Drivers and Social Effects of the Decision to Turn on One?s Camera During Videoconferencing in Groups

With the emergence of the SARS-CoV-2 pandemic, videoconferencing was rapidly adopted. However, individuals frequently decide to keep their cameras off during videoconferences. Currently, the reasons for this are not well modeled, and neither are the social effects this decision has. The present research addresses the question whether camera use can be conceptualized as prosocial behavior. To this end, two preregistered studies (total N = 437) examined how the decision to turn on one's camera is influenced by established situational determinants (group size, social influence, and social tie strength) and dispositional predictors of prosocial behavior (individual communion, agency, and social value orientation), whether individuals prefer meetings in which others turn on their cameras, and whether camera use impacts social perception (communion and agency) by others. As predicted, people were shown to overall prefer meetings in which others turn on their cameras in Study 1 (a factorial survey). Furthermore, situational determinants of prosocial behavior were demonstrated to influence camera use in the hypothesized directions, while findings regarding dispositional predictors of prosocial behavior were mixed. Study 2 conceptually replicated the effect of social influence on camera use in a correlational survey. As predicted, it was also demonstrated that individuals who have their camera on are perceived as higher in agency, but, in contrast to predictions, not higher in communion. Together, the findings indicate that camera use is prosocial in that it benefits others, but that it is not primarily driven by prosocial intent or commonly interpreted as a prosocial act.

Shadow rates as a measure of the monetary policy stance: Some international evidence

This paper examines the usefulness of shadow rates to measure the monetary policy stance by comparing them to the official policy rates and those implied by three types of Taylor rules in both inflation-targeting countries (the UK, Canada, Australia and New Zealand) and others that have only targeted inflation at times (the United States, Japan, the Euro Area and Switzerland) over the period from the early 1990s to December 2021. Shadow rates estimated from a dynamic factor model are shown to suggest a much looser policy stance than either the official policy rates or those implied by the Taylor rules, and generally to provide a more accurate picture of the monetary policy stance during both ZLB and non-ZLB periods, since they reflect the full range of unconventional policy measures used by central banks. Furthermore, generalised impulse response analysis based on three alternative vector autoregression (VAR) models indicates that monetary shocks based on the shadow rates are more informative than those related to the official policy rates or to two- and three-factor shadow rates, especially during the Global Financial Crisis and the recent COVID-19 pandemic, when unconventional measures have been adopted. Finally, unconventional policy shocks seem to have less persistent effects on the economy in countries, which have adopted an inflation-targeting regime.

Shadow rates as a measure of the monetary policy stance: Some international evidence

This paper examines the usefulness of shadow rates to measure the monetary policy stance by comparing them to the official policy rates and those implied by three types of Taylor rules in both inflation-targeting countries (the UK, Canada, Australia and New Zealand) and others that have only targeted inflation at times (the United States, Japan, the Euro Area and Switzerland) over the period from the early 1990s to December 2021. Shadow rates estimated from a dynamic factor model are shown to suggest a much looser policy stance than either the official policy rates or those implied by the Taylor rules, and generally to provide a more accurate picture of the monetary policy stance during both ZLB and non-ZLB periods, since they reflect the full range of unconventional policy measures used by central banks. Furthermore, generalised impulse response analysis based on three alternative vector autoregression (VAR) models indicates that monetary shocks based on the shadow rates are more informative than those related to the official policy rates or to two- and three-factor shadow rates, especially during the Global Financial Crisis and the recent COVID-19 pandemic, when unconventional measures have been adopted. Finally, unconventional policy shocks seem to have less persistent effects on the economy in countries, which have adopted an inflation-targeting regime. © 2022 The Authors. Scottish Journal of Political Economy published by John Wiley & Sons Ltd on behalf of Scottish Economic Society.