Does Taxation on Banks Tax Bank Borrowers? Evidence from the Tokyo Bank Tax Experiment

We investigate the economic impacts of bank taxation on the value of banks and that of borrowing firms, exploiting the surprise announcement of a tax by the Tokyo metropolitan government as a natural experiment. We find that the tax announcement had broad effects on the share prices of banks, although the effects are stronger for a subset of soon-to-be taxed banks. However, the adverse effects of the tax on bank borrowers, although statistically significant, turn out to be quantitatively small (a half of the effects on bank share prices). These results suggest that the adverse economic consequence of bank taxation is felt primarily on banks themselves.

CLEAR: Communications Link Expert Assistance Resource

Communications Link Expert Assistance Resource (CLEAR) is a real time, fault diagnosis expert system for the Cosmic Background Explorer (COBE) Mission Operations Room (MOR). The CLEAR expert system is an operational prototype which assists the MOR operator/analyst by isolating and diagnosing faults in the spacecraft communication link with the Tracking and Data Relay Satellite (TDRS) during periods of realtime data acquisition. The mission domain, user requirements, hardware configuration, expert system concept, tool selection, development approach, and system design were discussed. Development approach and system implementation are emphasized. Also discussed are system architecture, tool selection, operation, and future plans

Labour by Design: Contributions of David Card, Joshua Angrist, and Guido Imbens

The 2021 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to David Card "for his empirical contributions to labour economics" and to Joshua Angrist and Guido Imbens "for their methodological contributions to the analysis of causal relationships." We survey these contributions of the three laureates, and discuss how their empirical and methodological insights transformed the modern practice of applied microeconomics. By emphasizing research design and formalizing the causal content of different econometric procedures, the laureates shed new light on key questions in labour economics and advanced a robust toolkit for empirical analyses across many fields

Kac-Moody Symmetries of IIB Supergravity

We formulate the bosonic sector of IIB supergravity as a non-linear realisation. We show that this non-linear realisation contains the Borel subalgebras of SL(11) and $E_7$ and argue that it can be enlarged so as to be based on the rank eleven Kac-Moody algebra $E_{11}$Comment: 12 pages, plain te