The Impact of Natural Resources: Survey of Recent Quantitative Evidence

Abstract

The cross-country empirical evidence for the natural resource curse is ample, but unfortunately fraught with econometric difficulties. A recent wave of studies on measuring the impact of natural resource windfalls on the economy exploits novel datasets such as giant oil discoveries to identify effects of windfalls, uses natural experiments and within-country econometric analysis, and estimates local impacts. These studies offer more hope in the search of quantitative evidence.     

Shifting Foundations: women economists in the Weimar Republic

This article draws on a biographical case study of the first women to obtain doctorates in economics at the University of Berlin between 1900 and 1925. Their educational opportunities and experiences were linked to the networks that tied the women’s and social reform movements, as well as to the disciplinary differentiation of the German social sciences and the development of social work. These connections allowed them to exploit particular employment niches before and during the First World War, but the foundations of the expertise upon which women economists could call did not hold in the new political and institutional context of the Weimar Republic. What these early graduates patched together in response reveals a complex of opportunities and limitations presented by their simultaneous exploitation of essentialist and expertise‐based arguments.     

Gas Supply and EU–Russia Relations

Drawing on New Institutional Economics (NIE) theory, the article argues that EU energy policy towards Russia damages security of supply because it neglects the specific aims and propensities of Russia and Gazprom. EU Commission initiatives are based on the promotion of interdependence through market opening, favouring a policy of competition over security of supply. The reason for this focus is found in the EU's embedded inclination towards liberal markets. Russia, by contrast, has chosen suboptimal state control of natural resources over the frontier capitalism of the 1990s. Sustainability of the current rent based system and geopolitical considerations are essential to Russia and Gazprom. In this situation a pragmatic approach that aims at security of supply and security of demand seems to be more successful. In this approach, liberalisation of the market can only be a long-term goal.     

The persuasive power of a Committee Chairman: Arthur Burns and the FOMC

This paper investigates persuasion as a means of influence for the Federal Reserve Chairman in meetings of the Federal Open Market Committee (FOMC). Using textual records of FOMC meetings, federal funds rate targets have been recorded for Committee members who served in the Arthur Burns era (1970–1978). Results show that Burns-member differences in stated funds rate targets were lower when Burns made recommendations early in the meeting, consistent with the hypothesis that the Chairman is persuasive. Additional results show that members’ tendencies to respond to Burns's recommendations were related to their personal and political loyalties.     

The Dutch parliamentary election of May 1986

After a rather uneventful election campaign, the results of the May 1986 Dutch parliamentary election were a surprise to virtually all involved. Since the introduction of regular opinion polling in the 1960s, no election has taken place when the polls were ‘wrong’. However, in 1986 last minute shifts that were stronger than had ever occurred in the Netherlands produced results that differed significantly from the predictions based upon the polls published immediately prior to the election.