Based on the overall consideration of individual behaviors of Ricardian and non-Ricardian households, this paper develops a New Keynesian dynamic stochastic general equilibrium(DSGE) model to form a relatively systema...Based on the overall consideration of individual behaviors of Ricardian and non-Ricardian households, this paper develops a New Keynesian dynamic stochastic general equilibrium(DSGE) model to form a relatively systematic research framework for analyzing the economic effects of structural fiscal instruments. Our study findsthat great differences exist in the macroeconomic effects of different fiscal instruments, suggesting that the government should prudently select these fiscal instruments in fiscal macro-control. The simulating results of fiscal shocks show that the effect of tax cut is superior to the effect of increased spending. In the context of slowing economic growth and less potent stimulation policy, the government should transform its previous regulatory approach of fiscal policy and shift from hefty spending stimulus policy to structural tax cuts. This paper believes that China should step up the implementation of public-private partnership, increase its spending on social security, healthcare, pension and public services and facilitate the transition toward a service-based government; and that tax policy should focus on structural tax cuts on consumption to promote the transition of demand structure toward consumption-driven.展开更多
War is arguably the most extreme scenario for the exertion of violence. All warring parties suffer in one way or another but those who suffer most are usually those who least deserve it--the common folk. The paper wil...War is arguably the most extreme scenario for the exertion of violence. All warring parties suffer in one way or another but those who suffer most are usually those who least deserve it--the common folk. The paper will take as a case study one of the epic Mediterranean battles in the ongoing Christian versus Muslim conflict of the Early Modem Age. Happening in 1565, though micro in scale, the four-month engagement known as the Great Siege of Malta which was fought between the Ottoman Turkish troops and their Barbary Coast partners on the one side and the Hospitallers of the Order of St. John and their European and Maltese allies on the other side, was macro in its significance. This fierce clash left its destructive mark not only on the warring adversaries but the more so on the Maltese inhabitants who found themselves immersed in a war which was not strictly theirs but of which they were forced to endure the hardships, participate in the ongoing combat, and face the daily extreme psychological pressure and physical cruelty which are generally meted out to the defenceless and the most vulnerable in the war zone. No brutality was spared and extreme violence was the order of the day.展开更多
文摘Based on the overall consideration of individual behaviors of Ricardian and non-Ricardian households, this paper develops a New Keynesian dynamic stochastic general equilibrium(DSGE) model to form a relatively systematic research framework for analyzing the economic effects of structural fiscal instruments. Our study findsthat great differences exist in the macroeconomic effects of different fiscal instruments, suggesting that the government should prudently select these fiscal instruments in fiscal macro-control. The simulating results of fiscal shocks show that the effect of tax cut is superior to the effect of increased spending. In the context of slowing economic growth and less potent stimulation policy, the government should transform its previous regulatory approach of fiscal policy and shift from hefty spending stimulus policy to structural tax cuts. This paper believes that China should step up the implementation of public-private partnership, increase its spending on social security, healthcare, pension and public services and facilitate the transition toward a service-based government; and that tax policy should focus on structural tax cuts on consumption to promote the transition of demand structure toward consumption-driven.
文摘War is arguably the most extreme scenario for the exertion of violence. All warring parties suffer in one way or another but those who suffer most are usually those who least deserve it--the common folk. The paper will take as a case study one of the epic Mediterranean battles in the ongoing Christian versus Muslim conflict of the Early Modem Age. Happening in 1565, though micro in scale, the four-month engagement known as the Great Siege of Malta which was fought between the Ottoman Turkish troops and their Barbary Coast partners on the one side and the Hospitallers of the Order of St. John and their European and Maltese allies on the other side, was macro in its significance. This fierce clash left its destructive mark not only on the warring adversaries but the more so on the Maltese inhabitants who found themselves immersed in a war which was not strictly theirs but of which they were forced to endure the hardships, participate in the ongoing combat, and face the daily extreme psychological pressure and physical cruelty which are generally meted out to the defenceless and the most vulnerable in the war zone. No brutality was spared and extreme violence was the order of the day.
