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Monetary Policy in Emerging Markets
In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The stark difference in policy has not been subject to extensive study and this paper attempts to address the gap. Key findings, using a large sample of EMs over the past 50 years, are: (i) EMs have adopted increasingly countercyclical monetary policy over time, although large differences remain among EMs and policies became more procyclical during the recent crisis. (ii) Inflation targeting and better institutions have been key factors behind the move to countercyclicality. (iii) Only deep financial markets allow EMs with flexible exchange rate regimes turn countercyclical. (iv) More countercyclical policy is associated with far less volatile output. The economically meaningful impact of IT on monetary policy countercyclicality and output variability is another reason in its favor, over and above better inflation outcomes.
To Fire or to Hoard? Explaining Japan’s Labor Market Response in the Great Recession
The Great Recession pushed Japan’s unemployment rate to historic highs, but the increase has been small by international standards and small relative to the large output shock. This paper explores Japan’s cyclical labor market response to the global financial crisis. Our findings suggest that: (i) employment responsiveness has been historically low but rising over time with the increasing importance of the non-regular workforce; (ii) the labor market response was consistent with historical patterns once we control for the size of the output shock; and (iii) the comparatively lower employment response vis-à-vis other countries can in part be explained by the quick implementation of an employment subsidy program, a more flexible wage system, and a corporate governance structure that places workers rights above shareholders.
The Elusive Quest for Inclusive Growth
This paper assesses how pro-poor and inclusive Asia’s recent growth has been, and what factors have been driving these outcomes. It finds that while poverty has fallen across the region over the last two decades, inequality has increased, dampening the impact of growth on poverty reduction. As a result, relative to other emerging and developing regions and to Asia’s own past, the recent period of growth has been both less inclusive and less pro-poor. Our analysis suggests a number of policies that could help redress these trends and broaden the benefits of growth in Asia. These include fiscal policies to increase spending on health, education, and social safetynets; labor market reforms to boost the labor share of total income; and reforms to make financial systems more inclusive.
Can Women Save Japan?
Japan's potential growth rate is steadily falling with the aging of its population. This paper explores the extent to which raising female labor participation can help slow this trend. Using a cross-country database we find that smaller families, higher female education, and lower marriage rates are associated with much of the rise in women's aggregate participation rates within countries over time, but that policies are likely increasingly important for explaining differences across countries. Raising female participation could provide an important boost to growth, but women face two hurdles in participating in the workforce in Japan. First, few working women start out in career-track positions, and second, many women drop out of the workforce following childbirth. To increase women’s attachment to work Japan should consider policies to reduce the gender gap in career positions and to provide better support for working mothers.
Outcry
None
The Afterlife of Moses
In this elegant and personal new work, Michael P. Steinberg reflects on the story of Moses and the Exodus as a foundational myth of politics—of the formation not of a nation but of a political community grounded in universal law. Modern renderings of the story of Moses, from Michelangelo to Spinoza to Freud to Schoenberg to Derrida, have seized on the story's ambivalences, its critical and self-critical power. These literal returns form the first level of the afterlife of Moses. They spin a persistent critical and self-critical thread of European and transatlantic art and argument. And they enable the second strand of Steinberg's argument, namely the depersonalization of the Moses and Exod...
Rogue Rabbi
Reflections from a rabbi who has explored other faiths and spiritual paths Jerry Steinberg's spiritual quest started at a young age. Explorations of Christian and Hindu faiths led Steinberg to a specialization in psychotherapy (past-life regression, dreams, and psychogenic illness). He became a rabbi, while continuing to explore all aspects of faith with an emphasis on Kabbalah. In this memoir, Steinberg's life journey helps readers explore an understanding of God that goes beyond the conventional, and contributes to a different perception of the world and the universe in which we live.
The Making of the Modern Jew
Gift of Rabbi W. Gunther Plaut.
