Critique of accommodating central bank policies and the 'expropriation of the saver' - A review

In parts of the German media, with the support of a number of German economists, the ECB’s low nominal interest rate policy is criticised as unnecessary, ineffective and as expropriating the German saver. This paper provides a review of the relevant arguments. It is recalled that returns on savings are anchored to the real rate of return on capital. Good monetary policy tries to avoid being a source of disturbance in itself, and may be able to smooth the effects of temporary external shocks, but beyond that cannot structurally improve the real rate of return on capital. Against this general background, the paper critically analyses a number of recent arguments as to why low interest rate policies could actually be counterproductive. Finally, the paper reviews what can be done about the medium to long-term real rate of return on capital, which remains in any case the basic issue for the saver, focusing on the specific case of Germany. The key policies identified relate to demographics, education, labour markets, infrastructure and technology. Low growth dynamics in the coming decades and correspondingly low real rates of return on investments are not inevitable

Business Cycle Synchronization in the EMU: Core vs. Periphery. CEPS Working Documents No. 427, 14 November 2016

This paper examines business cycle synchronization in the European Monetary Union with a special focus on the core-periphery pattern in the aftermath of the crisis. Using a quarterly index for business cycle synchronization by Cerqueira (2013), our panel data estimates suggest that it is countries belonging to the core that are faced with increased synchronization among themselves after 2007Q4, whereas peripheral countries decreased synchronization with regards to the core, non-EMU countries and among themselves. Correlation coefficients and nonparametric local polynomial regressions corroborate these findings. The usual focus on co-movements and correlations might be misleading, however, since we also find large differences in the amplitude of national cycles. A strong common cycle can thus lead to large differences in cyclical positions even if national cycles are strongly correlated

Business cycle synchronization in the EMU: Core vs. periphery

This paper examines business cycle synchronization in the European Monetary Union with a special focus on the core-periphery pattern in the aftermath of the crisis. Using a quarterly index for business cycle synchronization by Cerqueira (2013), our panel data estimates suggest that it is countries belonging to the core that are faced with increased synchronization among themselves after 2007Q4, whereas peripheral countries decreased synchronization with regards to the core, non-EMU countries and among themselves. Correlation coefficients and nonparametric local polynomial regressions corroborate these findings. The usual focus on co-movements and correlations might be misleading, however, since we also find large differences in the amplitude of national cycles. A strong common cycle can thus lead to large differences in cyclical positions even if national cycles are strongly correlated.Dieser Beitrag analysiert die Synchronisierung der Konjunkturzyklen in der Europäischen Währungsunion (EWU) mit Fokus auf das Kern-Peripherie Paradigma seit Ausbruch der globalen Finanzkrise. Eine hohe Korrelation der Konjunkturzyklen innerhalb einer Währungsunion ist wünschenswert, unter anderem um die Stabilisierungsfunktion der Geldpolitik zu erleichtern. Auf Basis eines vierteljährlichen Korrelationsindex von Cerqueira (2013) zeigen unsere Panelschätzungen, dass sich die Korrelation der Konjunkturzyklen innerhalb der Kernländer seit 2007Q4 erhöht hat. Im selben Beobachtungszeitraum hat die Synchronisierung der Konjunkturzyklen der Peripherieländer sowohl untereinander als auch im Vergleich zu anderen Referenzgruppen (Kern-, EWU- als auch nicht-EWU-Länder) jedoch abgenommen. Korrelationskoeffizienten sowie nichtparametrische Schätzungen bestätigen diese Ergebnisse. Neben der abnehmenden Synchronisierung finden wir große Unterschiede in den Amplituden der nationalen Konjunkturzyklen, welche die Durchführung der gemeinsamen Geldpolitik erschweren

Authenticity and Brand Activism – An Empirical Analysis

Die steigende Relevanz von Markenaktivismus verbunden mit ihrer kontroversen Natur stellt Marken vor Herausforderungen. Ob sich Marken aktivistisch engagieren sollten und wie wichtig dabei das authentische Engagement in diesem Zusammenhang ist, sind Fragen, die es zu beantworten gilt. In dieser Arbeit wird mit Hilfe eines Experiments belegt, dass authentischer Markenaktivismus die Einstellung zu einer Marke verbessert. Dabei wird die dadurch gr..erer wahrgenommene Markenauthentizität als wichtiger Treiber identifiziert. Dafür wurde eine Definition von authentischem Markenaktivismus betrachtet, bei der nicht die Handlungen isoliert betrachtet werden, sondern das Zusammenspiel von Purpose, Werten, Unternehmenspraktiken und aktivistischer Botschaft. Zusätzlich wird festgestellt, dass der Einfluss von authentischem Markenaktivismus auf die wahrgenommene Markenauthentizität nicht von den Moderatoren Involvement und Skepsis beeinflusst wird. Weiterhin können erste Erkenntnisse über verschiedene Formen von nicht authentischem Markenaktivismus erlangt werden. Diese Arbeit trägt damit zur Forschung über die Wirksamkeit von aktivistischen Engagement bei und schließt eine empirische Lücke in Bezug auf die Authentizität von Markenaktivismus. Keywords: attitude towards brands; brand activism; brand authenticity    The increasing relevance of brand activism, coupled with its controversial nature, poses challenges for brands. Whether brands should engage in activism and the significance of authentic engagement in this context are questions that need to be addressed. This study employs an experiment to demonstrate that authentic brand activism enhances attitudes towards a brand, with the perceived brand authenticity identified as a key driver. To achieve this, a definition of authentic brand activism is considered, emphasizing the interplay of purpose, values, corporate practices, and activist messaging rather than isolating actions. Furthermore, it is found that the influence of authentic brand activism on perceived brand authenticity is not affected by the moderators of involvement and skepticism. Additionally, preliminary insights into various forms of non-authentic brand activism are gained. This research contributes to the study of the effectiveness of activist engagement and fills an empirical gap regarding the authenticity of brand activism. Keywords: attitude towards brands; brand activism; brand authenticit

Genesis of the Blackbush Uranium Deposit, South Australia

The Blackbush deposit, northern Eyre Peninsula, South Australia is a recently discovered sediment-hosted U deposit. The resource is mainly hosted at the unconformity between Eocene sandstone (Kanaka Beds) and a massive saprolite derived from subjacent ~1585 Ma granites, affiliated with the Samphire Pluton. Three distinct granitoids are recognised in basement underlying the deposit. The southern part of the pluton features a characteristic green-coloured granite (B) whereas the northern part (granite C), immediately underlying the Blackbush deposit, is characterised by reddened feldspars. These two granites are separated by an arcuate domain of a yellowish granite (A), which is significantly less evolved than the other two, as indicated by higher Ca, and lower U. All three granites show complex alteration overprints and textures, as well as crosscutting veins. Alkali feldspar is replaced by porous K-feldspar and albite, and plagioclase is overprinted by an assemblage of porous albite + sericite ± calc-silicates. In granites A and B, igneous biotite is replaced by calc-silicate minerals, the products of Ca-metasomatism, sourced from the anorthite component of altered plagioclase. Vein assemblages include quartz, hematite, coffinite, fluorite and clay minerals. The geological evolution of the Blackbush deposit is constrained by new SHRIMP U-Pb zircon data from the three granites and microprobe U-Pb ages for coffinite and uraninite in veins within granite, saprolite and overlying sandstone. The new geochronological data for the granites: 1585 ± 9 Ma (Granite B), 1579 ± 9 Ma (Granite C), and 1588 ± 9 Ma (Granite A) show statistical overlap. Their distinct appearance and geochemistry may be attributed, in part, to fractionation within a single magmatic event. Granite C, immediately beneath the deposit, is significantly more altered than the other granites. Anomalously high U contents (10-81 ppm), as well as highly variable Th/U ratios, and the presence of hydrothermal uranothorite and coffinite are clear evidence for U mobility facilitated by porosity created during feldspar alteration, and strongly indicate that the granite is the most probable source rock for the uranium. Pervasive alteration is also expressed in the modified chemistry and textures displayed by contained zircons from Granite C, which have been examined and chemically mapped down to the nanoscale. In the deposit, uranium is present as coffinite and is hosted mainly in the sandstone, along the unconformity, as well as within a roll front downstream, and to a minor degree also in saprolite. Coffinite in the sandstone and saprolite occurs intergrown with framboidal Fe-sulphides and lignite grains, as well as coatings around grains of quartz. It is poor in trace elements such as REE or Th. In contrast, coffinite within the granite-hosted veins contains a significant Y (11 wt.%) and HREE. Minor U also occurs absorbed in lignite. Chemical U-Pb dating (608 spot analyses) of coffinite in sandstone, saprolite and veins gives a normal distribution with a mean age of 17 ± 1.6 Ma. Uraninite in the granite-hosted vein yielded a significantly older age (41 ± 2 Ma). Coffinite ages are interpreted as evidence for a single ore-forming event during the Miocene. Such an event likely coincided with tectonic movement, indicated by horst and graben structures in the early Miocene Melton Limestone. The latter unit overlies the Eocene sandstone, and is, in turn, overlain by Pliocene Gibbon Beds that show no evidence of tectonism. The significantly older age of granite-vein uraninite indicates this predates Eocene sedimentation, and likely indicates transport and redeposition of uranium by oxidising fluids within the exposed granite. Combined, the new ages for hydrothermal minerals indicate that uraninite formed in granite veins and was subsequently dissolved and reprecipitated as coffinite in younger sediments during Tertiary tectonic events.Thesis (Ph.D.) -- University of Adelaide, School of Chemical Engineering and Advanced Materials, 202

Investigation on the fluid and structural dynamic behavior of steam turbine inlet valves at part load operation

Die hier vorliegende Arbeit thematisiert das strömungs- und das strukturdynamische Verhalten von Hochdruckventilen, die in Großkraftwerken zur Regelung von Dampfturbinenanlagen genutzt werden. Der Fokus der Arbeit liegt auf der Untersuchung der Strömungszustände und des daraus resultierenden Schwingungsverhaltens des Ventilkegels im Teillastbetrieb der Anlage. Bei Teillastbetrieb herrscht eine hohe Druckdifferenz zwischen dem Ein- und Austritt des Ventils, die dazu führt, dass im Bereich der Drosselstelle die Strömung extrem stark beschleunigt wird und als Strahl in den Ventildiffusor eintritt. Bei der anschließenden Dissipation des Strahls treten verschiedene Strömungsinstabilitäten auf. Diese rufen in bestimmten Betriebspunkten starke Druckfluktuationen hervor, die letztendlich den Ventilkegel zum Schwingen anregen. Durch die aktuell zunehmende Nutzung volatil verfügbarer regenerativer Energieträger ist die Betriebsweise von Dampfkraftwerken signifikanten Änderungen unterworfen. An die Stelle des Volllastbetriebs mit wenigen Anfahrvorgängen tritt eine Betriebsweise mit häufigem Teillastbetrieb, stark variabler Lastabgabe und häufigen Anfahrvorgängen. Da der zuvor wenig beachtete Teillastbetrieb von Dampfventilen aufgrund dieser Änderungen zunehmend an Bedeutung gewinnt, herrscht in diesem Bereich vermehrt Forschungsbedarf. Die aerodynamischen und strukturdynamischen Untersuchungen werden mit numerischen Methoden durchgeführt. Voruntersuchungen an Validierungsfällen ergeben, dass zur Modellierung von typischen Strömungsinstabilitäten zeitabhängige CFD-Berechnungen mit klassischen Zweigleichungsturbulenzmodellen (RANS) nicht ausreichend sind. Stattdessen wird ein hybrides Turbulenzmodell genutzt, die eine Zwischenstellung zwischen den Zweigleichungsmodellen und den Large Eddy Simulationen einnehmen, genutzt. Die CFD Untersuchungen zeigen, dass Wandstrahlablösungen, die bei bestimmten Betriebsbedingungen im Ventildiffusor auftreten, einen maßgeblichen Einfluss auf das Strömungsverhalten haben sowie die Intensität der dynamischen und statischen Lateralkräfte signifikant erhöhen. Aus der Analyse der Berechnungsergebnisse geht hervor, dass das Auftreten der ungünstigen Wandstrahlablösungen direkt mit dem Versagen des Coandă-Effekts in unterexpandierten Wandstrahlen korreliert. Weitere Untersuchungen zeigen, dass bei einem angelegten Strahl ein wesentlicher Teil der dynamischen Axialkraft durch einen akustischen Raummode auf den Ventilkegel aufgeprägt wird. Der Raummode wird durch eine Scherschicht im Ventildiffusor angeregt. Störungen dieser Scherschicht, die durch Einbauten oder Schwingungen des Kegels hervorgerufen werden können, führen zu einer Verminderung der Anregung. Ist der Strahl abgelöst, treten im Ventil durch instationäre Wiederanlegevorgänge des Strahls sowie durch die Oszillation von schrägen Verdichtungsstößen hohe Druckfluktuationen und damit eine hohe dynamische Kraft, die auf den Kegel wirkt, auf. Generell ist unter strömungsmechanischen Gesichtspunkten die angelegte Strömung als günstiger zu bewerten als die abgelöste Strömung. Die strukturdynamischen Analysen, die zum Teil gekoppelt mit den aerodynamischen Untersuchungen durchgeführt werden, zeigen, dass im Fall der abgelösten Strömung intensivere Schwingungen des Ventilkegels auftreten als im Fall der angelegten Strömung.In this thesis the aero dynamic and structural dynamic behavior of high pressure turbine inlet valves used for large power stations is investigated. Emphasis is put on the investigation of the flow field and the flow induced vibrations at part load operation. At this operational range a large pressure difference exists between the inlet and the outlet of the valve causing an extreme acceleration of the flow in the valve gap between the valve plug and the valve seat. The high speed flow being discharged from the gap forms a jet in the valve diffuser. There the kinetic energy of the jet is dissipated by various flow instabilities causing pressure fluctuations. These pressure fluctuations act on the valve plug and hence cause intense vibrations. Due to the increasing use of renewable energy, the operational mode of steam turbine installations is changed from base load operation to intermediate operation with highly variable power output and frequent startup operations. As long time part load operation was not previously considered, there is a demand for research. The study on the aero and structural dynamic phenomena is carried out with numerical models. Pre-studies on validation cases show that classical two-equation turbulence models are not capable to model flow instabilities and the generation of pressure fluctuations properly. A Hybrid turbulence model combining the advantages of the RANS and the SAS-method is used instead. The CFD simulations reveal that wall jet separations existing at certain operation conditions have a significant effect on the flow topology in the valve diffuser and increase the level of the dynamic lateral forces acting on the valve plug. The analysis of the CFD study shows, that the wall jet separation is related to the failure of the Coandă effect in underexpanded wall jets. In case of the flow topology with the attached wall jet CFD simulations predict that a significant amount of the dynamic force is related to an acoustic mode acting on the valve plug. The acoutic mode is excited by a shear layer in the valve diffuser. Pertubations of the shear layer being caused by vortex-generatig devieces or by vibrations of the plug reduce the excitaion of the mode and the level of the dynamic axial forces. If the jet is detached, the oscialtion of oblique shocks and the partial unsteady reattachment of the jet cause intense pressure fluctuations and hence high dynamic forces acting on the valve plug. From an aerodynamic point of view, the flow topology with the attached jet is more favorable than the detached flow topology. Structural dynamic simulations are preformed to analyse the impact of the flow topology on the vibrations of the valve plug. One one way as well as two way coupled calculations are conducted. The structural dynamic analysis predict that the detached flow topology causes higher structural vibrations than the attached flow topology

Somatotopy of placebo analgesia is independent of spatial attention

Placebo analgesia is being increasingly appraised as an effective support of pharmacological and surgical treatments of pain. The understanding of its neurobiological and psychological basis is therefore of high clinical relevance. It has been shown that placebo analgesia is somatotopically organized and relies on endogenous opioids. However, it is not clear whether temporal fluctuations of cue-dependent spatial attention account for the site specificity of placebo analgesia or whether a somatotopic placebo effect is possible without an attentional focus on the respective location. To address this issue we induced placebo expectations for one specific foot in healthy subjects, the other foot serving as a control location. The feet were stimulated in random order by painful laser stimuli. Half of the pulses were cued for stimulus location, whereas in the other half of trials the subjects were naïve about the location. We found that about half of the subjects exhibited a somatotopic placebo effect that was statistically independent of the spatial cue. We suggest that, after the induction of an initial expectation, placebo analgesia is spatially specific but does not necessarily depend on momentary fluctuations of spatial attention. This result rather suggests that the somatotopy of placebo analgesia relies on the creation of spatially guided expectations or conditioning, but can be maintained without ongoing monitoring of the affected body part

Amélioration du bien-être en milieu de travail : un défi pour le programme d’aide aux employés

Le lieu de travail est un environnement social et une occasion d'interaction sociale qui représente pour plusieurs une source de satisfaction. Par contre, la qualité des relations varie et peut devenir une source d'anxiété, de stress et de mécontentement au travail. Il est nécessaire de développer le bien-être de l'employé et d'améliorer les relations sociales en favorisant les occasions de support social en milieu de travail. Deux approches sont proposées: a) une stratégie de promotion de la santé qui fournira à l'employé un entraînement en habiletés interpersonnelles et b) comme faisant partie de l'après-soin, une stratégie pour faciliter le développement de réseaux de support structurés et non structurés en vue de réintégrer en milieu de travail les employés atteints de troubles émotionnels. C'est à la lumière de leur intégration à la partique du P.A.E. que ces stratégies sont discutées.The workplace is a social environment and for many the opportunity for social interaction at work is a source of satisfaction. Yet, the quality of relations is variable and can be a source of anxiety, stress and work dissatisfaction. There is a need to enhance employee well-being and to improve social relations by increasing the opportunity for social support at the workplace. Two approaches are proposed: (a) as a health promotion strategy, to provide employees with training in interpersonal skills, and (b) as a component of aftercare, to foster the development of formal and informal support networks in order to reintegrate employees with emotional difficulties into the workplace. These strategies are discussed in the light of their applicability to EAP practice

Is the Correlation between Storage Capacity and Matrix Reasoning Driven by the Storage of Partial Solutions? A Pilot Study of an Experimental Approach

Working memory capacity (WMC) and reasoning abilities—as assessed by figural matrices tests—are substantially correlated. It is controversially discussed whether this correlation is only caused by controlled attention or also by storage capacity. This study aims at investigating storage of partial solutions as a possible mechanism by which storage capacity may contribute to solving figural matrices tests. For this purpose, we analyzed how an experimental manipulation of storage demands changes the pattern of correlations between WMC and performance in a matrix task. We manipulated the storage demands by applying two test formats: one providing the externalization of partial solutions and one without the possibility of externalization. Storage capacity was assessed by different types of change detection tasks. We found substantial correlations between storage capacity and matrices test performance, but they were of comparable size for both test formats. We take this as evidence that the necessity to store partial solutions is not the limiting factor which causes the association between storage capacity and matrices test. It is discussed how this approach can be used to investigate alternative mechanisms by that storage may influence performance in matrices tests