Animal Spirits and the Business Cycle: Empirical Evidence from Moment Matching

In this article, we empirically examine a hybrid New‐Keynesian model with heterogeneous bounded rational agents who may adopt an optimistic or pessimistic attitude—so called animal spirits—toward future movements of the output and inflation gap. The model is estimated via the simulated method of moments using Euro Area data from 1975Q1 to 2009Q4. In addition, we compare its empirical performance to the standard model with rational expectations. Our empirical results show that the model‐generated auto‐ and cross‐covariances of the output, inflation and nominal interest rate gap can provide a good approximation of the empirical second moments.     

I'll Have Fries with That: Increasing Choice Complexity Promotes Indulgent Food Choices

Three studies showed that the way that options are presented in a choice set—as combinations of intersecting attributes or in a more sequential “a la carte” choice format—affects the degree to which consumers adhere to their goals in the consumption setting. Specifically, using the context of food consumption and healthy eating, results showed that consumers were more likely to make double indulgent choices, the choice of both an indulgent entrée and an indulgent side item, when choosing from a menu consisting of predetermined “combination meals” than when selecting among the same entrée and side options in an a la carte fashion. Studies 2 and 3 implicated a goal distraction mechanism in driving the effect; the combination format, with its cross‐cutting of product choices into various combinations, reduces the salience of goal‐related constructs on implicit measures. In showing that different product presentation formats can affect the degree to which consumers make goal‐consistent choices, the current work adds to work on the effects of environmental influences on goal progress and goal achievement. Implications for encouraging goal‐consistent behavior in the context of healthy eating as well as other important consumer goal contexts are discussed.     

Charleston's newfound “entertainment zone”: should we be concerned?

This CIT Research Letter addresses issues related to the night-time economy and the rapid proliferation of bars along a section of a tourism oriented city's main street. Merely 10 years ago, locals did not frequent the area, it was of no interest to tourists, and it was regarded as a neighbourhood where one would not want to walk, especially at night. However, with the area's transformation to the nightlife centre of the city, issues have arisen that are of concern to city government officials. This paper considers these concerns.     

Public sector restructuring and the re‐regulation of industrial relations: the three‐decade project of privatisation,liberalisation and marketisation in Royal Mail

The British postal service, Royal Mail, was privatised in 2013, following failed attempts at divestiture in 1994 and 2009. This article analyses processes of marketisation, liberalisation and privatisation, highlighting how strong workplace‐centred union presence allowed for considerable influence and bargaining gains within such highly sensitive political projects of restructuring.     

Acting the part: ‘living history’ as a serious leisure pursuit

This paper explores the increasingly popular research area of ‘living history’ – the presentation of an historical period by live actors who portray and ‘live out’ the conditions of a particular time and place, largely through public events and other forms of staged reconstruction. While the topic might be analysed from various approaches, the paper endeavours to focus upon ‘living history’ largely as a ‘serious leisure’ pursuit, enquiring as to who participates and why. The paper is founded upon a survey of one re‐enactment society in the UK which depicts the Civil War in the USA. As one of the largest of such societies, the American Civil War Society (ACWS) not only provides a fine example of ‘living history’, but one largely outside of its immediate historical and cultural context. The paper argues that re‐enacted events, certainly in the case of a male‐dominated ‘living history’ society, are not primarily an educational exercise. Rather, they are meaningful for the individuals involved, sustaining and enhancing their life‐style interests and a ‘serious’ hobby through camaraderie, collective involvement, and a subjective understanding of authenticity.