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Does economic freedom cause prosperity? An IV approach

A positive, statistical and economic significant relation between growth, income level and the Economic Freedom of the World (EFW) index has been amply documented. Most analyses, however, use OLS methods which, in the presence of endogenous variables do not establish causality and produce biased and inconsistent estimates. This paper uncovers the exogenous component of EFW using IV methods and finds a robust channel from economic freedom to prosperity. The findings, including instrument validity tests, support the importance of policies and institutions for development and warrants policy advice aimed at increasing economic freedom to foster prosperity.     

Exploiting a Rare Communication Shift to Document the Persuasive Power of the News Media

Using panel data and matching techniques, we exploit a rare change in communication flows—the endorsement switch to the Labour Party by several prominent British newspapers before the 1997 United Kingdom general election—to study the persuasive power of the news media. These unusual endorsement switches provide an opportunity to test for news media persuasion while avoiding methodological pitfalls that have plagued previous studies. By comparing readers of newspapers that switched endorsements to similar individuals who did not read these newspapers, we estimate that these papers persuaded a considerable share of their readers to vote for Labour. Depending on the statistical approach, the point estimates vary from about 10% to as high as 25% of readers. These findings provide rare evidence that the news media exert a powerful influence on mass political behavior.     

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.     

Individual campaign contributions and candidate ideology

Individual citizens are the largest source of contributions for congressional candidates in the United States. This paper investigates if and how fundraising from this source is related to the ideological positions of candidates. Specifically, we ask whether the amount of contributions depends on: (1) the extremity of candidate ideology; and (2) the level of candidate divergence in the same race. These results have important implications for candidate positioning strategies, as well as for evaluating the effects of recent campaign finance reforms.     

<Emphasis Type="Italic">The Daily Show with Jon Stewart</Emphasis> and Audience Attitude Change During the 2004 Party Conventions

The intention of this analysis is to examine The Daily Show with Jon Stewart’s coverage of politics and assess the persuasive power of the program’s unique brand of humor. Evidence from a content analysis of The Daily Show’s “Indecision 2004” coverage of the Democratic and Republican Party Conventions shows the program’s humor was much harsher during the Republican Convention than it was during the Democratic Convention. While the humor in both conventions was heavily based on self-deprecation and the exploitation of conventional political stereotypes, the ridicule of Republicans focused much more on policy and character flaws. Humor pointed toward Democrats, on the other hand, tended to focus more on innocuous physical attributes. Analysis of panel data collected by the National Annenberg Election Survey during the 2004 national party conventions shows that exposure to The Daily Show’s convention coverage was associated with increased negativity toward President Bush and Vice-President Dick Cheney. These relationships remain significant even when controlling for partisan identification and ideology. Attitudes toward the Democratic ticket, John Kerry and John Edwards remained consistent.     

Bad for Men,Better for Women: The Impact of Stereotypes During Negative Campaigns

In this paper, we examine whether the impact of negative advertising on citizens’ evaluations of candidates depends on the gender of the candidates. Given common gender stereotypes, we expect negative campaigning aimed at women candidates will affect citizens differently than negative campaigning against male candidates. The results of our study, derived from a survey experiment conducted on a nationwide sample of more than 700 citizens, demonstrate that negative commercials are less effective at depressing evaluations of woman candidates, compared to male candidates. The findings are consistent and strong, across a range of forces that people use to assess competing candidates (i.e., affect and trait evaluations, people’s beliefs about issues, anticipated vote choice). The tight control of the experimental design, including randomization of respondents into different conditions that vary in only one way, demonstrates that the gender of the candidate influences people’s reactions to different types of negative commercials.

Terrorist Threat,Leadership, and the Vote: Evidence from Three Experiments

From 9/11 in the U.S. to train, subway, and airport bombings elsewhere, individuals frequently must make political decisions in the shadow of terrorist attacks. To date, few studies have examined how times of terror threat influence voters’ decision-making processes. Using data generated from three experiments we show that, in times of terrorist threat (compared to good times), individuals weight leadership more heavily in the voting booth. Our results also shed light on how much weight is given to other determinants of the vote (issues and partisanship) across these two conditions.