LIMITED ASSET MARKET PARTICIPATION AND THE EURO AREA CRISIS: AN EMPIRICAL DSGE MODEL

We estimate a medium‐scale dynamic stochastic general equilibrium model for the Euro area with limited asset market participation (LAMP). Our results suggest that in the recent European Monetary Union years LAMP is particularly sizable (39% during 1993–2012) and important to understand business cycle features. The Bayes factor and the forecasting performance show that the LAMP model is preferred to its representative household counterpart. In the representative agent model the risk premium shock is the main driver of output volatility in order to match consumption correlation with output. In the LAMP model this role is played by the investment‐specific shock, because non‐Ricardian households introduce a Keynesian multiplier effect and raise the correlation between consumption and investments. We also detect the contractionary role of monetary policy shocks during the post‐2007 years. In this period consumption of non‐Ricardian households fell dramatically, but this outcome might have been avoided by a more aggressive policy stance. (JEL C11, C13, C32, E21, E32, E37)     

How to Foster Toddlers' Mental‐State Talk,Emotion Understanding,and Prosocial Behavior: A Conversation‐Based Intervention at Nursery School

Recent years have seen the development and implementation of a range of training programs aimed at improving children's socio‐emotional skills. Nevertheless, few studies have been conducted with toddlers attending nursery school. In this study, we adopted observational and experimental paradigms to examine the efficacy of an intervention based on conversing about emotions with small groups of 2‐ to 3‐year‐old children. The intervention was designed to promote toddlers' mental‐state talk, emotion understanding (EU), and prosocial behavior. The training group significantly outperformed the control group in the use of mental‐state language, especially emotional‐state lexicon, EU, and prosocial behavior toward peers. There was also a significant Group × Age interaction, with the older training group participants displaying greater gains in EU than the younger ones. We discuss the theoretical and practical implications of these findings.     

Public relations and community: A persistent covenant

In the 21st Century global public relations professional community, the need for a postmodern reformation is compellingly evident. Most theorizing begins with basic assumptions about the three main social actors for which public relations has been practiced: (1) corporations, (2) nongovernmental and civil society organizations (NGOs and CSOs), and (3) governments. Questions about society itself are rarely examined, but when they do come up, scholars and practitioners tend to assume generally accepted values and mores. Neglected has been a robust criticism of the concepts upon which such paradigms have been built.     

The European delay in transition to parenthood: the Italian case

A delay in the transition to parenthood is common to all European countries, but Mediterranean and North European young people follow different pathways of transition to adulthood, which are described in the article. Since 2003, we have conducted four social inquiries in Italian urban contexts involving male and female young people with and without children and the article is therefore focused on Italy. The principal purpose of this research programme is to interpret the determinants of the Italian phenomenon of delaying the birth of the first child. The interpretative axes for conceptualizing the problem are intergender and intergenerational comparisons. In particular, the results of these inquiries indicate that in Italy the delay of the parenthood transition is linked to the policy-makers' ‘delay’ in realizing that the decision to postpone having children is not strongly linked to any ‘crisis of family values’. The real problem is that since the beginning of the twentieth century, the present younger generation is the first to suffer from a general decrease in social opportunities as compared with the previous one. The mechanism is illustrated by Bourdieu: the new generation's members continue to form their life expectations on the basis of their parents' situations without considering the changes in conditions (e.g. inflation of study titles) that restrict their access to social resources. According to our results, the delay in the assumption of the parental role is an unintentional effect of a set of intentional actions aimed at creating and consolidating life conditions supporting self-realization. ‘Delayers’ continually try to resist the distressing sensations of precariousness, instability, vulnerability and uncertainty recognized by influential sociologists as distinctive features of contemporary life. Consequently, the delay in the family-building process takes on an active connotation: the attempt is to fill the gap in life chances related to gender and generational memberships. The last part of the article is dedicated to a comparison of European countries' social policies in support of parenthood.     

Turnover and Excess Worker Reallocation. The Veneto Labour Market between 1982 and 1996

This research exploits a large matched employer–employee data set for an Italian region, the Veneto, that is presented here for the first time, in order to analyse job and worker flows. In a first part, the paper computes worker turnover, job turnover, and excess worker reallocation over a time span of 14 years. The results are discussed, and comparisons are made between the quantitative features of the labour market in the Veneto region and those of other labour markets. In a second part, turnover and excess worker reallocation are related to search costs, and new empirical evidence is presented that helps in understanding the connections between search activity, unemployment, and the economic cycle.     

Gambling Disorder and Affect Regulation: The Role of Alexithymia and Attachment Style

The aim of the present study was to explore the dimensions of alexithymia and attachment styles in a group of disordered gamblers and to evaluate the relationship between alexithymia, attachment styles, and the severity of gambling disorder. Sixty disordered gamblers diagnosed according to the diagnostic and statistical manual-5 filled out the Kurzfragebogen zum Glücksspielverhalten, the 20-Item Toronto Alexithymia Scale, and the Experiences in Close Relationships-Revised. Approximately 70 % of the sample displayed ‘intermediate’ and ‘severe’ gambling severity levels on the Kurzfragebogen zum Glücksspielverhalten, and 77 % showed ‘high’ or ‘borderline’ levels of alexithymia on the Toronto Alexithymia Scale (mean = 56.40). Regarding attachment styles, 70 % of the sample displayed an ‘insecure’ attachment, with a particularly high prevalence of the ‘fearful’ style (26.66 %). A linear regression analysis revealed that only the anxiety dimension of the Experiences in Close Relationships questionnaire predicted the severity of gambling. Our data appear to confirm that gambling disorder is characterised by emotional and relational dysregulation, and that pathological gambling behaviours may serve as external regulators of internal undifferentiated emotional states.     

The press and Alitalia's 2008 crisis: Issues, tones, and frames

Given that public opinion about a company's performance during a crisis is highly influenced by the way news media cover crisis events, studies that look at news media's choice of crisis issues, tones and frames are extremely valuable. This paper presents the main findings of a study on how the Italian and international press framed the Italian national airline Alitalia and its crisis in 2008 before its privatization. This study is based on content analysis of news articles published in 2008 in two Italian and two international newspapers. Comparisons of crisis issues, tones and frames between the Italian and international press are made. Implications and recommendations for crisis managers are discussed as well as directions for further research.     

Varying levels of anomie in Europe: a multilevel analysis based on multidimensional IRT models

Recent years have seen increased attention paid to monitoring social anomie and its dependency on micro- and macro-factors. In this paper, we endorse the theorisation of social anomie as a complex, multidimensional and multilevel phenomenon. To ensure a rigorous measurement of the varying levels of social anomie in the European countries, the current study relies on a multilevel multidimensional item response theory model which explicitly accounts for the presence of a non-ignorable missing data mechanism. This unified approach makes it possible to specify an analytical model of links between anomie features and their determinants and to explore how the latent traits of interest are influenced by individual-level factors, as well as by country-level indicators. Additionally, to avoid misleading inferential conclusions, the proposed model takes into account the respondent’s omitting behaviour, assuming that the missingness mechanism is driven by a latent propensity to respond. Data used in this study have been collected in the 2010 wave of the European Social Survey. To reduce the computational complexities, a Bayesian specification of the MIRT model is provided and the parameter model estimates are obtained through MCMC algorithms.     

To be,or not to be: Paradoxes in strategic public relations in Italy

There is a paucity of empirical studies of public relations in Italy. This study sought to assess whether public relations departments are managed strategically in Italy and whether public relations contributes to the strategic management of organizations. Using the four generic principles that deal with strategic management, this study gathered data from public relations professionals working in the three major types of organizations: corporations, government agencies, and non-profits. The study found that regardless of the type of organization, few public relations practitioners are represented in the senior management of their organizations. Senior managers of non-profits tended to value public relations more than the other two sectors. Symmetrical communication again proved to be normative. By using a conceptual framework and research instruments that have been employed in studies conducted in other parts of the world, this study has generated data that can be used to compare strategic public relations in different socio-cultural environments – thus contributing to building a global theory of public relations.