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.     

Leadership for public value: Political astuteness as a conceptual link

Both leadership and public value are increasingly seen as concepts highly relevant to public administration, not only because of complex societal challenges but also as ways to address pluralistic interests in society. This article explores in detail the varied conceptualizations of public value and of public leadership. Furthermore, we argue that political astuteness provides an important conceptual linkage between leadership and public value, enabling actors to read, understand and foster coalitions around diverse and sometimes competing interests. In this introduction to the symposium, we analyse the different conceptualizations of public value, of leadership, and also show how the six articles explicitly or implicitly draw on the linking concept of political astuteness. The article assesses how the six articles of the symposium contribute to each of these three concepts.     

How empowering leadership reduces employee silence in public organizations

The intentional withholding of critical work‐related information can have serious negative consequences in public organizations. Yet, few studies have examined why public employees intentionally remain silent about problems and how to prevent such behaviour. This article provides insights into how managers may lower employee silence in government organizations. We develop a model that suggests that empowering leadership by frontline supervisors reduces public employee silence, by improving employee trust in their supervisors, granting employees control over their jobs, and strengthening identification with the organization. We test the model in two cross‐sectional studies with data collected from all employees working in two local governments in the United States. We find empirical support for the model in both studies. We discuss the implications of the research results for public management scholarship and practice.     

NOAA's Resurrection of Program Budgeting: Déjà Vu All Over Again?

The National Oceanic and Atmospheric Administration instituted a Planning, Programming, Budgeting, and Execution System (PPBES) in 2002. As supplemented by matrix management, PPBES was appealing as an effort to rationalize the performance of an agency with an especially high degree of functional overlap among its component parts. Although PPBES has had some salutary effects, the agency's experience to date consistent with accounts of the difficulties that led to the abandonment of program budgeting by the civilian bureaucracy almost 40 years ago. As such, it speaks to the limits of performance assessment as a means of reallocating resources and responsibilities across organizational boundaries.     

Financial Regulation in the United States: Lessons from History

History is institutional memory writ large. One looks at economic history to see what problems recur, what causes them to recur, what solutions have worked best in the past, and which interventions have made the problems worse. The authors argue that a moderately complex interaction between the workings of the financial sector, the way in which the political system is organized, and the administration of regulation makes perfect regulation of the financial sector extremely unlikely. Many of these problems arise as a result of conflicting incentives for those participating in and regulating the financial field. The authors find that some proposed solutions have improved matters but have costs, and that some proposed solutions have actually worsened problems in the financial sector.

Peoples and governments never have learned anything from history, or acted on principles deduced from it.
— Georg Wilhelm Friedrich Hegel, 1837

     

Local Institutions and the Politics of Urban Growth

This article uses a political market framework to analyze how the structure of local political institutions affects the relative political influence of development and environmental interests in the context of urban growth. Using panel data from 406 Florida cities from 1998 to 2003, the empirical analysis finds important interaction effects between the structure of city executive branch institutions and interest group variables. The economic and political forces driving urban growth do not operate identically in all cities—they vary as a function of institutional context. Institutional structure helps determine which interest groups have their preferences reflected in local land-use changes and development patterns. The resulting patterns suggest a "sustainability paradox" wherein richer, environmental interests push for the preservation of environmental amenities while at the same time accelerating the number of residential units built in a community.     

A basic tool set for a generalized directional model

In political science, there are two classes of spatial models: those which are based on a distance logic and those which are based on a directional logic. This distinction can be found in terms of diverse topics, as voting theory, coalition theory or legislative politics. While Tsebelis (Br. J. Political Sci. 25:289–325, 1995) among others discussed implications of distance models, the respective counterparts for directional models have not been explicitly derived in the existing literature. We try to close this gap by discussing discrepancies between both kinds of models and derive some of the most relevant tools for analyses based on directional models.