The impact of surplus sharing on the portfolio mix of public sector defined benefit pension plans: a public choice approach

The riskiness of state employee pension plan portfolios varies across states. We investigate whether this variation is related to how public employees and taxpayers share actuarial surpluses of pension accounts. We focus on two determinants of a plan’s asset mix: the relative influence of public employees to taxpayers; and whether a surplus-sharing contract is specified. Our theoretical model demonstrates that the effect of public employee influence on the asset mix is ambiguous. Our empirical results corroborate this complex theoretical result. In our theoretical and empirical analyses, if a surplus sharing rule is specified, plans adopt a more aggressive investment allocation.     

Political pressure deflection

Much economic policy is deliberately shifted away from direct political processes to administrative processes—political pressure deflection. Pressure deflection poses a puzzle to standard political economy models which suggest that having policies to ‘sell’ is valuable to politicians. The puzzle is solved here by showing that incumbents will favor pressure deflection since it can deter viability of a challenger, essentially like entry deterrence. U.S. trade policy since 1934 provides a prime example, especially antidumping law and its evolution.     

A Qualitative Analysis of Vietnamese Adolescent Identity Exploration Within and Outside an Ethnic Enclave

Focusing on identity development explorations enables a greater understanding of contexts that affect immigrant adolescents. Utilizing thematic and grounded narrative analysis of 46 journal writings, during a one-month period, from first and second generation Vietnamese adolescents ranging in age from 15 to 18 (26 residents of a culturally and politically active ethnic enclave in Southern California; 20 adolescents living outside the enclave), this study establishes ways in which a focus on social context and exploration processes illuminates the complexity of immigrant adolescents’ identity formation. The two groups shared many similarities, including precipitants to exploration and steps undertaken to explore identity. However, two factors—social and cultural influences and emotional reactions—revealed interesting contrasts distinguishing enclave from non-enclave dwelling Vietnamese adolescents. Data also suggested that immigrant adolescents strive to integrate different domains of identity (ethnicity, gender, career) both with one another and with the historical, social, and cultural contexts they occupy.

Adding rooms onto a house we love: Central banking after the global financial crisis

This article examines the extent to which central bankers have been willing and able to rethink their beliefs about monetary policy in the wake of the global financial crisis. We show that despite the upheaval, the core pre‐crisis monetary policy paradigm remains relatively intact: central bankers believe that they should primarily pursue price stability through targeting a low inflation rate in a transparent manner, and that they need operational independence in order to achieve this goal. In a bid to address post‐crisis conditions and maintain their credibility, however, central bankers have also layered new elements onto this paradigmatic core. We document both the resilience of pre‐crisis beliefs and the process of layering using computer‐assisted text analysis and qualitative analysis of 13,586 speeches given between 1997 and 2017 by central bankers from around the world.     

The Role of Perceived Stress and Self-Efficacy in Young People’s Life Satisfaction: A Longitudinal Study

Life satisfaction is an important indicator of successful development. However, adolescents’ life satisfaction tends to be relatively unsteady, and environmental influences play a critical role in shaping life satisfaction among adolescents in the transition to young adulthood. Given the paramount importance that education plays in adolescents’ lives, adolescents’ life satisfaction may vary as a function of school-related stress experience. At the same time, coping resources may help reduce adverse effects of stress on life satisfaction. With this in mind, we examined whether, and to what extent, perceived stress in education and general self-efficacy (a resource that facilitates coping) affect the life satisfaction of adolescents in transition to young adulthood. We distinguished between baseline levels of stress and self-efficacy and within-person change in stress and self-efficacy to determine whether life satisfaction is sensitive to fluctuations in stress and self-efficacy when person-specific levels of stress and self-efficacy are taken into account. Estimating growth curve models on data from a panel study on the life trajectories of compulsory-school leavers (n?=?5126, 55.3?% female), we found that baseline levels of stress and self-efficacy, as well as within-person change in stress and self-efficacy, affected adolescents’ life satisfaction. Moreover, our results showed that baseline self-efficacy mitigated the negative effect of baseline stress on life satisfaction. These findings improve our understanding of two major psychological determinants of adolescents’ life satisfaction and extend our knowledge of life satisfaction trajectories during the transition to young adulthood.     

Adolescent Agentic Orientations: Contemporaneous Family Influence,Parental Biography and Intergenerational Development

Agentic orientations developed in adolescence have been linked to better health, well-being, and achievements in the years following. This study examines longitudinal parental influences on the development of adolescent children’s agentic orientations, captured by the core constructs of mastery beliefs and generalized life expectations. Drawing on multigenerational panel data from the United States (1991–2011), the study examines contemporaneous family factors, but also how parental biographies (their own transition to adulthood) and parents’ own adolescent agentic orientations influence their adolescent children. Study adolescents were 46% male, 52% white, and 15.6 years old on average. The findings indicate that parents’ early orientations and experiences in the transition to adulthood have little effect on their children’s mastery beliefs, but that parents’ generalized life expectations (in adolescence) and having married before having the child were associated with their children’s more optimistic life expectations. Contemporaneous family income and optimistic expectations among parents-as-adolescents were somewhat substitutable as positive influences on adolescents’ optimistic life expectations. The findings contribute to our understanding of intergenerational and over-time influences on these key adolescent orientations.     

Single,straight, wants kids: media framing of single,heterosexual fatherhood via assisted reproduction

The new reproductive technologies have made possible various postmodern family forms. I highlight an emerging form that has received little attention: single fathers by choice (SFCs), created by single men using egg donation and surrogacy. I focus on heterosexual SFCs, which have been largely ignored in the scholarly literature even as gay and lesbian parenthood have increasingly become topics of feminist inquiry. This type of fatherhood raises several important questions for gender and family scholars about the ‘traditional’ family, the relationship between masculinity and fatherhood, and men’s own desires for parenthood without a female partner. I analyze US media framing to explore cultural sense-making of SFCs. While media framing cannot tell us about men’s lived experiences as intentional single fathers, it does point to larger discourses that potentially impact these men as they engage in non-normative fathering. I identify three core themes within the media frames: (1) viewing men and women as similar, but ultimately different, (2) addressing the tension between bachelorhood and fatherhood, and (3) representing the gender of paternal desire in multiple, conflicting ways. Overall, I argue that further investigations of SFCs can illuminate issues about men’s desires for children and agency in becoming fathers.     

Sir Alfred Zimmern lectures Australia, 1938: a utopian on Munich?

Abstract

Professor Sir Alfred Zimmern, a highly prominent British commentator on international politics, was a notable visitor to Australia in 1938. Due to the critiques of EH Carr, Martin Wight and Hedley Bull, Zimmern became associated with the ‘utopian’ school of analysis of the inter-war period. In a stay lasting five weeks which coincided with the Munich crisis, his (now neglected) lectures and broadcasts were widely reported. Zimmern did not fully endorse the Munich agreement, which had been negotiated by British Prime Minister Neville Chamberlain and was supported by Australian Prime Minister Joseph Lyons. He was privately critical of Australian policy-makers. Despite Bull’s claim that Zimmern was a believer in progress and thus bound to discern the growth of order in international affairs, Zimmern’s analysis of the Munich agreement emphasized the return of power politics and the dangers of war. Further examination of his 1930s writings shows that such possibilities were not inconsistent with his broader analysis of international relations.