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, are used as indicators of actual beliefs of...

This guide shows how a life cycle approach can be used to identify and reduce the environmental and health impacts of the products we use. It underlines the importance of considering these issues across the entire life cycle of a product and sets them within the context of policy development,...

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...

This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...