Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers

Textual analysis of 14,270 NBER Working Papers published during 1999–2016 is done to assess the effects of the 2008 crisis on the economics literature. The volume of crisis-related WPs is counter-cyclical, lagging the financial-instability-index. WPs by the Monetary-Economics, Asset-Pricing, and Corporate-Finance program members, hardly refer to “crisis/crises” in the pre-crisis period. As the crisis develops, however, their study-efforts of crisis-related issues increase rapidly. In contrast, WPs in macroeconomics-related programs refer quite extensively in the pre-crisis period to “crisis/crises” and to crises-related topics. Overall, our findings are consistent with the claim that economists were not engaged sufficiently in crises studies before the 2008 crisis. However, counter to the popular image, as soon as the crisis began to unravel, the NBER affiliated economists responded dramatically by switching their focus and efforts to studying and understanding the crisis, its causes and its consequences

Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers

Textual analysis of the NBER Working Papers published during 1999–2016 is done to assess the effects of the 2007–2009 crisis on the academic literature. The volume of crisis-related WPs is counter-cyclical, lagging the financial-instability-index. WPs by the Monetary-Economics, Asset-Pricing, and Corporate-Finance program members, hardly refer to “crisis/crises” in the pre-crisis period. As the crisis develops, however, their study-efforts of crisis-related issues increase rapidly, focusing on the links between ‘Repo-and-Securitization’ and the crisis. In contrast, WPs in macroeconomics-related programs refer extensively to “crisis/crises” in the pre-crisis period. These WPs abandon topics of ‘Sudden-Stop’ and ‘Emerging-Markets’ as the crisis developed

Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers

Textual analysis of 14,270 NBER Working Papers published during 1999–2016 is done to assess the effects of the 2008 crisis on the economics literature. The volume of crisis-related WPs is counter-cyclical, lagging the financial-instability-index. WPs by the Monetary-Economics, Asset-Pricing, and Corporate-Finance program members, hardly refer to “crisis/crises” in the pre-crisis period. As the crisis develops, however, their study-efforts of crisis-related issues increase rapidly. In contrast, WPs in macroeconomics-related programs refer quite extensively in the pre-crisis period to “crisis/crises” and to crises-related topics. Overall, our findings are consistent with the claim that economists were not engaged sufficiently in crises studies before the 2008 crisis. However, counter to the popular image, as soon as the crisis began to unravel, the NBER affiliated economists responded dramatically by switching their focus and efforts to studying and understanding the crisis, its causes and its consequences

Economists in the 2008 Financial Crisis: Slow to See, Fast to Act

We study the economics and finance scholars’ reaction to the 2008 financial crisis using machine learning language analyses methods of Latent Dirichlet Allocation and dynamic topic modelling algorithms, to analyze the texts of 14,270 NBER working papers covering the 1999–2016 period. We find that academic scholars as a group were insufficiently engaged in crises’ studies before 2008. As the crisis unraveled, however, they switched their focus to studying the crisis, its causes, and consequences. Thus, the scholars were “slow-to-see,” but they were “fast-to-act.” Their initial response to the ongoing Covid-19 crisis is consistent with these conclusions

Putting ‘Emotional Intelligences’ in their place: Introducing the Integrated Model of Affect-related Individual Differences

Numerous individual differences, models, and measures have been associated with the ‘emotional intelligence’ (EI) label. This paper discusses one of the most pervasive problems regarding EI-related individual differences, namely, the lack of a meaningful theoretical framework. First, drawing upon existing theoretical frameworks, we argue that EI-related characteristics can be considered constituents of existing models of cognitive ability (ability EI), personality (trait EI), and emotion regulation (EI competencies). Second, having differentiated between these perspectives (ability, personality, and emotion regulation), we draw upon existing theory and research to build the Integrated Model of Affect-related Individual Differences (IMAID), which provides an initial mechanistic representation that explains how the different EI-related constructs are likely to interrelate and coalesce to influence affective outcomes. In essence, the IMAID is an integrated mediation model in which emotion regulation mediates the effects of ability EI and affect-related personality traits upon outcomes. Viewing EI-related constructs as interrelated extensions of well-established individual difference frameworks clarifies some pervasive misconceptions regarding EI-related characteristics and provides scholars and practitioners with a clear and useful theoretical framework ripe for exploration. We conclude by using the IMAID to suggest a theoretically driven agenda for future research

‘Dominant ethnicity’ and the ‘ethnic-civic’ dichotomy in the work of A. D. Smith

This article considers the way in which the work of Anthony Smith has helped to structure debates surrounding the role of ethnicity in present-day nations. Two major lines of enquiry are evident here. First, the contemporary role of dominant ethnic groups within 'their' nations and second, the interplay between ethnic and civic elements in nationalist argument. The two processes are related, but maintain elements of distinctiveness. Smith's major contribution to the dominant ethnicity debate has been to disembed ethnicity from the ideologically-charged and/or anglo-centric discourse of ethnic relations and to place it in historical context, thereby opening up space for dominant group ethnicity to be considered as a distinct phenomenon. This said, Smith's work does not adequately account for the vicissitudes of dominant ethnicity in the contemporary West. Building on the classical works of Hans Kohn and Friedrich Meinecke, Anthony Smith has also made a seminal contribution to the debate on civic and ethnic forms of national identity and nationalist ideology. As well as freeing this debate from the strong normative overtones which it has often carried, he has continued to insist that the terms civic and ethnic should be treated as an ideal-typical distinction rather than a scheme of classification

Facing Anxiety, Growing Up. Trait Emotional Intelligence as a Mediator of the Relationship Between Self-Esteem and University Anxiety

The current study analyzed how trait emotional intelligence (trait EI) mediates the relationship between self-esteem and state anxiety and trait anxiety. The sample was composed of 153 undergraduate students from the University of Cádiz, Spain (71.9% women and 28.1% men). Students completed measures of self-esteem, state anxiety, trait anxiety, and trait EI. Mediation analyses were completed with three trait EI dimensions (EA, emotional attention; EC, emotional clarity; and MR, mood repair) as mediating variables, self-esteem as the independent variable, and state anxiety and trait anxiety as the dependent ones. Our results confirmed that self-esteem scores explained and predicted both, state and trait anxiety values (13% for state and 21% for trait anxiety). This explanatory capacity is increased by 8% when accounting for all trait EI dimensions. Considering state anxiety, the results of the direct effects showed that a decrease in their levels is predicted through the increases in the levels of both, self-esteem and MR. Regarding trait anxiety, the results of the direct effects showed that a decrease in their levels is predicted, in addition to an increment of self-esteem and MR values, by an increase of EC and a decrease of EA. Conversely, indirect effects revealed that higher levels of self-esteem were associated with worse scores in EA and worse MR, which in turn would enhance both state and trait anxiety levels. Moreover, regarding trait anxiety higher levels of self-esteem were associated with worse scores in EA and worse EC, therefore increasing trait anxiety levels. As shown, the negative association found between self-esteem and EA becomes a key element. The effect of self-esteem on EA and the influence that the latter had on EC and MR exerts an indirect mediated effect with the power to invert the influence that self-esteem wields on both types of anxiety. In this sense, the apparent protective role of self-esteem changed, turning into a risk factor that promotes higher anxiety values

The Role of Emotional Intelligence in the Maintenance of Depression Symptoms and Loneliness Among Children

Identifying factors that predict the maintenance of depression and loneliness in children is important for intervention design. Whilst emotional intelligence (EI) has been identified as a predictor of mental health, research examining how both trait and ability EI contribute to long-term patterns of symptomatology in children is markedly absent. We examined the impact of both TEI and AEI on the maintenance of loneliness and depressive symptoms over 1 year in children aged 9–11 years. Two hundred and thirteen children (54% male) completed the TEIQue-CF and the MSCEIT-YV at the first time point of the study, and the Child Depression Inventory and the Loneliness and Aloneness Scale for Children and Adolescents at Time 1 and, again, 1 year later. Findings indicate that emotional skills (AEI) are important for predicting the maintenance of depressive symptoms and loneliness in children over 1 year; emotional self-competency (TEI) is less influential, only contributing to long-term loneliness in girls. Moreover, whilst deficiencies in the ability to perceive and understand emotions were predictive of prolonged symptomatology, so, too, were proficiencies in using emotion to facilitate thinking and emotion management. Those findings carry important implications for EI theory and future research. They also indicate that EI interventions tailored to groups of “at risk” school children may be useful for reducing specific profiles of internalizing symptoms. Programs targeting AEI skills may be universally helpful for reducing the likelihood that depressive symptoms and loneliness will be maintained over time in middle childhood; girls at risk for prolonged loneliness would additionally benefit from opportunities to bolster TEI