By a News Reporter-Staff News Editor at Economics Week -- Investigators publish new report on Economic Research. According to news reporting out of Washington, District of Columbia, by VerticalNews editors, research stated, "Does the historical macroeconomic environment affect preferences for redistribution? We find that individuals who experienced a recession when young believe that success in life depends more on luck than effort, support more government redistribution, and tend to vote for left-wing parties. The effect of recessions on beliefs is long-lasting."
Our news journalists obtained a quote from the research from International Monetary Fund, "We support our findings with evidence from three different datasets. First, we identify the effect of recessions on beliefs exploiting time and regional variation in macroeconomic conditions using data from the 1972 to 2010 General Social Survey. Our specifications control for nonlinear time-period, life-cycle, and cohort effects, as well as a host of background variables. Second, we rely on data from the National Longitudinal Survey of the High School Class of 1972 to corroborate the age-period-cohort specification and look at heterogeneous effects of experiencing a recession during early adulthood."
According to the news editors, the research concluded: "Third, using data from the World Value Survey, we confirm our findings with a sample of 37 countries whose citizens experienced macroeconomic disasters at different points in history."
For more information on this research see: Growing up in a Recession. Review of Economic Studies, 2014;81(2):787-817. Review of Economic Studies can be contacted at: Oxford Univ Press, Great Clarendon St, Oxford OX2 6DP, England. (Oxford University Press - www.oup.com/; Review of Economic Studies - restud.oxfordjournals.org)
Our news journalists report that additional information may be obtained by contacting P. Giuliano, Int Monetary Fund, Washington, DC 20431, United States.
Keywords for this news article include: Washington, United States, Economic Research, District of Columbia, North and Central America
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