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Multilayer Ceramic Capacitor – reduced capacitance at voltage

One phenomenon not immediately apparent when selecting the proper ceramic decoupling capacitor for your design is the fact that the effective capacitance of these devices is drastically reduced under DC bias voltage conditions – such as when used as a power supply filter.

This paper from Nic Components explains the phenomenon quite well:

http://www.niccomp.com/help/VoltageCoefficientofCapacitors-032012-R1.pdf

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