This paper reviews the key economic issues concerning the welfare costs of inflation and deflation, with a view to shedding light on the desirable properties of the inflation process. Our review of the evidence on the overall costs of inflation and deflation indicates that such costs could be...

This paper analyzes the efficiency of risk-taking decisions in an economy that is prone to systemic risk, captured by financial amplification effects that occur in response to strong adverse shocks. It shows that decentralized agents who have unconstrained access to a complete set of Arrow...

The European Commission DG for Maritime Affairs and Fisheries invited a group of legal experts on the Mediterranean Sea for a meeting held in Brussels between the dates of 14-15 January 2009 to discuss in detail and to prepare a report based upon the following terms of reference: 1. Describe in...