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.

The majority-minority conundrum in Northern Ireland::An Orange Order perspective

Researchers have argued that, depending on the framing of the Northern Ireland conflict, each group could either be a minority or a majority relative to the other. This complicates macrosocial explanations of the conflict which make specific predictions on the basis of minority or majority positions. The present paper argues that this conundrum may have arisen from the inherent variability in microidentity processes that do not fit easily with macroexplanations. In this paper the rhetoric of relative group position is analysed in political speeches delivered by leading members of an influential Protestant institution in Northern Ireland. It is apparent that minority and majority claims are not fixed but are
flexibly used to achieve local rhetorical goals. Furthermore, the speeches differ before and after the Good Friday Agreement, with a reactionary “hegemonic” Unionist position giving way to a “majority-rights power sharing” argument and a “pseudo-minority” status giving way to a “disempowered minority” argument. These results suggest a view of the Northern Ireland conflict as a struggle for “symbolic power,” i.e., the ability to flexibly define the intergroup situation to the ingroup’s advantage.

DOMINANCE OF SHORT-RANGE-ORDER EFFECTS IN LOW-ENERGY ELECTRON-DIFFRACTION INTENSITY SPECTRA

Using low-energy electron-diffraction (LEED) formalism, we demonstrate theoretically that LEED I-V spectra are characterized mainly by short-range order. We also show experimentally that diffuse LEED (DLEED) I-V spectra can be accurately measured from a disordered system using a video-LEED system even at very low coverage. These spectra demonstrate that experimental DLEED I-V spectra from disordered systems may be used to determine local structures. As an example, it is shown that experimental DLEED I-V spectra from K/Co {1010BAR} at potassium coverages of 0.07, 0.1, and 0.13 monolayer closely resemble calculated and experimental LEED I-V spectra for a well-ordered Co{1010BAR}-c(2X2)-K superstructure, leading to the conclusion that at low coverages, potassium atoms are located in the fourfold-hollow sites and that there is no large bond-length change with coverage.

Quantum control of photodissociation using intense, femtosecond pulses shaped with third order dispersion

We demonstrate the ability to control the molecular dissociation rate using femtosecond pulses shaped with third-order dispersion (TOD). Explicitly, a significant 50% enhancement in the dissociation yield for the low lying vibrational levels (v ∼ 6) of an H+2 ion-beam target was measured as a function of TOD. The underlying mechanism responsible for this enhanced dissociation was theoretically identified as non-adiabatic alignment induced by the pre-pulses situated on the leading edge of pulses shaped with negative TOD. This control scheme is expected to work in other molecules as it does not rely on specific characteristics of our test-case H+2 molecule.