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.     

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.     

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.     

Three doors anomaly, “should I stay,or should I go”: an artefactual field experiment

Theory and Decision - This work aims to identify and quantify the biases behind the anomalous behavior of people when they deal with the Three Doors dilemma, which is a really simple but...     

Sense of Community and Community Participation: A Meta-Analytic Review

Many studies indicate that participation and sense of community (SoC) are associated factors enhancing community development. However, research has almost completely ignored the magnitude of the association between the two and the stability of this relationship across contexts, populations and different forms of community participation. A meta-analysis was conducted to assess the following: (a) the strength and stability of the SoC-participation relationship; (b) variations in this relationship associated with different forms of participation (i.e., civic and political); and (c) the influence of population characteristics on the SoC-participation relationship. The results showed that the SoC-participation relationship is significant, positive and moderately strong for forms of participation in the adult population and specific cultural contexts. Implications for theory and applications are discussed.     

Imagining contact reduces prejudice in preschool children

We examined the effectiveness of an imagery‐based strategy designed to reduce prejudice in preschoolers in Italy. Three studies involving different target groups (disabled children, Black children) were conducted within Italian preschools. Children (4–6 years) were asked to imagine and draw meeting an outgroup member (Studies 1 and 2) or to imagine writing a letter to an outgroup member (Study 3). Results revealed that preschoolers in the experimental condition, relative to a control group, reported less intergroup bias in the form of contact intentions and resource allocation as well as greater behavioral inclusiveness; effects were mediated by improved intergroup attitudes. Our findings are important in understanding ways that promote positive intergroup relations in ways that align with the interests of young children.     

The contribution of emotion knowledge,language ability,and maternal emotion socialization style to explaining toddlers’ emotion regulation

In this study, we set out to advance understanding of the association between emotion knowledge (EK) and emotion regulation (ER) in toddlerhood, by innovatively examining a model that simultaneously takes into account both individual factors, such as age, gender, and language ability, and contextual factors, such as maternal emotion socialization styles (coaching vs. dismissing). Participants were 242 toddlers (141 girls; M_age = 28.79 months, SD = 3.48) and their mothers (M_age = 35.60 years; SD = 4.95). We evaluated children’s language ability and ER via parent‐report questionnaires, assessing their EK via a direct measure individually administered at the nursery. The mothers also completed a questionnaire on their own emotion socialization style. Children’s EK was positively correlated with their ER skills as reported by their parents. Structural equation modeling showed that emotion‐dismissing maternal behaviors were significantly negatively associated with toddlers’ emotional competencies whereas maternal emotion‐coaching styles were significantly positively associated with higher levels of these competences. Finally, language ability was positively associated with ER. We discuss the theoretical and educational implications of these outcomes, as well as potential new lines of inquiry.     

Does consultation improve decision-making?

This paper reports an experiment designed to test whether prior consultation within a group affects subsequent individual decision-making in tasks where demonstrability of correct solutions is low. In our experiment, subjects considered two paintings created by two different artists and were asked to guess which artist made each painting. We observed answers given by individuals under two treatments: In one, subjects were allowed the opportunity to consult with other participants before making their private decisions; in the other, there was no such opportunity. Our primary findings are that subjects in the first treatment evaluate the opportunity to consult positively, but they perform significantly worse and earn significantly less.     

A New Perspective on Neonatal Smiling: Differences Between the Judgments of Expert Coders and Naive Observers

To better understand the form and recognizability of neonatal smiling, 32 newborns (14 girls; M = 25.6 hr) were videorecorded in the behavioral states of alertness, drowsiness, active sleep, and quiet sleep. Baby Facial Action Coding System coding of both lip corner raising (simple or non‐Duchenne) and lip corner raising with cheek raising (Duchenne smile) was followed by a smile recognition task using 48 naive observers. Both types of smiles were detected in all behavioral states. Lip corner raising with cheek raising (Duchenne smiling) tended to predominate in active (rapid eye movement) sleep, suggesting a potential tie to early constituents of emotion. A significant portion of the typically briefer lip corner raising distinguished by expert coders was not recognized as smiling by the naive observers. These briefer actions may represent a motor phenomenon idiosyncratic to the neonatal period.