Fixed versus Flexible: lessons from EMS order Flow

We extend the literature on regime-dependent volatility in two ways. First, our microstructural model provides a qualitatively new explanation. Second, we test implications of our model using Europe's recent shift to rigidly fixed rates (EMS to EMU). In the model, shocks to order flow induce more volatility under flexible rates because the elasticity of speculative demand is (endogenously) low, leading to pronounced portfolio-balance effects. New data on FF/DM transactions show that order flow had persistent effects on the exchange rate before EMU parities were announced. After announcement, the FF/DM rate was decoupled from order flow, as the model predicts.

Rambling in the Field of Modern Identity: Some Speculations on Irish Traditional Music

This article argues that Irish “traditional” music is modern in its form and history, and explores the ramifications of this thesis for understanding of the peculiarities of Irish modernity and identity. The article exhaustively surveys the historiography of Irish traditional music and uniquely interprets this literature in relation to competing conceptions of identity and modernity articulated by Taylor, Appiah and Žižek. It also interprets Irish traditional music in relation to conceptions of Irish modernity articulated in a wide range of disciplines within Irish studies. Reflecting on the author’s lifelong engagement with traditional music performance, the article argues that the resilience of traditional music within the broader culture is connected to the peculiar character of Irish modernity, and that it suffers from problems of aesthetic exhaustion shared by much modern art in the contemporary conjuncture.

Cutaneous Grooves: Composing for the Sense of Touch

What if the traditional relationship between touch and music was essentially turned upside down, making the tactile sensation the aesthetic end? This paper presents a novel coupling of haptics technology and music, introducing the notion of tactile composition or aesthetic composition for the sense of touch. A system that facilitates the composition and perception of intricate, musically structured spatio-temporal patterns of vibration on the surface of the body is described. Relevant work from disciplines including sensory substitution, electronic musical instrument design, simulation design, entertainment technology, and visual music is considered. The psychophysical parameter space for our sense of touch is summarized and the building blocks of a compositional language for touch are explored. A series of concerts held for the skin and ears is described, as well as some of the lessons learned along the way. In conclusion, some potential evolutionary branches of tactile composition are posited.