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Economics as intervention: Expert struggles over quantitative easing at the Bank of England 经济学作为干预:专家们在英格兰银行的量化宽松政策上挣扎
2区 经济学 Q1 ECONOMICS Pub Date : 2023-11-09 DOI: 10.1093/ser/mwad060
Dylan Cassar
Abstract How does a technocratic entity, such as a central bank, craft a key policy intervention when faced with limits to established frameworks of governance? This article explores the Bank of England’s turn to unconventional policy in 2009 drawing on a set of eighteen in-depth interviews with former members of the Monetary Policy Committee, Executive team, and staff economists, and a corpus of documents. Adopting Goffman’s ‘framing analysis’, it argues that the limits to established governance led to the temporary replacement of the New Keynesian frame with a Monetarist frame, as a result of expert struggles, with consequential outcomes on the policy intervention. As the backstage dissensus spilled over onto the frontstage, manifesting as limits to knowledge, the Bank’s ‘expert authority’ was threatened. The Bank engaged in ‘manufactured consensus’—a backstage compromise between competing frames forged into a frontstage consensus via a hybrid frame—which proved to be a fragile strategy. By throwing light on the backstage–frontstage relations of technocratic organizations, I claim that an intervention may be shaped both by internal processes as well as by the ways in which the organization seeks to handle the external demands to which those very same internal processes may give rise.
当面临既定治理框架的限制时,技术官僚实体(如中央银行)如何制定关键的政策干预?本文通过对英国央行前货币政策委员会成员、执行团队和经济学家的18次深度访谈,以及大量文件,探讨了英国央行在2009年转向非常规政策。采用戈夫曼的“框架分析”,它认为,由于专家斗争的结果,既定治理的局限性导致新凯恩斯主义框架暂时被货币主义框架所取代,并对政策干预产生了相应的后果。随着后台的分歧蔓延到前台,表现为知识的局限,世行的“专家权威”受到了威胁。世行采用了“制造共识”——在竞争框架之间的幕后妥协,通过混合框架形成前台共识——这被证明是一种脆弱的战略。通过阐明技术官僚组织的后台-前台关系,我声称干预可能由内部过程以及组织寻求处理外部需求的方式来塑造,这些外部需求可能由这些内部过程引起。
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引用次数: 0
Pursuing an overarching commodification script through country-specific interventions? The EU’s New Economic Governance prescriptions in healthcare (2009–2019) 通过针对具体国家的干预措施追求全面的商品化方案?欧盟医疗保健新经济治理处方(2009-2019)
2区 经济学 Q1 ECONOMICS Pub Date : 2023-10-26 DOI: 10.1093/ser/mwad053
Sabina Stan, Roland Erne
Abstract After the 2008 financial crisis, the European Union (EU) introduced a New Economic Governance (NEG) regime, which enabled much more coercive interventions of EU executives in social policy areas hitherto shielded from them. This study assesses the policy orientation of their NEG prescriptions in healthcare for Germany, Ireland, Italy, and Romania from 2009 to 2019 and the potential for countervailing actions of labour movements. Acknowledging organized labour’s contribution to the making of decommodified healthcare systems after 1945, we ask if the NEG prescriptions were informed by an overarching healthcare commodification script, as this is a necessary (albeit not sufficient) condition for transnational counter-movements. Our analysis reveals that the country-specific NEG prescriptions of the European Commission and the Council followed an overarching commodification script, which especially targeted the countries that lagged behind in health service commodification. NEG thus represents a case of reversed differentiated integration, which provided both opportunities and challenges to transnational counter-movements.
2008年金融危机后,欧盟(EU)引入了新经济治理(NEG)制度,使欧盟高管能够在迄今为止被屏蔽的社会政策领域进行更具强制性的干预。本研究评估了2009年至2019年德国、爱尔兰、意大利和罗马尼亚在医疗保健方面的NEG处方的政策取向,以及劳工运动采取反补贴行动的可能性。承认有组织的劳工在1945年后对解构医疗保健系统的贡献,我们询问NEG处方是否受到总体医疗保健商品化脚本的影响,因为这是跨国反运动的必要(尽管不是充分)条件。我们的分析表明,欧盟委员会和理事会针对具体国家的NEG处方遵循了总体商品化脚本,特别针对在卫生服务商品化方面落后的国家。因此,NEG代表了一种反向差异化一体化的情况,它为跨国反运动提供了机遇和挑战。
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引用次数: 0
Closure and matching payoffs from college majors 大学专业的关闭和匹配回报
2区 经济学 Q1 ECONOMICS Pub Date : 2023-10-24 DOI: 10.1093/ser/mwad059
Dirk Witteveen, Paul Attewell
Abstract This article examines the undergraduate major as a closure mechanism in occupations among college graduates, using the American Community Surveys. We measure the college major density of occupations, termed “major specialization”, finding that greater major specialization of an occupation is associated with higher earnings, over and above previously identified closure devices (licensure, unionization, and vertical educational credentialing), and college selectivity. We conclude that major specialization operates as a powerful earnings-boosting closure device within higher-educated labor markets. Additional analyses regarding premiums from individuals matching their own college major with their occupation’s typical major indicate comparatively small earnings payoffs. Hence, deviating from one’s occupation’s usual credential does not generate a substantial earnings penalty. Furthermore, payoffs from major-occupation matching have a ceiling: there is no further payoff above the average match level. These findings demonstrate how occupational closure theory helps explain the substantial earnings advantages of certain college majors in the labor force.
摘要:本文利用美国社区调查研究了本科专业作为大学毕业生职业关闭机制。我们测量了职业的大学专业密度,称为“专业专业化”,发现一个职业的专业专业化程度越高,收入越高,超过了之前确定的封闭手段(执照、工会组织和垂直教育证书)和大学选择性。我们得出的结论是,在高学历劳动力市场中,专业专业化是一种强大的促进收入增长的封闭机制。另外一项关于将自己的大学专业与职业典型专业相匹配的个人溢价的分析表明,收入回报相对较小。因此,偏离一个人的职业通常的证书不会产生实质性的收入损失。此外,专业职业匹配的收益有一个上限:在平均匹配水平之上没有进一步的收益。这些发现证明了职业封闭理论如何有助于解释劳动力中某些大学专业的实质性收入优势。
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引用次数: 0
Digital creatives and digital engineers: entrepreneurial firms, institutional context, and the organization of innovation 数字创意和数字工程师:创业公司、制度背景和创新组织
2区 经济学 Q1 ECONOMICS Pub Date : 2023-10-18 DOI: 10.1093/ser/mwad057
Marcela Miozzo, Cornelia Storz, Steven Casper
Abstract The comparative capitalisms literature has developed an increasingly dynamic approach to conceptualizing capitalism variety, and has suggested mechanisms to explain shifts in institutional practices under the surface of formal stability of the institutional context. Less is known, however, about how new entrepreneurial firms engage with institutions to develop organizational arrangements needed to support their innovation activities. Such engagement with institutions can represent sources of heterogeneity within and across national institutional contexts, with incremental changes in practices resulting, in some instances, in major transformations in institutions over time. We draw on a study of fifty-three independent mobile games firms in the USA and Japan and the structures and processes used by these firms to develop innovative activities in their institutional context. Our research advances our understanding of organizational diversity and institutional change in two ways. First, our study identifies two new ‘variants’ of how entrepreneurial firms organize their innovation activities in their institutional context—digital creatives and digital engineers. Second, we characterize the mechanisms through which entrepreneurial firms engage and respond to institutions that support the establishment of these variants—defecting, intensifying, and positioning vis-à-vis large firms.
比较资本主义文献已经发展出一种越来越有活力的方法来概念化资本主义的多样性,并提出了解释制度背景下形式稳定性表面下制度实践变化的机制。然而,对于新的创业公司如何与机构合作,制定支持其创新活动所需的组织安排,人们知之甚少。这种与机构的接触可能是国家机构内部和国家机构之间异质性的来源,在某些情况下,实践的渐进变化会导致机构随着时间的推移发生重大转变。我们研究了美国和日本的53家独立手机游戏公司,以及这些公司在其机构背景下开发创新活动所使用的结构和流程。我们的研究从两个方面促进了我们对组织多样性和制度变革的理解。首先,我们的研究确定了创业公司如何在其制度背景下组织创新活动的两种新的“变体”——数字创意人员和数字工程师。其次,我们描述了创业公司参与并回应支持这些变体建立的机构的机制——背叛、强化和定位-à-vis大公司。
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引用次数: 0
Revolving around political connections: the negative effect of government venture capital backing on IPO valuation 围绕政治关系:政府风险投资支持对IPO估值的负面影响
2区 经济学 Q1 ECONOMICS Pub Date : 2023-10-14 DOI: 10.1093/ser/mwad056
Tan Li, Jar-Der Luo, Enying Zheng
Abstract We examine how government venture capital (GVC)—a specific type of political connection—affected initial public offering (IPO) valuation. Contrary to the well-recognized benefits of political connections in channeling access to financial resources in China, our analysis of 959 IPOs between 2008 and 2014 suggests that GVC backing lowers IPO valuation. This baseline effect is moderated by other sources of political connection (e.g. government ownership, state sector experience of top management team members, private sector partner status, and institutional environments). We argue that it is the negative signaling mechanism revolving around political connections that accounts for this observable pattern. This research enriches the signaling theory by uncovering signal emergence and analyzing the interactions between several signaling sources of political connection. Specifically, it contributes to a better understanding of political connections by specifying an undesirable consequence of state-led financialization, which has timely practical relevance as China’s capital market is steering toward a rule-based system.
摘要本文研究了政府风险投资(GVC)——一种特殊类型的政治关系——如何影响首次公开发行(IPO)的估值。我们对2008年至2014年间959宗IPO的分析表明,与众所周知的政治关系在中国引导融资渠道方面的好处相反,全球风险投资的支持降低了IPO估值。这种基线效应被其他政治关系来源(如政府所有权、高层管理团队成员的国有部门经验、私营部门合作伙伴地位和制度环境)所缓和。我们认为,围绕政治关系的负面信号机制解释了这种可观察到的模式。本研究通过揭示信号的产生和分析政治联系的几个信号来源之间的相互作用,丰富了信号理论。具体来说,它通过指出国家主导的金融化的不良后果,有助于更好地理解政治关系,这在中国资本市场转向以规则为基础的体系之际具有及时的现实意义。
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引用次数: 0
Silicon law of oligarchy: patterns of member participation in the decision-making of platform cooperatives 寡头硅定律:平台合作社成员参与决策的模式
2区 经济学 Q1 ECONOMICS Pub Date : 2023-10-08 DOI: 10.1093/ser/mwad058
Damion J Bunders
Platform cooperatives that are owned and governed by gig workers themselves have been proposed as a silver bullet to improve these workers’ influence on organizational decision-making. However, they remain relatively rare compared with dominant investor-owned platforms. Traditionally, worker cooperatives strive for alternative organizing based on the ideal of workplace democracy but are often faced with unequal participation by members in decision-making processes. To test for participation inequalities, this study used survey data (n = 418) from a network of four platform worker cooperatives in Italy. The results show that members with lower affective commitment towards their cooperative and less social capital among other members are less likely to participate, but that there is no effect of cooperative size and human capital.
由零工工人自己拥有和管理的平台合作社被认为是提高这些工人对组织决策影响的灵丹妙药。然而,与占主导地位的投资者所有平台相比,它们仍然相对罕见。传统上,工人合作社在工作场所民主理想的基础上争取其他组织,但往往面临成员在决策过程中的不平等参与。为了检验参与不平等,本研究使用了来自意大利四个平台工人合作社网络的调查数据(n = 418)。结果表明,对合作的情感承诺越低、其他成员的社会资本越少的成员参与合作的可能性越低,但合作规模和人力资本对参与合作的影响不显著。
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引用次数: 0
Looking up and down and round and round: a theoretical–empirical, individual-level analysis of income comparisons 上上下下,周而复始:收入比较的理论-实证,个人层面的分析
2区 经济学 Q1 ECONOMICS Pub Date : 2023-10-04 DOI: 10.1093/ser/mwad054
Alex Lehr
Abstract Income comparisons imply that individuals care not only about the absolute value of their income but also about its relative value. Such comparisons likely have significant societal consequences while also challenging standard neoclassical economic theory. I argue that a better understanding of income comparisons requires a more systematic, theoretical engagement with three problems: (1) the problem of reference group selection, (2) the problem of orientation, and (3) the problem of functional form. Income comparisons are commonly attributed to interdependent preferences, in particular to envy. I propose an alternative theoretical approach in which comparisons are a rational means for individuals to improve upon imperfect information about their current earning potential. I test the empirical implications of both approaches for reference group selection, orientation, and functional form using individual-level data from the Netherlands. The evidence suggests that imperfect information drives comparisons, but interdependent preferences also play a role.
收入比较意味着个人不仅关心其收入的绝对值,而且关心其相对价值。这种比较可能会产生重大的社会后果,同时也挑战了标准的新古典经济理论。我认为,要更好地理解收入比较,需要对三个问题进行更系统的理论研究:(1)参考群体选择问题,(2)取向问题,(3)功能形式问题。收入比较通常归因于相互依赖的偏好,尤其是嫉妒。我提出了另一种理论方法,在这种方法中,比较是一种理性的手段,个人可以利用有关其当前收入潜力的不完全信息来改进。我用来自荷兰的个人层面的数据测试了这两种方法对参考群体选择、取向和功能形式的经验含义。有证据表明,不完善的信息会推动比较,但相互依赖的偏好也会发挥作用。
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引用次数: 0
Off to a slow start: which workplace policies can limit gender pay gaps across firm tenure? 慢速开始:哪些职场政策可以限制公司任期内的性别薪酬差距?
2区 经济学 Q1 ECONOMICS Pub Date : 2023-10-03 DOI: 10.1093/ser/mwad055
Anne-Kathrin Kronberg, Anna Gerlach
Much of the gender pay gap is generated within workplaces, making it paramount to understand which workplace policies effectively address gaps. Our article asks when policies limit gender pay gaps across employee tenure to identify potential temporal weak points. We analyze a representative panel of 10,000 establishments with over 850,000 employees using the 2005–19 waves of German-linked employer–employee data (LIAB). Two key findings emerge. First, a temporal perspective on workplace policies reveals that no policy under study—formalization, identity-based career programs, and child care assistance—reduces gender pay gaps at hire. Instead, policies only address additional disparities that accumulate after hire. Second, only identity-based career programs narrow gender disparities for all women. In contrast, seemingly gender-neutral formalization is insufficient, while providing employer-sponsored child care has mixed effects depending on employees’ education. We conclude by discussing the implications of these findings for organizational policy and future research.
性别薪酬差距在很大程度上是在工作场所产生的,因此了解哪些工作场所政策能有效解决性别差距至关重要。我们的文章询问政策何时限制员工任期内的性别薪酬差距,以确定潜在的时间弱点。我们使用2005-19年德国相关雇主-雇员数据(LIAB)对拥有超过85万名员工的10,000家企业的代表性小组进行了分析。有两个主要发现。首先,从工作场所政策的时间角度来看,研究中没有一项政策——正规化、基于身份的职业计划和儿童保育援助——能减少雇佣时的性别收入差距。相反,政策只能解决雇佣后积累的额外差距。其次,只有基于身份的职业规划才能缩小所有女性的性别差距。相比之下,看似性别中立的正规化是不够的,而提供雇主赞助的托儿服务,根据员工的教育程度产生了不同的效果。最后,我们讨论了这些发现对组织政策和未来研究的影响。
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引用次数: 0
The dual economy, climate change, and the polarization of American politics 双重经济,气候变化,以及美国政治的两极分化
2区 经济学 Q1 ECONOMICS Pub Date : 2023-10-03 DOI: 10.1093/ser/mwad052
Thomas Oatley
This article explores two questions. What generates the political division over climate change policy in the United States? How is the division over climate change policy related to the broader polarization of contemporary American politics? I argue that the geographies of America’s dual economy—the knowledge economy and the carbon economy—and exposure to the climate crisis intersect to generate a new axis of conflict, which I call the carbon–climate cleavage. This cleavage produces political division over climate change and provides materialist elements that accompany the sociocultural factors that shape contemporary polarization. I demonstrate the existence of the cleavage and its impact using data on economic geography, political attitudes on climate change policy, and support for Trump in the 2016 and 2020 presidential elections. The empirical analysis indicates that carbon economy communities oppose climate change policy and support Trump, while knowledge economy residents support climate change policy and oppose Trump.
本文探讨了两个问题。是什么导致了美国在气候变化政策上的政治分歧?气候变化政策上的分歧与当代美国政治更广泛的两极分化有何关系?我认为,美国的双重经济——知识经济和碳经济——的地理位置与气候危机的暴露交织在一起,产生了一个新的冲突轴,我称之为碳-气候分裂。这种分裂产生了对气候变化的政治分歧,并提供了伴随塑造当代两极分化的社会文化因素的物质主义因素。我利用经济地理、对气候变化政策的政治态度以及特朗普在2016年和2020年总统选举中的支持率等数据,证明了这种分裂的存在及其影响。实证分析表明,碳经济社区反对气候变化政策,支持特朗普;知识经济社区支持气候变化政策,反对特朗普。
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引用次数: 0
Rethinking moral hazard: government protection and bank risk-taking 重新思考道德风险:政府保护与银行冒险
2区 经济学 Q1 ECONOMICS Pub Date : 2023-09-21 DOI: 10.1093/ser/mwad050
Kim Pernell, Jiwook Jung
Why do firms take excessive risks that result in failure? Moral hazard theorists argue that the answer lies in the risk-boosting effects of the government safety net, which insulates firms from market discipline. We revisit this conventional wisdom by examining how exposure to government protection has contributed to recent trends in bank risk-taking in the USA. Drawing from insights from economic sociology, we highlight an additional way that exposure to government protection can shape organizational behavior: by reducing resource-based profitability pressures that can spur risky behavior. Using panel data analysis of risky US bank behavior between 1994 and 2015, we find that bank exposure to government protection was more often associated with less risk-taking than more of it. This pattern contradicts the predictions of moral hazard theory but aligns with the predictions of our own institutional-resource theory. We discuss implications for economic sociology and financial economics.
为什么企业会冒过多的风险而导致失败?道德风险理论家认为,答案在于政府安全网的风险提升效应,它将企业与市场纪律隔离开来。我们通过研究暴露于政府保护是如何促成美国银行冒险的最近趋势来重新审视这一传统智慧。根据经济社会学的见解,我们强调了政府保护可以塑造组织行为的另一种方式:通过减少可能刺激风险行为的基于资源的盈利压力。通过对1994年至2015年间美国银行高风险行为的面板数据分析,我们发现,银行接受政府保护的风险敞口往往与风险减少有关,而不是与风险增加有关。这种模式与道德风险理论的预测相矛盾,但与我们自己的制度资源理论的预测一致。我们讨论了对经济社会学和金融经济学的影响。
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引用次数: 0
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Socio-Economic Review
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