Macroeconomic News and Exchange Rates: Evidence of Unstable Effect

Although the link between macroeconomic news announcements and exchange rates is well documented in recent literature, this connection may be unstable. By using a broad set of macroeconomic news announcements and high frequency forex data for the Euro/Dollar, Pound/Dollar and Yen/Dollar from Nov 1, 2004 to Mar 31, 2014, we obtain two major findings with regards to this instability. First, many macroeconomic news announcements exhibit unstable effects with certain patterns in foreign exchange rates. These news effects may change in magnitude and even in their sign over time, over business cycles and crises within distinctive contexts. This finding is robust because the results are obtained by applying a Two-Regime Smooth Transition Regression Model, a Breakpoints Regression Model, and an Efficient Test of Parameter Instability which are all consistent with each other. Second, when we explore the source of this instability, we find that global risks and the reaction by central bank monetary policy to these risks to be possible factors causing this instability.

Representations of swinging London in 1960s British cinema : Blowup (1966), Smashing Time (1967), and Performance (1970)

This thesis explores the representation of Swinging London in three examples of 1960s British cinema: Blowup (Michelangelo Antonioni, 1966), Smashing Time (Desmond Davis, 1967) and Performance (Donald Cammell and Nicolas Roeg, 1970). It suggests that the films chronologically signify the evolution, commodification and dissolution of the Swinging London era. The thesis explores how the concept of Swinging London is both critiqued and perpetuated in each film through the use of visual tropes: the reconstruction of London as a cinematic space; the Pop photographer; the dolly; representations of music performance and fashion; the appropriation of signs and symbols associated with the visual culture of Swinging London. Using fashion, music performance, consumerism and cultural symbolism as visual narratives, each film also explores the construction of youth identity through the representation of manufactured and mediated images. Ultimately, these films reinforce Swinging London as a visual economy that circulates media images as commodities within a system of exchange. With this in view, the signs and symbols that comprise the visual culture of Swinging London are as central and significant to the cultural era as their material reality. While they attempt to destabilize prevailing representations of the era through the reproduction and exchange of such symbols, Blowup, Smashing Time, and Performance nevertheless contribute to the nostalgia for Swinging London in larger cultural memory.