The Advertising Association's Index of Press Cover Prices

This paper examines the differences between American young consumers and their Korean counterparts’ interests in accepting SMS advertising via their mobile phones. The appeal of using the mobile phone as an advertising medium is its accessibility because it can pinpoint the locations of mobile phone users. The results of the study provide preliminary evidence that consumers’ attitudes and beliefs do have significant positive relationships with intentions to opt in to the new medium. The theoretical model for the study is based on employing the theory of reasoned action as the underlying structure to operationalise the conceptual constructs proposed in the diffusion theory. The study identifies the potential of a new research domain in advertising, presents a conceptual framework for its examination and suggests the importance of constructs under study.     

The Choice of Exchange Rate Regime and the Volatility of Exchange Rates after the Asian Crisis: A Counterfactual Analysis

The objective of this paper is to carry out a counterfactual analysis of the impact of alternative exchange rate regimes on the volatility of the nominal effective exchange rate (NEER) and the bilateral rate against the US dollar for nine East Asian countries after the Asian financial crisis. Our hypothetical regimes include a unilateral basket peg (UBP), a common basket peg (CBP) and a hard peg against the dollar. We find that a UBP would minimise effective exchange rate volatility for all countries and provides the highest regime gains compared to actual. Although the gains for a CBP are always less than those for a UBP, the absolute differences between the two regimes appear to be small. In terms of the bilateral relationship against the dollar, the gains from a UBP or CBP could be quite significant for the non‐dollar peggers since a fall in effective instability would be accompanied by a fall in bilateral instability.     

Akira Takayama: A Memoir

When Akira Takayama passed away this winter, the economics profession lost one of its most productive and most passionate members. This memoir catalogues Professor Takayama's publications and offers some insight into his contributions and personality from a few of his colleagues.