This paper examine differences between risk-neutral and objective probability densities of future interest rates. The … identification and quantification of these differences are important when risk-neutral densities (RNDs), such as option-implied RNDs … apllied to German time-series and cross-section term structure data in order to identify both the risk-neutral and the …

decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions … prevent first-best risk sharing, but never optimal to provide incentives exclusively via this technology. Commitment problems …

international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response … shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will … for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show …

When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are … an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved … allow for optimal risk sharing as long as markets are complete, default is prevented in equilibrium and intermediaries …

organisers of the conference 'Time for action — towards sustainable consumption and production in Europe'. Three sets of three … top-priority recommendations towards sustainable consumption and production (SCP) in Europe were developed at the …

The consumption of goods and services in EEA member countries is a major driver of global resource use — and associated … European consumption taking place beyond Europe. Food and drink, housing, mobility and tourism are responsible for a large part … of the pressures and impacts caused by consumption in the EU. Achieving significant reductions in environmental pressures …

of consumption and production patterns. It begins with a review of key recent environmental trends in the region, then … production and consumption patterns. Addressing environmental challenges in a sustainable manner requires a close review of …

This Country Focus studies the development of private consumption in France during the decade before the crisis. Are … French consumers greater spendthrifts than their European fellows? In this paper, we estimate a consumption function to show … that strong growth of private consumption in France during the pre-crisis decade is explained by the main determinants …

Country Focus uses the estimation of a consumption function to show that the drop in employment is the most important factor …In Germany private consumption virtually stagnated for nearly a decade and clearly lagged behind GDP growth. This … and the expiry of the more generous depreciation rules have also held back private consumption. Since these one-offs will …