In this paper we study risk-neutral densities (RNDs) for the German stock market. The use of option prices allows us to quantify the risk-neutral probabilities of various levels of the DAX index. For the period from December 1995 to November 2001, we implement the mixture of log-normals model...

This independent report – with the wealth and breadth of knowledge it puts forward and the quality of the analysis it presents – gives us a research-based perspective on the post-2015 challenges we face.

This evaluation covers Trade-Related Assistance (TRA) provided by the EU from 2004 to 2010. TRA relates to AfT category 1, trade policy and regulation; category 2, trade development; to category 5, trade-related adjustment activities relevant to TRA; and to category 6, other trade-related needs....

Prior to the recession of 2008/09 household saving was extremely low in the United States. In the context of the recession the saving rate has increased by about 2 percentage points to close to 4%. Such a rise is in line with the record from previous recessions. The study argues that, this time,...

This paper presents new evidence on the social returns to education within a macroeconomic growth regression framework. I use improved schooling data and a macro version of the Mincer relationship between education and wages for individual workers. The results suggest that an increase by one...

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