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Over the past decade, productivity-adjusted wages have grown at a slower pace in Japan than in other rich countries. This paper suggests that Japan's dualities between regular and "nonregular" labor market contracts and the relatively inefficient services sector have exacerbated the negative impact of globalization and technical change on the labor income share felt in all advanced economies. Reforms aimed at increasing productivity in services and reducing gaps in employment protection and benefits between regular and nonregular workers could help put Japan's wages on an upward trajectory in the medium term.

Labor --- Production and Operations Management --- Wages, Compensation, and Labor Costs: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Demand and Supply of Labor: General --- Macroeconomics: Production --- Labour --- income economics --- Macroeconomics --- Labor share --- Labor markets --- Productivity --- Economic theory --- Labor market --- Industrial productivity --- Japan

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Business cycles --- Mathematical models

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Industrial management --- English language --- German --- E-books --- Germanic languages

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This paper uses two of the IMF's structural macroeconomic models to estimate the potential global impact of the boom in unconventional oil and natural gas in the United States. The results suggest that the impact on the level of U.S. real GDP over roughly the next decade could be significant, but modest, ranging between 1 and 1½ percent. Further, while the impact on the U.S. energy trade balance will be large, most results suggest that its impact on the overall U.S. current account will be negligible. The impact outside of the United States will be modestly positive on average, but most countries dependent on energy exports will be affected adversely.

Economic development -- United States. --- Fiscal policy -- United States. --- Gas industry -- United States. --- Petroleum industry and trade -- United States. --- Mechanical Engineering --- Engineering & Applied Sciences --- Metallurgy & Mineralogy --- Exports and Imports --- Macroeconomics --- Public Finance --- Industries: Energy --- Investments: Energy --- Computable and Other Applied General Equilibrium Models --- Forecasting and Simulation: Models and Applications --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Open Economy Macroeconomics --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- Energy and the Macroeconomy --- Energy: Demand and Supply --- Prices --- International Investment --- Long-term Capital Movements --- Hydrocarbon Resources --- Current Account Adjustment --- Short-term Capital Movements --- Energy: General --- Energy industries & utilities --- International economics --- Petroleum, oil & gas industries --- Investment & securities --- Energy pricing --- Energy prices --- Foreign assets --- Natural gas sector --- Current account --- External position --- Economic sectors --- Balance of payments --- Oil --- Commodities --- Expenditures, Public --- Investments, Foreign --- Gas industry --- Petroleum industry and trade --- United States

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We calculate indexes of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indexes for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political autonomy of the central banks in emerging market and developing countries. Our analysis confirms that greater CBA has on average helped to maintain low inflation levels. The paper identifies four broad principles of central bank autonomy that have been shared by the majority of countries. Significant differences exist in the area of banking supervision where many central banks have retained a key role. Finally, we discuss the sequencing of reforms to separate the conduct of monetary and fiscal policies.

Banks and Banking --- Finance: General --- Inflation --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Price Level --- Deflation --- Banking --- Finance --- Macroeconomics --- Central bank autonomy --- Emerging and frontier financial markets --- Central bank credit --- Banks and banking --- Financial services industry --- Prices --- United Kingdom