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 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.     

Agriculture in world history

What does food sovereignty look like?

Raj Patel

Hannah Arendt observed that the first right, above all others, is the right to have rights. In many ways, Via Campesina's call for food sovereignty is precisely about invoking a right to have rights over food. But it's unclear quite how to cash out these ideas. This Grassroots Voices section examines some of the difficulties involved in parlaying the right to have rights about food systems into practical solutions.     

FORGING ACADEMIC LINKS WITH ASIA

The author reviews the potential for forging academic links with Asia, the different models of engagement available, the balance between academic requirements and financial demands, the governance structures required for building successful, sustainable academic links and finally issues of quality assurance of teaching and research programmes being offered either jointly with partners in Asia or through off-shore campuses. This is the edited text of the Anniversary Lecture which he delivered after the Annual General Meeting on 11 June, 2008.     

People must change before institutions can: a model addressing the challenge from administering to managing the maltese public service

The Maltese public service is currently undergoing major organisational changes to enhance its efficiency and effectiveness in its service delivery. The great majority of these changes have focussed on re‐organising the macro‐level, namely strategy, processes and structures. This is not an easy feat as local external power forces leave their impact in the process. It is argued, however, that one way to circumvent these resisting forces is to empower the real agents of change: the administrators of the public service. For some reason, the micro‐level has been neglected and has been generally absent from the agenda of the major change programme with a few exceptions. This article throws light on this level by proposing an intrapersonal, psychological and pedagogical model for change that may complement and accompany the larger macro changes. The authors suggest that the model can be developed in a practical way to motivate change from within the person and not just push change around the person. Copyright © 2005 John Wiley & Sons, Ltd.     

(Non)equivalence in a federalism: Dual tax shares, flypaper effects and Leviathan

Among the best-known theorems of fiscal federalism is the presumed allocative and distributive equivalence between a lump-sum grant to a collectivity and a set of lump sum grants to the members of a collectivity. Interestingly, the simple elegance of the theorem is at odds with observed behavior. Grants to governments produce greater public spending than does tax reduction. Explanations of this "flypaper effect" range from misspecified econometric modeling to presumed behavior based on fiscal illusion. In this paper we show that theoretical equivalence exists in a model that recognizes only one tax share, the citizen voter's local tax share. When the model is expanded to include voters' federal tax shares as well as local taxes, non-equivalence and the flypaper effect become the rule, not the exception.     

College students' relationships with siblings

Two hundred and seventy-five college undergraduates coming from families of 2–7 children completed questionnaires about their relationships with their siblings. Aspects of intersibling communication, influence, and current and past affective relationships were investigated. The relationships reported were generally more positive than those revealed in other investigations of younger children. Presence of two parents in the home, size of the sibling group, and ordinal position of the respondent student had particular effects upon reported relationships. Furthermore, there were qualitative differences in the relationships between sibling pairs of different ordinal statuses. Results indicate that relationships between siblings have both complementary and reciprocal features, and caution against unidimensional characterizations.Teaches courses in child and adolescent development and assessment, and supervises school psychology trainees doing their internships. Received Ph.D. in psychology State University of New York at Albany. Main areas of research are sibling relationships, task attitudes and intrinsic motivation, and topics in adolescence.