of homeownership. Recently, three views of their mission have emerged; one is that their purpose is to help small banks to remain viable. Why did their mission expand in this direction? We argue that mission expansion is a process that is better understood in terms of behavioral choice than public choice. Change began when expert attention was directed to small banks in rural areas and officials innovated within the existing rules to address their needs. Recognizing the FHLBs' usefulness, community bankers sought a more fundamental change in their practice. Responding to the general interest in preserving small banks' viability, legislative entrepreneurs advanced permissive rule changes. These were implemented to different extents in individual FHLBs in response to local needs. The case illustrates the usefulness of the behavioral-choice paradigm for understanding change in public agencies and suggests legitimacy for mission change and the value of maintaining publicly directed administrative capacity.
The effects of three amphetamine analogs were assessed in pigeons key pecking under a multiple 3-min fixed-interval (FI), 30 response fixed-ratio (FR) schedule of food presentation. At doses between 0.1 and 10.0 mg/kg, (+-) 3,4-methylenedioxyamphetamine (MDA), (+-) 3,4-methylenedioxymethamphetamine (MDMA), and (+-)-N-ethyl-3,4-methylenedioxyamphetamine (MDE) either had no effect or decreased response rates in both components of the multiple schedule in a dose-dependent manner. MDA was at least 1 log unit more potent than the other two compounds. Metergoline (0.1-1.0 mg/kg), a serotonin (5-HT) antagonist with comparable affinity for the 5-HT1 and 5-HT2 receptor subtypes, blocked the rate-decreasing effects of 3.0 mg/kg MDA in both components of the multiple schedule, but did not affect the MDMA dose-response curve. The 5-HT2 receptor antagonist ketanserin (0.1-3.0 mg/kg) also restored FI and FR responding that was decreased by 3.0 mg/kg MDA, but had no effect on responding suppressed by MDMA. The noradrenergic alpha-1 antagonist prazosin (0.3-3.0 mg/kg) blocked the behavioral effects of 3.0 mg/kg MDMA at doses that did not attenuate MDA's rate-decreasing effects. These results indicate that although MDA and MDMA are structurally similar and have similar behavioral effects, their actions appear to be mediated through different neurotransmitter systems.
During the 1970s, Cleveland’s capital improvement plan (CIP) was scorned as a bad joke, and the city’s roads, bridges, and public buildings fell into disrepair. The city’s default on its fiscal obligation in 1978 seemed to cap the city’s infrastructure problem; there was no comprehensive strategy for capital spending and in a bankrupt city, no money to spend in any event. Yet, during the 1980s, with support from the administration, the business community, and the innovations of a small group of dedicated urban planners, the CIP was restructured and hundreds of millions were systematically invested in public infrastructure. By the 1990s, most of the innovative changes of the 1980s seemed to be institutionalized, but there were ominous clouds on the horizon.
The federal government subsidizes lending to a number of borrowers—notably students, farmers, and homeowners. Government‐sponsored enterprises issue the securities that channel capital to many of these privileged borrowers. One of the largest of these enterprises, the Student Loan Marketing Association (Sallie Mae), is scheduled to be wholly privatized by September 30, 2008. What explains the privatization of this enterprise? To identify distinctive features of Sallie Mae that permitted or abetted privatization, we investigate the structure, related capital market innovations, and growth of three government‐sponsored enterprises. We conclude that a unique structural feature of Sallie Mae may explain the pace of privatization. The core asset of Sallie Mae, the student loan, is guaranteed and subsidized by the government. The case of Sallie Mae is an instructive yet poorly understood example of how the federal government can leverage private‐sector assets and incentives to achieve public policy missions.
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