to the authors judgement, however, there is a strong theoretical and empirical rationale for the ECB monetary policy to pay close attention to the information content of money in the form of M3. However, the authors argue the ECB should make use of the so-called price gap or real money gap concept rather than the reference value as the latter runs the risk of giving misleading policy recommendations and compromising the indicator quality of the stock of money. Making use of M3 seems all the more rational as currently no better inflation indicator appears to exist in providing inflation forecasts in the euro area. --P-star,real money gap,excess liquidity,ECB
Interest rate convexity and the volatility smile
Get PDFWhen pricing the convexity effect in irregular interest rate derivatives such as, e.g., Libor-in-arrears or CMS, one often ignores the volatility smile, which is quite pronounced in the interest rate options market. This note solves the problem of convexity by replicating the irregular interest flow or option with liquidly traded options with different strikes thereby taking into account the volatility smile. This idea is known among practitioners for pricing CMS caps. We approach the problem on a more general scale and apply the result to various examples. --interest rate options,volatility smile,convexity,,option replication
Möglichkeiten der Strukturierung von Hedgefondsportfolios
Get PDFThe year 2000 started the evolution of the German market for Structured Products with incorporated Hedge Fund exposures. This paper provides an extensive commentary on this fast growing segment. Our analysis suggests that the market for existing products is affected by significant heterogeneity. This heterogeneity relates to amongst others the underlying product and cost structure, the performance and the investment style. The diversity and flexibility that enables the investor to acquire a tailor-made and portfolio-optimized asset allocation, has proven to remain attractive, despite the events of recent years. A new investment act ('Investmentmodernisierungsgesetz') was implemented in Germany in 2004. This means that direct investments in (Fund of) Hedge Funds now compete against Structured Products. However our analysis concludes that these product groups coexist. One reason is the innovation power of financial engineers who continuously create new structured products with specific features. --Hedgefonds,Structured Products,Index Certificates,Constant Proportion Portfolio Insurance,Indizes
Measures of excess liquidity
Get PDFThe aim of this note is to provide an overview of various measures of excess liquidity, which can be defined as the deviation of the actual stock of money from an estimated equilibrium level. Given their dynamic nature, the excess liquidity measures under review are - in the light of long and variable lags of monetary policy - very useful tools to quantify future price pressures. In addition, excess liquidity measures consider inflation as a purely monetary phenomenon: neither the output gap nor liquidity gap - although both form an integral part of the concepts - an be held responsible for inducing a persistent rise in the price level. Despite strong theoretical support, the usefulness of excess liquidity measures depends on the stability of money demand, a question which has of course to be answered in the realm of empirical research. --P-star,excess liquidity,monetary policy,ECB
Monetary analysis: a VAR perspective
Get PDFThe purpose of this study is to investigate the dynamic relationships between some key variables for the euro area by means of a systems approach (i.e. so-called Vector Autoregression) and to simulate their responses with respect to monetary policy shocks. The main result is that rather simple models can provide plausible reactions to changes in monetary policy. In particular, a positive shock in the short-term nominal interest rate is followed by a transitory decline in real income as well as a negative and permanent effect on the price level and nominal M3, leaving real M3 broadly unchanged. --Monetary analysis,VAR models,generalized impulse response functions
Gold in the investment portfolio
Get PDFThe paper examines the key drivers of gold investment. Since 2000 the gold price has risen drastically, making gold an interesting add-on to a portfolio. As gold futures have negative roll returns, gold pool accounts are characterized by high credit risk and physical possession of gold means high transaction costs, Xetra-Gold might be the most efficient way to enter the market. Xetra-Gold is a product created by the Deutsche Börse in 2007, which is handled like a security but can be exchanged into physical gold any time. In the portfolio context gold has had a positive impact on Euro and USD portfolios between 2000 and 2006 due to considerable returns and low correlation to other assets. However, this has not been true for almost all other periods, the correlation was always low but the returns of gold were almost zero, overriding the positive diversification effect. --Investing in gold,gold in the portfolio,correlation of gold,returns of gold,Xetra-Gold
The Boys I Should Never Write About
Get PDFThis creative thesis is made up of twenty-three poems written in various styles, though most fall into two different categories, the short, sparse, Eigner-like poems or the long narrative poems. The poems demonstrate the theme of how women\u27s sexuality fits into society and how that sexuality affects their lives. This creative thesis also demonstrates the author\u27s ability to understand poetry and literature in general through the ability to create
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