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...

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 transport sector is one of the most important sectors for the European economy. Its importance stems not only from its size - which is estimated to be € 803 billion or 6.6% of European GDP in 2007 - but also from the fact that it plays a crucial role in connecting other economic actors...

For EU to meet its intermediate and long term targets on Climate Change it is essential that the environmental performance of the transport sector notably improves. In doing so all available reasonable measures must be used, EU and country wide, as well as regionally and locally. This report...

The challenge facing urban planners and politicians in many European towns and cities is that of balancing the demand for increasing personal mobility and economic growth, with the need to respect the environment and provide an acceptable quality of life for all citizens. While it is clear that...