Migration hat als Wechsel des Heimatortes Folgen für die Protagonisten, ihre Herkunfts- und Zielländer: Bewegung und Mobilität können Verlust und Gewinn bedeuten, Heimat(en), Sprachen, Geschichten ...verändern sich, was sich wiederum sowohl in den Werken künstlerisch arbeitender Migranten niederschlägt als auch Migration selbst zum Gegenstand der Kunst werden lässt.So ist in den vergangenen Jahren ein zunehmendes Interesse von Künstlern an Themen wie Heimat und Fremde, Wanderung und Displacement festzustellen. Die Beiträge des Buches diskutieren aus verschiedenen disziplinären Perspektiven, wie Kunstgeschichte, Literatur- und Medienwissenschaft, Soziologie und Kulturanthropologie, welche Bedeutung Einwanderung für künstlerische Produktion und Praktiken, für neue Ideen, Bilder, Methoden und Theorien hat: Kann Migration ein thematisches wie biografisches Movens für Künstler sein, sie konzeptionell in ihren Arbeiten beeinflussen?
After Reconstruction, African Americans found themselves largely excluded from politics, higher education, and the professions. Martin Kilson explores how a modern African American intelligentsia ...developed amid institutionalized racism. He argues passionately for an ongoing commitment to communitarian leadership in the tradition of Du Bois.
Abstract
Purpose
The purpose of this paper is to provide an extensive review of the monetary model of exchange rate determination which is the main theoretical framework on analyzing exchange rate ...behavior over the last 40 years. Furthermore, we test the flexible price monetarist variant and the sticky price Keynesian variant of the monetary model. We conduct our analysis employing a sample of 14 advanced economies using annual data spanning the period 1880–2012.
Design/methodology/approach
The theoretical background of the paper relies on the monetary model to the exchange rate determination. We provide a thorough econometric analysis using a battery of unit root and cointegration testing techniques. We test the price-flexible monetarist version and the sticky-price version of the model using annual data from 1880 to 2012 for a group of industrialized countries.
Findings
We provide strong evidence of the existence of a nonlinear relationship between exchange rates and fundamentals. Therefore, we model the time-varying nature of this relationship by allowing for Markov regime switches for the exchange rate regimes. Modeling exchange rates within this context can be motivated by the fact that the change in regime should be considered as a random event and not predictable. These results show that linearity is rejected in favor of an MS-VECM specification which forms statistically an adequate representation of the data. Two regimes are implied by the model; the one of the estimated regimes describes the monetary model whereas the other matches in most cases the constant coefficient model with wrong signs. Furthermore it is shown that depending on the nominal exchange rate regime in operation, the adjustment to the long run implied by the monetary model of the exchange rate determination came either from the exchange rate or from the monetary fundamentals. Moreover, based on a Regime Classification Measure, we showed that our chosen Markov-switching specification performed well in distinguishing between the two regimes for all cases. Finally, it is shown that fundamentals are not only significant within each regime but are also significant for the switches between the two regimes.
Practical implications
The results are of interest to practitioners and policy makers since understanding the evolution and determination of exchange rates is of crucial importance. Furthermore, our results are linked to forecasting performance of exchange rate models.
Originality/value
The present analysis extends previous analyses on exchange rate determination and it provides further support in favor of the monetary model as a long-run framework to understand the evolution of exchange rates.
