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Against the background of the media commercialization reform since the 1990s in China and drawing on the case of »X-Change« (2006-2019), Wei Dong investigates the affective meaning-making mechanism in the multimodal text of Chinese reality TV. The focus lies on the ways in which emotions are appropriated and disciplined by regimes of power and identity, and the ways in which affect - in this case primarily kuqing (bitter emotions) communicated by the material and the body - have the potential to challenge or exceed existing relations of power in the mediascape. Wei Dong shows how Chinese reality TV provides a historical and theoretical opportunity for understanding the affective structures of contemporary China in the dynamic process of fracture and integration.

Against the background of the media commercialization reform since the 1990s in China and drawing on the case of "X-Change" (2006-2019), the author investigates the affective meaning-making mechanism in the multimodal text of Chinese reality TV. The focus lies on the ways in which emotions are appropriated and disciplined by regimes of power and identity, and the ways in which affect - in this case primarily kuqing (bitter emotions) communicated by the material and the body - have the potential to challenge or exceed existing relations of power in the mediascape. The author shows how Chinese reality TV provides a historical and theoretical opportunity for understanding the affective structures of contemporary China in the dynamic process of fracture and integration.

AbstractThis paper investigates the impact of exchange rate movements on the conduct of monetary policy in Australia, Canada, New Zealand, and the United Kingdom. We develop and estimate a structural general equilibrium model, in which monetary policy is represented as a simple rule and exchange rate pass‐through is incomplete due to the presence of local currency pricing and distribution services. We find that the Bank of Canada, the Reserve Bank of New Zealand, and the Bank of England have not adjusted interest rates in response to exchange rate movements since the adoption of inflation targeting, while our model selection results for Australia are less clear.

In theory, nominal exchange rate movements can lead to 'expenditure switching' when they generate changes in the relative prices of goods across countries. This paper explores whether the expenditure-switching role of exchange rates has changed in the current episode of significant global imbalances. We develop a multi-sector two-country model for the United States and the G6 countries, with the rest of the world captured by exogenous price and demand shocks, and estimate the model over two sub-samples, which cover the periods before and after the early 1990s. Our results indicate that both U.S. imports and exports have become much less responsive to exchange rate movements in recent years, mainly due to changes in firms' pricing behavior and the increased size of distribution margins. These findings suggest that the exchange rate would have to move by a much larger amount now than in the 1970s and 1980s to reduce the U.S. trade deficit by a given amount.

This paper investigates the impact of exchange rate movements on the conduct of monetary policy in Australia, Canada, New Zealand and the United Kingdom. We develop and estimate a structural general equilibrium two-sector model with sticky prices and wages and limited exchange rate pass-through. Different specifications for the monetary policy rule and the real exchange rate process are examined. The results indicate that the Reserve Bank of Australia, the Bank of Canada and the Bank of England paid close attention to real exchange rate movements, whereas the Reserve Bank of New Zealand did not seem to incorporate exchange rate movements explicitly into their policy rule. With a higher degree of intrinsic inflation persistence, the central bank of New Zealand seems less concerned about future inflation pressure induced by current exchange rate movements. In addition, the structure of the shocks driving inflation and output variations in New Zealand is such that it may be sufficient for the Reserve Bank of New Zealand to only respond to exchange rate movements indirectly through stabilizing inflation and output.