CAN THE PRESIDENT REALLY AFFECT ECONOMIC GROWTH? PRESIDENTIAL EFFORT AND THE POLITICAL BUSINESS CYCLE

Presidential elections are often seen as referendums on the health of the economy; however, little evidence exists on the president's ability to influence gross domestic product (GDP). This study examines the effect of the incentive to be reelected and the resulting increase in presidential effort on GDP growth. Growth is found to rise in reelection years for first‐term presidents after 1932 and to fall in election years before 1932, when reelection was uncommon, and for second‐term presidents generally. This effect is largest for high‐quality presidents—who probably have the highest return to effort—and is spread across multiple sectors of the economy. (JEL D78, D72, E32, J24)     

Population constraints on pooled surveys in demographic hazard modeling

In non-experimental research, data on the same population process may be collected simultaneously by more than one instrument. For example, in the present application, two sample surveys and a population birth registration system all collect observations on first births by age and year, while the two surveys additionally collect information on women’s education. To make maximum use of the three data sources, the survey data are pooled and the population data introduced as constraints in a logistic regression equation. Reductions in standard errors about the age and birth-cohort parameters of the regression equation in the order of three-quarters are obtained by introducing the population data as constraints. A halving of the standard errors about the education parameters is achieved by pooling observations from the larger survey dataset with those from the smaller survey. The percentage reduction in the standard errors through imposing population constraints is independent of the total survey sample size.     

Using a “child's‐eye view” of social success to understand the importance of school readiness at the transition to formal schooling

Recent research into school readiness has highlighted the importance of not only children's cognitive and socio‐emotional skills, but also the degree to which they have family support in the home. The current study examines the association between social success upon school entry and teacher‐ratings of school readiness as assessed by the Brief Early Skills and Support Index (BESSI), controlling for language ability. Importantly, social success was assessed using a “child's‐eye view” with peer‐reported assessments of both social preference and reciprocated friendships. A total of 244 children (131 boys, M_age = 61 months, SD = 4.78 months) in their first year of formal schooling participated. Child school readiness was found to be important for social preference, with the association being more marked for boys versus girls. Family support was the only independent predictor of children's reciprocated friendships. The use of the BESSI, with its broad scope compared to other measures of school readiness, highlights the importance of focusing both on a child's cognitive and socio‐emotional skills at school entry and their family support when exploring the association of school readiness to children's social success at the transition to formal schooling.