The ruthless Fed: A critique of the AST hypothesis

This paper examines the hypothesis that the Great Contraction was the result of rational rent-seeking by members of the Federal Reserve System. In contrast to the AST hypothesis, evidence on the share prices of member banks that survived the contraction suggests that the owners of these banks suffered an absolute decline in real wealth and a decline relative to a broad spectrum of other investment alternatives. Furthermore, monetary surprises had no statistically discernible effect on the share prices of these banks. This evidence conflicts with the notion that rational rent-seeking would lead the owners of member banks and their bureaucratic conspirators in the Federal Reserve System to unleash a policy with the goal of contracting the money supply by 35 percent.     

Revealed preferences for public goods: Applying a model of voter behavior

Most analyses of preferences for government-supplied goods disregard the fact that in a democratic society, these preferences are revealed by an individual choice: the vote. In this paper this is taken account of in a model, explaining the dynamics in voting behavior in a multi-party system. The model assumes that voters may be categorized into K groups of individuals, pursuing the same interests, who remember how parties do in representing these interests (given the level to which they are held responsible for government policy). The model allows one to estimate party identification, sensitiveness to economic performances, time preference, and relative preferences for public versus private goods, all for each of the groups. Furthermore, the model allows for an estimation of the level to which various parties are held responsible for government policies.An empirical application of the model to the Netherlands is presented, albeit that data restrictions did not allow a distinction of more than one group. The results in terms of significance of the coefficients as well as the interpretation of the original parameters are promising. The two main conclusions are that the relative preference for private versus collective consumption is lower than the existing ratio in the Netherlands, and that two parties forming a government coalition are not held equally responsible for the policies.     

From Public Sociology to Public Philosophy: Lessons for Law and Society

The late Philip Selznick's final book, A Humanist Science, examines the role of values and ideals in the social sciences, including the study of law and society. Throughout his academic career, Selznick was committed to what he called “legal naturalism,” a sociological version of the natural-law perspective, while his critics continue to adhere to various forms of positivism. But the age-old opposition between natural law and legal positivism today may be giving way to the quest for public sociology—a sociology that promotes public reflection on significant social issues and thus functions as a moral and political force. A Humanist Science ends with a strong plea for public philosophy. Public philosophy overlaps with public sociology but is a much stronger concept. Selznick's message of public philosophy may be another of his enduring contributions to the field of law and society.     

The Importance of Subjective Data for Public Agency Performance Evaluation

Evaluating public agency performance has typically been based on objective measurements. However, some researchers contend that evaluation is not complete without considering client perceptions of agency performance. This study supports combining subjective client perceptions with objective data in the evaluation process. Survey results and internal performance data are examined for a state agency charged with investigating citizen disputes with utility companies. Regression analyses show that the factors that most influence the client’s satisfaction with agency performance are the client’s perception of how long it took to resolve the dispute, based on survey results, and whether the case was decided in the client’s favor, from the agency’s internal records. The “real” resolution time recorded in the agency’s information system was not significant. These results indicate that subjective data provide valuable information for evaluating agency performance.     

Pro-poor values in agricultural research management: PETRRA experiences in practice

PETRRA was an agricultural research-management project which used a values-based approach in project design, planning, and implementation. Through an experiential learning process, agricultural research and development (R&D) institutes, NGOs, private agencies, and community-based organisations rediscovered and improved the understanding of their strengths in meeting development commitments. The project successfully showed how values-based research can meaningfully be implemented and a sustainable pro-poor impact achieved.     

Governance of the Amman water utility

In 1993 the World Bank assisted the Ministry of Water and Irrigation of Jordan in updating a review of the water sector, and thus began the process of Private Sector Participation (PSP) in service provision to improve the efficiency of the water sector and wastewater services. In this article, the privatisation of water and wastewater services is examined from the perspectives of stakeholders (input) and consumers (output). The goal is to assess the changes that have been taking place to date in relation to the principles of good governance. The results from interviews with stakeholders and from consumer questionnaires show that the privatisation process has to date shown only a few signs of ‘good’ governance. Despite the range of stakeholders involved, the state remains responsible for designing a good-governance approach that is responsive to the concerns and interests of all stakeholders.     

Alternative Pathways to Violence in Persons with Schizophrenia: The Role of Childhood Antisocial Behavior Problems

Violence in schizophrenia patients may result from many factors besides the symptoms of schizophrenia. This study examined the relationship between childhood antisocial behavior and adult violence using data from the NIMH CATIE study. The prevalence of violence was higher among patients with a history of childhood conduct problems than among those without this history (28.2% vs. 14.6%; P < 0.001). In the conduct-problems group, violence was associated with current substance use at levels below diagnostic criteria. Positive psychotic symptoms were linked to violence only in the group without conduct problems. Findings suggest that violence among adults with schizophrenia may follow at least two distinct pathways-one associated with premorbid conditions, including antisocial conduct, and another associated with the acute psychopathology of schizophrenia.