KyklosPub Date : 2019-03-25DOI: 10.1111/kykl.12206
David Christafore, Susane Leguizamon
{"title":"Taste-Based Discrimination, Tolerance and the Wage Gap: When Does Economic Freedom Help Gay Men?","authors":"David Christafore, Susane Leguizamon","doi":"10.1111/kykl.12206","DOIUrl":"10.1111/kykl.12206","url":null,"abstract":"<div>\u0000 \u0000 <p>Although gay men have reported experiencing labor market discrimination, re- search studies on a potentially discriminatory wage gap have reported mixed findings. We consider the Becker model of taste based discrimination which hypothesizes that we will observe, in the presence of discrimination, a smaller or non-existent wage gap in more competitive markets. Using economic freedom at the state level as a measure of market competitiveness, and controlling for other influential characteristics, we analyze the wages of over 300,000 men in the United States to consider how economic freedom influences the wage gap between cohabitating gay men and married straight men be- tween the years 2000 and 2014. We find evidence consistent with model predictions in the presence of labor market discrimination for the states in the South and regions with the highest concentrations of religious households but not in the Northeast, West and less religious regions. Given the lower levels of public support of gay rights in the South and religious regions, this result suggests that gay men may be experiencing la- bor market discrimination in these regions but not in regions which typically offer more public support. These findings may help reconcile contradictory findings in previous research which did not explicitly allow for differential regional and religious influences.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2019-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/kykl.12206","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122592043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2019-03-22DOI: 10.1111/kykl.12205
J. Brandon Bolen, Claudia R. Williamson
{"title":"The Path of Reform: The Consequences of Institutional Volatility","authors":"J. Brandon Bolen, Claudia R. Williamson","doi":"10.1111/kykl.12205","DOIUrl":"10.1111/kykl.12205","url":null,"abstract":"<div>\u0000 \u0000 <p>The new institutional literature widely acknowledges the benefits of growth-enhancing institutions but rarely discusses the path of institutional reform. While good institutions stabilize the structure of exchange and decrease uncertainty in market transactions, institutional reform may involve institutional volatility. If institutional volatility increases uncertainty, it can mitigate the benefits of reform. Using a sample of 89 countries from 2000-2015, this paper empirically examines the effects of institutional volatility on economic growth. We find that institutional volatility decreases economic growth, particularly during liberalization for countries with low quality institutions and low income. In fact, a one standard deviation increase in volatility decreases growth by about 0.50 percentage points. This finding is robust to multiple estimation techniques and omitted variable bias. Evidence is provided suggesting that this effect is partially mediated through volatility's impact on private investment. These results support prior works that policy makers should pursue economic freedom, but our work indicates they should do so along a stable reform path to maximize economic growth.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2019-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/kykl.12205","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127754082","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2019-03-15DOI: 10.1111/kykl.12204
Luis Angeles
{"title":"On the Nature of Banks","authors":"Luis Angeles","doi":"10.1111/kykl.12204","DOIUrl":"10.1111/kykl.12204","url":null,"abstract":"<div>\u0000 \u0000 <p>Two views exist regarding the nature of the banking business. The dominant view defines banks as financial intermediaries – institutions in the business of transferring money from savers to borrowers. An alternative view advances that banks finance borrowers via money creation. I explain the differences between these two views and argue for the superiority of the latter one as a description of modern banking. I discuss the implications for economic analysis and explain how the connection between bank lending and money creation helps us understand the effects of banking on economic activity.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2019-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/kykl.12204","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125525614","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2019-03-15DOI: 10.1111/kykl.12207
Oļegs Tkačevs, Kārlis Vilerts
{"title":"The Impact of Government Borrowing Costs on Fiscal Discipline","authors":"Oļegs Tkačevs, Kārlis Vilerts","doi":"10.1111/kykl.12207","DOIUrl":"10.1111/kykl.12207","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper studies the impact of government borrowing costs on fiscal discipline against the background of unprecedentedly low interest rates in advanced economies brought about by ultra-expansionary monetary policies of recent years. Applying the panel data econometric approach for a sample of OECD and 11 early euro area countries over the period 1985–2015, the study suggests a positive and statistically significant impact of government borrowing costs on cyclically adjusted primary balances, indicating that a decrease in borrowing costs leads to a deterioration of fiscal policy stance. The findings herein also suggest that this effect in the euro area seems to be driven by a group of its peripheral rather than core countries and appears to work through the expenditure (more specifically, current expenditure) channel. From the economic policy perspective, these findings imply that monetary policy measures resulting in ultra-low interest rates may cause negative side effects for fiscal discipline.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2019-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/kykl.12207","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120835340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2019-03-15DOI: 10.1111/kykl.12208
Hendrik P. van Dalen
{"title":"Values of Economists Matter in the Art and Science of Economics","authors":"Hendrik P. van Dalen","doi":"10.1111/kykl.12208","DOIUrl":"https://doi.org/10.1111/kykl.12208","url":null,"abstract":"<p>What role do personal values play in the practice of economists? By means of a survey among economists working inside and outside academia in the Netherlands, we present novel insights on their personal values, how these differ from the average citizen, and how values impact their economic views and their methodological choices. Three overarching values summarize the value structure of economists: achievement, serving the public interest, and conformity to rules. Subsequent tests are performed to see whether these values affect (1) their opinion on economic propositions and (2) their attitudes towards methodological principles in economics. For the majority of economic propositions, personal values matter. Especially the value of serving the public interest has a strong effect on their economic view. Furthermore, it seems that economists who value achievement are the ones who are more likely to embrace mainstream methodological principles: thinking predominantly in terms of efficiency, rationality, and competition, believing that economic knowledge is objective and transparently produced and in agreement with Milton Friedman's view on positive economics. Female economists are at some notable points less convinced of market solutions and have more trust in the government in serving the public interest.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2019-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/kykl.12208","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137689231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2019-03-13DOI: 10.1111/kykl.12203
Luís Aguiar-Conraria, Pedro C. Magalhães, Francisco J. Veiga
{"title":"Transparency, Policy Outcomes, and Incumbent Support","authors":"Luís Aguiar-Conraria, Pedro C. Magalhães, Francisco J. Veiga","doi":"10.1111/kykl.12203","DOIUrl":"10.1111/kykl.12203","url":null,"abstract":"<div>\u0000 \u0000 <p>Government transparency has been discussed both as a way to decrease informational asymmetries between officeholders and citizens and as part of what makes for procedurally fair governance. These two different lines of argument generate predictions about how transparency should change voters’ reactions to economic and policy outcomes. First, under high transparency, voters should respond less positively to fiscal expansions. Second, they should become more sensitive to incumbents’ ability to deliver outcomes that generate benefits in the long-run than to current tangible benefits. We test these arguments using municipality level data in Portugal. Controlling for variables that previous research has shown to drive electoral support for incumbents in local elections, only in the least transparent municipalities is support positively related with increases in local current expenditures, budget deficits, and municipal wages. Instead, where transparency is higher, voters are more likely to reward improvements in the quality of education.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2019-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/kykl.12203","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122690924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2019-02-07DOI: 10.1111/kykl.12200
Thomas Barnebeck Andersen, Mikkel Barslund, Pieter Vanhuysse
{"title":"Join to Prosper? An Empirical Analysis of EU Membership and Economic Growth","authors":"Thomas Barnebeck Andersen, Mikkel Barslund, Pieter Vanhuysse","doi":"10.1111/kykl.12200","DOIUrl":"10.1111/kykl.12200","url":null,"abstract":"<div>\u0000 \u0000 <p>We explore whether EU membership has led to faster economic growth. Using different estimation strategies, different time periods, different country samples, and different datasets, we are unable to demonstrate the presence of a membership growth premium. This may reflect that GDP data are too noisy and/or causal identification too complicated, in which case we should remain agnostic about the EU's growth impact. Alternatively, it may reflect that EU membership simply has no effect on economic growth. Either way, these findings urge strong caution about one of EU membership's key alleged benefits: greater economic prosperity.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2019-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/kykl.12200","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126509039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2019-02-06DOI: 10.1111/kykl.12197
Wencke Gwozdz, Peng Nie, Alfonso Sousa-Poza, Stefaan DeHenauw, Regina Felső, Antje Hebestreit, Isabel Iguacel, Lauren Lissner, Fabio Lauria, Angie Page, Lucia A. Reisch, Michael Tornaritis, Toomas Veidebaum, Garrath Williams, Ronja Foraita, on behalf of the I.Family Consortium
{"title":"Peer Effects on Weight Status, Dietary Behaviour and Physical Activity among Adolescents in Europe: Findings from the I.Family Study","authors":"Wencke Gwozdz, Peng Nie, Alfonso Sousa-Poza, Stefaan DeHenauw, Regina Felső, Antje Hebestreit, Isabel Iguacel, Lauren Lissner, Fabio Lauria, Angie Page, Lucia A. Reisch, Michael Tornaritis, Toomas Veidebaum, Garrath Williams, Ronja Foraita, on behalf of the I.Family Consortium","doi":"10.1111/kykl.12197","DOIUrl":"10.1111/kykl.12197","url":null,"abstract":"<div>\u0000 \u0000 <p>This study uses survey data from the I.Family Study to investigate the association between adolescent and peer overweight in a sample of adolescents aged 12–16 from six European countries. We find clear evidence of peer effects on body mass index, waist circumference, and body fat, which are stronger among adolescents at the upper end of overweight distribution. We also provide evidence that both consumption of less healthy foods and time spent in leisure time physical activity and audio-visual media are positively associated with similar behaviours among friends. These observations may suggest that peer effects on adolescent overweight operate by influencing friends’ behaviour patterns, especially unhealthy food consumption and physical (in)activity.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2019-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/kykl.12197","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123166925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2019-02-06DOI: 10.1111/kykl.12202
Olga Shurchkov, Alexandra V.M. van Geen
{"title":"Why Female Decision-Makers Shy away from Promoting Competition","authors":"Olga Shurchkov, Alexandra V.M. van Geen","doi":"10.1111/kykl.12202","DOIUrl":"10.1111/kykl.12202","url":null,"abstract":"<div>\u0000 \u0000 <p>Incentivizing subordinates is a crucial task of anyone in a decision-making role. However, little is known about the mechanisms behind selection of different types of incentives. Our laboratory experiment characterizes the ways in which male and female decision-makers assign incentives, and how these choices are perceived by those affected by them. We find that women are significantly less likely to select “competitive” incentives based on comparative performance of workers, particularly in the treatment where their workers can observe their gender. The results are not due to priming but are rather consistent with the explanation that women conform to gender stereotypes in anticipation of subsequent evaluation by workers. Indeed, female decision-makers are significantly underrated relative to comparable males, even after controlling for incentive choice and an extensive set of individual characteristics. The gender difference in competency ratings can be attributed to male workers rating female decision-makers disproportionately lower relative to their male counterparts. The gender gap in ratings appears to arise because of gender <i>per se</i> and not due to a differential impact of incentives on decision-makers' gender.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2019-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/kykl.12202","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123727410","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2019-02-06DOI: 10.1111/kykl.12201
Sebastian Galiani, Cheryl Long, Camila Navajas Ahumada, Gustavo Torrens
{"title":"Horizontal and Vertical Conflict: Experimental Evidence","authors":"Sebastian Galiani, Cheryl Long, Camila Navajas Ahumada, Gustavo Torrens","doi":"10.1111/kykl.12201","DOIUrl":"10.1111/kykl.12201","url":null,"abstract":"<div>\u0000 \u0000 <p>We experimentally explore the connections between horizontal conflict of interests (citizens have heterogeneous preferences over collective decisions) and vertical conflict of interests (agents in charge of implementing collective decisions earn political rents). We identify two sets of models that incorporate both types of conflicts: electoral models with endogenous rents, and common-agency models. We adapt these models to a laboratory setting and test their main theoretical predictions. In both cases we find support for the proposition that more intense horizontal conflict leads to higher rents. Our findings have important implications. At the macro level, they help explaining the persistence of corruption in very unequal societies. At the micro level, our findings suggest that anti-corruption programs should allocate more resources (e.g., inspectors and auditors) to areas with intense horizontal conflicts.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2019-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/kykl.12201","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132145337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}