The political economy of central bank intervention

This paper analyzes an exchange rate policy game between a central bank and rational speculators under symmetric information. The central bank tries to counteract shocks to the exchange rate by means of sterilized intervention working through the expectations channel. Private speculators resist being fooled. They anticipate the interventions. An “intervention bias” results with an inefficiently high equilibrium volume of intervention which does not reduce the impact of shocks to the exchange rate. The model implies that the more independent the central bank the smaller and the more consistent the intervention efforts. An empirical illustration lends some support to the model.     

Party attachments and political fragmentation in Europe

Abstract. Values and ideologies seem to be changing rapidly in many countries of Western Europe. These developments imply a shift among the adherents of political parties. On the one hand, we expect to see a process of deideologization weakening the traditional ties between parties and their adherents. On the other hand, increasing pluralization is suggested by the ongoing process of individualization. In this study we analyze the orientations of the adherents of the main political parties in 12 Western European countries in the last two decades. We expect to find clear traces of ongoing deideologization as well as pluralization, but this expectation proves to be inaccurate. Neither deideologization nor pluralization can be accepted as a common feature of party adherents in advanced industrial societies. On the contrary. Each of these processes seems to follow a different path of development in distinct countries and in distinct party families. A general 'decline-of-the-party' or an 'end-of-ideology' is not to be found among the adherents of the main parties in Western Europe in the last decades. The processes appear to be more complicated, with divergent developments in different countries.     

Workplace education for hourly workers

Concerns about U.S. competitiveness have increasingly focused the attention of policymakers on the workforce and mechanisms that could be used to enhance both the quality and quantity of human capital in the workplace. This article focuses on basic skills education of hourly workers, precisely the type of human capital which is likely to be most underprovided by the private market. Five questions are addressed: First, what is the nature of workplace education programs? Second, why do some firms provide workplace education programs while others do not? Third, what, if any, characteristics distinguish those firms that provide workplace education programs from seemingly comparable firms that do not? Fourth, what, if any, evidence can be found identifying the effects of these programs on the firms that sponsor them? Fifth, what policies appear most likely to stimulate additional workplace education?     

Market-based incentives and residential municipal solid waste

Coalitions of free-marketeers, politicians, and environmentalists increasingly are turning to the use of market-based incentives in formulating environmental policy. One promising application of market-based incentives is in the management of residential municipal solid waste. This article focuses on unit-based pricing programs established in conjunction with community recycling programs. Using data gathered through telephone and mail surveys of 21 cities, we demonstrate the strong potential for unit pricing to improve the efficiency of residential solid waste management.     

Negative affect and hormone levels in young adolescents: Concurrent and predictive perspectives

The purpose of this study was to test hypotheses regarding (1) relations among negative affect and hormones of gonadal and adrenal origin in young adolescents, at three times of measurement, over a one-year period; and (2) stability of negative affect. The sample consisted of 10- to 14-year-old boys (N=56) and 9- to 14-year-old girls (N=52). The adolescents were assessed three times at 6-month intervals over one year. Serum levels of gonadotropins, gonadal steroids, adrenal androgens, and cortisol were assessed, as well as stage of pubertal development (Tanner criteria). The negative affect assessments consisted of self-report questionnaire and interview measures of anxiety and depressive affect, as well as mother reports of internalizing behavior problems. In the concurrent (cross-sectional) analyses, boys reporting higher levels of negative affect tended to be those at higher genital stage or older age, with lower testosterone and cortisol levels and lower dehydroepian-drosterone sulphate levels. In the longitudinal analyses, negative affect, and to a lesser extent hormone levels at the first time of measurement predicted negative affect 12 months later. The findings suggest that puberty-related hormone levels should be considered along with psychological characteristics in examining the processes involved in the development of negative affect during the pubertal years.Received Ph.D. from The Pennsylvania State University. Research interests include hormone-behavior interactions and emotional development.Received Ph.D. from The Pennsylvania State University. Research interests include neuroendocrinology and adolescent depression.Recieved M.D. from Athens University. Research interests include hypothalamic releasing factors and stress.     

Body image satisfaction,dieting beliefs,and weight loss behaviors in adolescent girls and boys

Body image and weight loss beliefs and behaviors were assessed in 341 female and 221 male high school students. Estimates of body dissatisfaction varied depending on the measurement strategy used. Despite having similar weight distributions around the expected norm, girls were significantly more dissatisfied with their bodies than boys. Body Mass Index was positively related to body dissatisfaction in girls and boys, while higher exercise levels were related to higher body satisfaction in boys. Nearly two-thirds of girls and boys believed being thinner would have an impact on their lives, but the majority of girls believed this would be positive while the majority of boys believed this would be negative. Thirteen percent of female subjects reported using one or more extreme weight loss behavior at least weekly. Beliefs regarding the effectiveness of different weight loss measures were assessed. Weight loss behaviors in this Australian sample appear similar to comparable U.S. samples.Received Ph.D. from University of Tasmania. Main research interest in body image, weight loss behaviors, and eating disorders.Received Ph.D. from University of Connecticut. Main research interest in body image, eating disorders and weight loss behaviors.Dietitian degree from Melbourne University, Melbourne. Main research interest in eating practices and clinical outcome.M.D. from University of Melbourne, D.P.M. from U.K. FRC Psych. Main research interests in eating disorders.B.B.Sc.(Hons.) received from La Trobe University, Melbourne, B.A. received from University of Minnesota, Duluth. Main research interest in attitudes and attributions.B.A. Received from University of Minnesota, Duluth. Main research interest in adolescence and eating disorders.