‘Rivers of Blood’ and Britain's Far Right

This article examines the impact of Enoch Powell's speech on Britain's numerous right‐wing fringe groups and their response—in particular, that of the National Front, who benefitted the most from Powell's intervention on race and for a brief moment became Britain's fourth political party. It begins by looking at the growth of post‐World War II British fascism and how its emphasis switched from anti‐Semitism to anti‐colonial immigration. Throughout the piece, the relationship between Britain's far right and the Conservative party is examined to show how Powell inadvertently blurred the lines between the two. The article concludes with the 1979 general election victory of Margaret Thatcher who, by adopting Powellite themes but in more measured tones, destroyed the National Front's dream of an electoral breakthrough.     

What to Believe? Social Media Commentary and Belief in Misinformation

Political Behavior - Americans are increasingly turning to social media for political information. However, given that the average social media user only clicks through on a small fraction of the...     

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.     

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.