Would countercyclical fiscal policy during recessions improve or worsen the gender employment gap? We give an answer to this question by exploring the state-dependent impact of fiscal spending shocks on employment by gender in the G-7 countries. Using the local projection method, we find that, during recessions, a positive spending shock of 1 percent of GDP would, on average, lift female employment by 1 percent, while increasing male employment by 0.6 percent. Consequently such a shock would improve the female share of employment by 0.28 percentage point during recessions. Our findings are driven by disproportionate employment changes in female-friendly industries, occupations, and part-time jobs in response to fiscal spending shocks. The analysis suggests that fiscal stimulus, particularly during recessions, could achieve the twin objectives of supporting aggregate demand and improving gender gaps.
Many studies predict massive job losses and real wage decline as a result of the ongoing widespread automation of production, a trend that may be further aggravated by the COVID-19 crisis. Yet automation is also expected to raise productivity and output. How can we share the gains from automation more widely, for the benefit of all? And what are the attendant equity-efficiency trade-offs? We analyze this issue by considering the effects of fiscal policies that seek to redistribute the gains from automation and address income inequality. We use a dynamic general equilibrium model with monopolistic competition, including a novel specification linking corporate power to automation. While fiscal policy cannot eliminate the classic equity-efficiency trade-offs, it can help improve them, reducing inequality at small or no loss of output. This is particularly so when policy takes advantage of novel, less distortive transmission channels of fiscal policy created by the empirically observed link between corporate market power and automation.
How can Low-Income Countries (LICs) enhance tax revenue collection to finance their vast development needs? We address this question by analyzing seven tax reform experiences in LICs (Burkina Faso, The Gambia, Maldives, Mauritania, Rwanda, Senegal, and Uganda). Three lessons stand out, although reforms must be tailored to individual circumstances: (i) Tax reforms require first and foremost political commitment and buy-in from key stakeholders; (ii) Countries that pursue both revenue administration and tax policy reforms tend to see much larger and persistent gains; and (iii) A successful strategy often starts with fiscal reform measures with immediate effect to build momentum. These can include: simplifying the tax system; curbing exemptions; reforming indirect taxes on goods and services (e.g., excises); and better managing compliance risks through strengthening taxpayer segmentation (often beginning with strengthening the Large Taxpayers Office). A comprehensive reform strategy (e.g., a medium-term revenue strategy) can help to properly sequence reform measures and facilitate their implementation.
What do we know about the output effects of fiscal policy in low income countries (LICs)? There are very few empirical studies on the subject. This paper fills this gap by estimating the output effects of government spending shocks in LICs. Our analysis—based on the local projection method—finds that the output effects in LICs are markedly lower than those in AEs and marginally smaller than those in EMs. We also find that in LICs, the output effects are larger (i) during recessions; (ii) under a fixed exchange rate regime; and/or (iii) with higher quality of institutions. Our analysis could not confirm any statistically significant output effect under floating exchange rate regimes. For the estimation of the output effects of fiscal spending shocks, it is thus important to consider the state of the economy and the country’s structural characteristics. Our results imply that the output costs of fiscal adjustment in LICs may not be as large as previously thought, especially if adopted outside of a recession, based on cutting public consumption, and accompanied by reform to enhance institutions.
Would population aging affect the effectiveness of fiscal stimulus? Despite the renewed focus on population aging, there are few empirical studies on the output effects of fiscal policy in aging economies. Our study fills this gap by analyzing this issue in OECD countries. We find that, as population ages, the output effects of fiscal spending shocks are weakened. We also find that, while high-debt countries generally face weaker fiscal multipliers, high-debt aging economies face even weaker multipliers. These results point to important policy implications: population aging would call for a larger fiscal stimulus to support aggregate demand during recession and thus require larger fiscal space to allow a wider swing of the fiscal position without creating concerns for fiscal sustainability. Our analysis also suggests that policy measures to promote labor supply could help increase the output effect of fiscal stimulus in aging economies.
Traces the life of the Japanese author who went from sickly youth to dedicated student of the martial arts, looking at his family life, the wartime years, and his career as a writer who advocated for traditional values.
How can Low-Income Countries (LICs) enhance tax revenue collection to finance their vast development needs? We address this question by analyzing seven tax reform experiences in LICs (Burkina Faso, The Gambia, Maldives, Mauritania, Rwanda, Senegal, and Uganda). Three lessons stand out, although reforms must be tailored to individual circumstances: (i) Tax reforms require first and foremost political commitment and buy-in from key stakeholders; (ii) Countries that pursue both revenue administration and tax policy reforms tend to see much larger and persistent gains; and (iii) A successful strategy often starts with fiscal reform measures with immediate effect to build momentum. These can include: simplifying the tax system; curbing exemptions; reforming indirect taxes on goods and services (e.g., excises); and better managing compliance risks through strengthening taxpayer segmentation (often beginning with strengthening the Large Taxpayers Office). A comprehensive reform strategy (e.g., a medium-term revenue strategy) can help to properly sequence reform measures and facilitate their implementation.
Would countercyclical fiscal policy during recessions improve or worsen the gender employment gap? We give an answer to this question by exploring the state-dependent impact of fiscal spending shocks on employment by gender in the G-7 countries. Using the local projection method, we find that, during recessions, a positive spending shock of 1 percent of GDP would, on average, lift female employment by 1 percent, while increasing male employment by 0.6 percent. Consequently such a shock would improve the female share of employment by 0.28 percentage point during recessions. Our findings are driven by disproportionate employment changes in female-friendly industries, occupations, and part-time jobs in response to fiscal spending shocks. The analysis suggests that fiscal stimulus, particularly during recessions, could achieve the twin objectives of supporting aggregate demand and improving gender gaps.
Would population aging affect the effectiveness of fiscal stimulus? Despite the renewed focus on population aging, there are few empirical studies on the output effects of fiscal policy in aging economies. Our study fills this gap by analyzing this issue in OECD countries. We find that, as population ages, the output effects of fiscal spending shocks are weakened. We also find that, while high-debt countries generally face weaker fiscal multipliers, high-debt aging economies face even weaker multipliers. These results point to important policy implications: population aging would call for a larger fiscal stimulus to support aggregate demand during recession and thus require larger fiscal space to allow a wider swing of the fiscal position without creating concerns for fiscal sustainability. Our analysis also suggests that policy measures to promote labor supply could help increase the output effect of fiscal stimulus in aging economies.
What do we know about the output effects of fiscal policy in low income countries (LICs)? There are very few empirical studies on the subject. This paper fills this gap by estimating the output effects of government spending shocks in LICs. Our analysis—based on the local projection method—finds that the output effects in LICs are markedly lower than those in AEs and marginally smaller than those in EMs. We also find that in LICs, the output effects are larger (i) during recessions; (ii) under a fixed exchange rate regime; and/or (iii) with higher quality of institutions. Our analysis could not confirm any statistically significant output effect under floating exchange rate regimes. For the estimation of the output effects of fiscal spending shocks, it is thus important to consider the state of the economy and the country’s structural characteristics. Our results imply that the output costs of fiscal adjustment in LICs may not be as large as previously thought, especially if adopted outside of a recession, based on cutting public consumption, and accompanied by reform to enhance institutions.
Many studies predict massive job losses and real wage decline as a result of the ongoing widespread automation of production, a trend that may be further aggravated by the COVID-19 crisis. Yet automation is also expected to raise productivity and output. How can we share the gains from automation more widely, for the benefit of all? And what are the attendant equity-efficiency trade-offs? We analyze this issue by considering the effects of fiscal policies that seek to redistribute the gains from automation and address income inequality. We use a dynamic general equilibrium model with monopolistic competition, including a novel specification linking corporate power to automation. While fiscal policy cannot eliminate the classic equity-efficiency trade-offs, it can help improve them, reducing inequality at small or no loss of output. This is particularly so when policy takes advantage of novel, less distortive transmission channels of fiscal policy created by the empirically observed link between corporate market power and automation.
Manji, the immortal samurai, is condemned to a life of combat until he slays a thousand evil men. He works as bodyguard for Rin, a young woman who seeks to avenge her father's murder at the hands of the deadly Kagehisa Anotsu. But even with Manji's instruction, will Rin ever be able to stand against such a powerful and ruthless adversary? And in her consuming quest for vengeance, does she risk becoming like him?
Rin continues her quest across feudal Japan to avenge the murder of her parents, joined by Manji--her seemingly immortal protector. The eccentric, bloodthirsty Ittö-ryü sword school tries to carve a path to Edo castle, led by the hated Anotsu as they obliterate all rival schools along the way. What they don't know, though, is that the deadly Mugai-ryü has formed--with the sole purpose of destroying Anotsu's clan! This epic manga series won Japan's Media Arts Award, several British Eagle Awards, and an Eisner Award, among other international accolades. Relentless and shocking, Blade takes Edo-era samurai action and combines it with modernist street idioms to create a style and mood like no other work of graphic fiction. "Samura's work will thrill you, engage you, and even horrify you like no other artist working in film or print today." --Geof Darrow (Shaolin Cowboy, Hard Boiled)
Blade of the Immortal returns in deluxe hardcover editions, collecting Hiroaki Samura's epic series for the first time in its original 7x10 serialized format. A young survivor continues her quest across feudal Japan to avenge the murder of her parents, joined by her seemingly immortal protector. The eccentric Ittö-ryü sword school carves a path to Edo castle--led by the bloodthirsty Anotsu--as they obliterate all rival schools along the way. They don't know that the deadly Mugai-ryü has formed and is waiting--with the sole purpose of destroying Anotsu's clan! This epic manga series won Japan's Media Arts Award, several British Eagle Awards, and an Eisner Award, among other international accolades. Relentless and shocking, Blade takes Edo-era samurai action and combines it with modernist street idioms to create a style and mood like no other work of graphic fiction. Collects Blade of the Immortal volumes 4 to 6 in the original 7x10 serialized format, in a faux-leather hardcover treatment, and with a bookmark ribbon.
This authoritative history of Japan’s elite warrior class separates fact from myth as it chronicles centuries of samurai combat, culture, and legend. In Legends of the Samurai, Hiroaki Sato examines the history of these medieval Japanese warriors, as well as the many long-standing myths that surround them. In doing so, he presents an authentic and revealing picture of these men and their world. Sato’s masterful translations of original samurai tales, laws, dicta, reports, and arguments are accompanied by insightful commentary. With incisive historical research, this volume chronicles the changing ethos of the Japanese warrior from the samurai's historical origins to his rise to political power. A fascinating look at Japanese history as seen through the evolution of the samurai, Legends of the Samurai stands as the ultimate authority on its subject.
This book focuses on the impact dynamics and cratering of soft matter to describe its importance, difficulty, and wide applicability to planetary-related problems. A comprehensive introduction to the dimensional analysis and constitutive laws that are necessary to discuss impact mechanics and cratering is first provided. Then, particular coverage is given to the impact of granular matter, which is one of the most crucial constituents for geophysics. While granular matter shows both solid-like and fluid-like behaviors, neither solid nor fluid dynamics is sufficient to fully understand the physics of granular matter. In order to reveal its fundamental properties, extensive impact tests have been carried out recently. The author reveals the findings of these recent studies as well as what remains unsolved in terms of impact dynamics. Impact crater morphology with various soft matter impacts also is discussed intensively. Various experimental and observational results up to the recent Itokawa asteroid’s terrain and nanocrater are reviewed and explained mainly by dimensional analysis. The author discusses perspectives of the relation between soft matter physics and planetary science, because it is an important step towards unifying physics and planetary science, in both of which fields crater morphology has been studied independently.
Leading researchers draw on the recent literature in Synthetic Biology, from both dedicated journals and broader sources, making this an essential reference to any library supporting this research in this emerging field.
Blade of the Immortal returns in deluxe hardcover editions, collecting Hiroaki Samura's epic series for the first time in its original 7x10 serialized format. A young survivor continues her quest across feudal Japan to avenge the murder of her parents, joined by her seemingly immortal protector. The eccentric Ittö-ryü sword school carves a path to Edo castle--led by the bloodthirsty Anotsu--as they obliterate all rival schools along the way. They don't know that the deadly Mugai-ryü has formed and is waiting--with the sole purpose of destroying Anotsu's clan! This epic manga series won Japan's Media Arts Award, several British Eagle Awards, and an Eisner Award, among other international accolades. Relentless and shocking, Blade takes Edo-era samurai action and combines it with modernist street idioms to create a style and mood like no other work of graphic fiction. Collects Blade of the Immortal volumes 4 to 6 in the original 7x10 serialized format, in a faux-leather hardcover treatment, and with a bookmark ribbon.
Rin continues her quest across feudal Japan to avenge the murder of her parents, joined by Manji--her seemingly immortal protector. The eccentric, bloodthirsty Ittö-ryü sword school tries to carve a path to Edo castle, led by the hated Anotsu as they obliterate all rival schools along the way. What they don't know, though, is that the deadly Mugai-ryü has formed--with the sole purpose of destroying Anotsu's clan! This epic manga series won Japan's Media Arts Award, several British Eagle Awards, and an Eisner Award, among other international accolades. Relentless and shocking, Blade takes Edo-era samurai action and combines it with modernist street idioms to create a style and mood like no other work of graphic fiction. "Samura's work will thrill you, engage you, and even horrify you like no other artist working in film or print today." --Geof Darrow (Shaolin Cowboy, Hard Boiled)
Manji, the immortal samurai, is condemned to a life of combat until he slays a thousand evil men. He works as bodyguard for Rin, a young woman who seeks to avenge her father's murder at the hands of the deadly Kagehisa Anotsu. But even with Manji's instruction, will Rin ever be able to stand against such a powerful and ruthless adversary? And in her consuming quest for vengeance, does she risk becoming like him?
Blade of the Immortal has won numerous awards across the globe, including the Eisner Award in America, the prestigious Media Arts Award of Japan, and multiple British Eagle Awards. With Hiroaki Samura's titanic tale hitting its midpoint, Rin begins to discover her skills as a warrior and strategist, as she makes new allies and resolves to find the missing Manji. Her immortal swordsman is imprisoned and being tortured in an underground stronghold beneath Edo Castle, however, and cruel doctors hope to find the secret behind his mystical powers. Rin teams up with the enigmatic Doa to not only free Manji but expose the hideous medical experiments
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