Unraveling the complex interrelationships between exchange rates and fundamentals

This research investigates the intrinsic characteristics of currency values by fundamentally decomposing investor expectations on 16 currencies. The results on 195 exchange rates over several decades indicate investors perceive countries to be more likely to choose devaluation solutions to BOP problems when inflation is lower and when an alternative drop in real income growth is more “painful”. In addition, empirical support is provided for the hypothesis that forward rates often appear biased because the distributional expectations incorporated into them include, for a country with a current account deficit, a small probability of a large spot decline that does not actually occur in most finite samples.     

The Value of Time Spent in Home Production

Abstract . For a variety of reasons the monetary value of time spent in home production, expecially by housewives, is of interest to lawyers, economists, sociologists and various other groups in society. By convention, economists value this time on the basis of the wage paid to a hired replacement. The model developed in this paper shows that this approach requires general assumptions concerning the nature of work and home production which are unduly restrictive and frequently contrary to observation. As a result, the conventional methodology cannot be adapted to individual circumstances and consequently yields misleading results. By contrast, the methodology suggested here can be applied on a case by case basis.     

Exploring word‐of‐mouth influences on travel decisions: friends and relatives vs. other travellers

Travel research consistently shows the importance of word‐of‐mouth (WOM) information sources in the travel decision‐making process. Friends and relatives have been identified as organic image‐formation agents, and it has been emphasized that this WOM information is one of the most relied‐upon sources of information for destination selection. While there has been recognition of the importance of WOM information sources on consumer behaviour in tourism, little has been performed to understand more specifically how and what behaviour is influenced. This study examined the differing influences of friends and relatives vs. other travellers on the travel choices and behaviours of 412 visitors to the North Queensland Region in Australia. More specifically, the present study compared the following four groups of respondents: those who indicated that they obtained travel information from friends/relatives and other travellers (n = 70); those who obtained information from friends/relatives only (n = 121); those who obtained information from other travellers only (n = 105); and those who obtained information from neither (i.e. no WOM) (n = 116). The results indicated that there were significant differences across the four groups with respect to demographic characteristics, other information sources used, accommodation and transportation used, and travel activities in the destination. However, the groups did not differ in their image of the destination.     

Social Media Usage by Law Firms: Correlation to Revenue,Reputation, and Practice Areas

Social media can be used for multiple purposes within the legal profession, such as client development, networking, disseminating information, and building awareness of the firm and its practices. This study found that the more social media platforms a firm uses, the higher its ranking among prestigious law firms. Based on the practices of successful law firms, it is recommended that lawyers maintain LinkedIn and Twitter accounts as a way to connect with clients and the public. Findings indicate that additional platforms are beneficial, based on the practice areas of a firm. Guidelines are provided for composing effective social media messages.     

Populism and British Stories of Decline

The British Empire reached its territorial peak less than a century ago in 1920 when one could walk from South Africa to Kuwait and not set foot in a country in which English was not the language of government. By 1959, India, Australia, New Zealand, South Africa, Egypt, Sudan, and other countries were no longer within Britain's imperial fold. In the space of little more than 30 years, the British Empire suffered a precipitous decline and collapse that left the United Kingdom of Great Britain and Northern Ireland little more than the rump successor state of a once great empire. Yet, imperial attitudes lingered and have an undue influence on British life, culture, and politics up to the present day. Through the lens of pivotal moments in the world since World War II, this article examines the breakup of the British Empire and how the vision of empire lives on in the context of global populism.     

US Immigration Levels,Urban Housing Values,and their Implications for Capital Share

This article applies previously estimated effects of immigration on housing values to urban counties in the United States. Our findings here also help estimate how much of the increase in the net capital share of income since 1970 as observed by Piketty ( 2014 ) is caused by immigration. We find that in most urban counties in the United States, increased levels of immigration have had a modest but non‐negligible effect on the level of real estate prices and, per Rognlie ( 2015 ), likely capital share. These estimates provide hard numbers for the public debate over immigration policy in the United States, with implications elsewhere as well.