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We show how in a Blanchard-Yaari, overlapping generations framework, perfect substitutability of government bonds in Monetary Union tempts governments to exploit the enlarged common pool of savings. In Nash equilibrium all governments increase their bond financed transfers to current generations...
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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...
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Progress Report September 1999 Work programme of WG 3. WG shall elaborate common calculation and measurements methods for noise from road, rail, air traffic.
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The main purpose of this document is to present current knowledge about the health effects of noise. The emphasis is first of all to provide end users with practical and validated tools to calculate health impacts of noise in all kinds of strategic noise studies such as the action plans required...
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