Sublime Lessons: Education and Ambivalence in War Exhibitions

This paper examines how experiences of the sublime are regulated in the war exhibitions of modern museums. Ambivalence is a key feature of the sublime because subjects are forced to negotiate simultaneous feelings of terror and awe in the face of something unrepresentable like war. This paper analyses how war exhibitions dispel ambivalence by resuscitating a Kantian sublime full of resolution, catharsis and transcendence. In this context, potentially destabilising encounters with horrific objects (e.g. guns, bombs, shrapnel) are neutralised by didactic 'Lessons of War' and celebratory narratives of victory. Using examples from the United States Holocaust Memorial Museum, the Imperial War Museum in London and the Smithsonian Institution, this paper illustrates how conventional war exhibitions reproduce a politics of consensus by carefully managing the experience of the sublime.

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.