Fiscal Policy Switching: Evidence from Japan, the U.S., and the U.K.

This paper estimates fiscal policy feedback rules in Japan, the United States, and the United Kingdom for more than a century, allowing for stochastic regime changes. Estimating a Markov-switching model by the Bayesian method, we find the following: First, the Japanese data clearly reject the view that the fiscal policy regime is fixed, i.e., that the Japanese government adopted a Ricardian or a non-Ricardian regime throughout the entire period. Instead, our results indicate a stochastic switch of the debt-GDP ratio between stationary and nonstationary processes, and thus a stochastic switch between Ricardian and non-Ricardian regimes. Second, our simulation exercises using the estimated parameters and transition probabilities do not necessarily reject the possibility that the debt-GDP ratio may be nonstationary even in the long run (i.e., globally nonstationary). Third, the Japanese result is in sharp contrast with the results for the U.S. and the U.K. which indicate that in these countries the government's fiscal behavior is consistently characterized by Ricardian policy.Fiscal Policy Rule, Fiscal Discipline, Markov-Switching Regression

Fiscal Policy Switching in Japan, the U.S., and the U.K.

This paper estimates fiscal policy feedback rules in Japan, the United States, and the United Kingdom for more than a century, allowing for stochastic regime changes. Estimating a Markov-switching model by the Bayesian method, we find the following: First, the Japanese data clearly reject the view that the fiscal policy regime is fixed, i.e., that the Japanese government adopted a Ricardian or a non-Ricardian regime throughout the entire period. Instead, our results indicate a stochastic switch of the debt-GDP ratio between stationary and nonstationary processes, and thus a stochastic switch between Ricardian and non-Ricardian regimes. Second, our simulation exercises using the estimated parameters and transition probabilities do not necessarily reject the possibility that the debt-GDP ratio may be nonstationary even in the long run (i.e., globally nonstationary). Third, the Japanese result is in sharp contrast with the results for the U.S. and the U.K. which indicate that in these countries the government's fiscal behavior is consistently characterized by Ricardian policy

Combined surgical-orthodontic and prosthetic treatment of a partially edentulous patient with skeletal Class III malocclusion

学術論文(Ariticle)journal articl

Demolition of Reinforced Concrete by Steam Pressure Cracking System

The authors developed an environment-friendly demolition mechanical system for a large reinforced concrete structure for an actual site. The steam pressure cracking agent (SPC, non-explosive) is a method that can safely and quickly separate concrete because it produces lesser vibration and sound than the blasting method, which uses explosives. The authors showed that the direction of cracking can be controlled by an induction hole. The principle of control is that the elastic wave of the compression stress generated from the SPC reaction changes to a tensile elastic wave at the induction hole, which initiates a crack. Furthermore, in the SPC method, a large amount of concrete powder generated by the explosion method was not produced, and there was no risk of secondary contamination by fine concrete powder. The area over which the crack propagated depends on the energy generated from the SPC. The relationship between the two is linear. For reinforced concrete, the energy of the SPC is used for both the destructive energy of the concrete and the energy of the cutting of the reinforcing steel bar, which quickly breaks with low energy. By applying an SPC to dismantle large reinforced concrete structures, controlled cracking can be achieved safely and quickly without any environmental pollution. A fracturing method using a SPC is an effective method for the decommissioning of nuclear power plants and the dismantling of concrete structures. In this report, we report a remote drilling system that can be used to remotely install loading holes and guiding holes for the SPC and perform effective controlled fracturing

Elastic Wave Property of Concrete Decomposed by Steam Pressure Cracking Agent

A steam pressure cracking (SPC) agent is a method that can dismantle concrete safely and quickly. In previous studies, the authors showed that the direction of the crack could be controlled by the tensile stress at the induction holes and not by the compressive stress at the SPC hole. We demonstrate that the compression elastic wave changes to a tensile wave when the wave is reflected at the free surface of the induction hole. We also examined the properties of the concrete by developing an elastic wave measuring system that is difficult to break down even in high-temperature, wet, and radiation environment. The elastic wave velocity change in the four concrete types was less than 4%. It was found that the standard deviation value, σ, changed four times. Therefore, it is possible to determine the deterioration of the internal structure of concrete using the standard deviation value σ, which indicates the dispersion of the elastic wave velocity

Posttraumatic Cranial Cystic Fibrous Dysplasia

A 14-year-old was girl admitted to our hospital with a subcutaneous mass of the occipital head. The mass had grown for 6 years, after she had sustained a head injury at the age of 6, and was located directly under a previous wound. Skull X-ray Photograph (xp), computed tomography (CT), and magnetic resonance imaging (MRI) showed a bony defect and cystic changes in the skull corresponding to a subcutaneous mass. Bone scintigraphy revealed partial accumulation. The patient underwent total removal of the skull mass, and the diagnosis from the pathological findings of the cyst wall was fibrous dysplasia (FD). The radiographic findings for cystic cranial FD can be various. Progressive skull disease has been reported to be associated with head trauma, but the relationship between cranial FD and head trauma has not been previously reported. Previous studies have suggested that c-fos gene expression is a key mechanism in injury-induced FD

Controlled Cracking of Large Size Concrete Structures by a Steam Pressure Cracking Agent

The dismantling of large concrete structures causes environmental pollution due to the dispersion of polluted micro-particles. The purpose of this study is to develop an environmentally friendly demolition method. Steam pressure cracking (SPC) is a method that can safely and quickly separate concrete because there is less vibration compared to the explosion method. To date, the authors have shown that the direction of cracking in a small sample can be controlled by an induction hole. The principle of control is that the elastic wave of compression stress generated from the SPC reaction changes to a tensile elastic wave at the induction hole, and a crack is initiated. In this study, it was shown that the direction of crack propagation can be controlled by using induction holes in large concrete structures that are 1m on each side. Further, in the SPC method, the large amount of concrete powder generated by the explosion method is not produced, and there is no risk of secondary contamination by fine concrete powder. It was also possible to separate small pieces from the end face of the large concrete by SPC and induction holes. The area over which the crack propagated depends on the energy generated from the SPC agent, and the relationship was linear. By applying an SPC agent to dismantling large concrete structures, we can achieve controlled cracking safely and quickly without any environmental pollution.&nbsp

Gastric mucosal levels of prostaglandins and leukotrienes in patients with gastric ulcer after treatment with rabeprazole in comparison to treatment with ranitidine

AIM : Prostaglandins (PGs) and leukotrienes (LTs) are major factors involved in the defense of the gastric mucosa against ulcer formation. However, little is still known about the gastromucosa-protecting action of proton pump inhibitors (PPIs) and histamine H2 receptor antagonists (H2 blockers) in patients with gastric ulcer. We therefore examined the effectiveness of a PPI in protecting the gastric mucosa. METHODS : We compared the PGE2 and LTB4 levels and the expression levels of cyclooxygenase (COX)-1 and COX-2 mRNA in the gastric mucosa in gastric ulcer patients between the group treated for 8 weeks with a PPI, rabeprazole (PPI group ; n=5), and the group treated for 8 weeks with an H2 blocker, ranitidine (H2 blocker group ; n=6), as well as in nonulcer subjects (control group ; n=5). RESULTS : The mucosal levels of PGE2 and COX-2 mRNA expression were significantly lower in the ulcer patients than those in the nonulcer patients, whereas the LTB4 level was significantly higher in the ulcer patients than that in the nonulcer patients, and it was also significantly lower in the ulcerated mucosa than that in the nonulcerated mucosa. The PPI group had a significantly increased PGE2 and decreased LTB4 levels in comparison to the H2 blocker group during the ulcer-healing stage. The COX-1 mRNA expression showed no difference among the PPI and H2 blocker groups or between before and after the treatment. However, the COX-2 mRNA expression increased in the PPI group more than that in the H2 blocker group during the ulcer-healing stage. CONCLUSION : These findings demonstrated the significant gastric-mucosa-protecting effect of PPI by increasing the PGE2 production and reducing the LTB4 production