Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among...

This paper uses data on German government bond futures options to examine the behaviour of market expectations around monetary policy actions of the European Central Bank (ECB). In particular, this paper focuses on the asymmetries in bond market expectations, as measured by the skewness of...

This report provides an update of the trends to 2030 published in 2003. The new baseline takes into account a high energy import price environment, the unsatisfactory economic growth of recent years and the more subdued growth prospects taking into account demographic developments. It includes,...

The role envisioned for liquid biofuels for transport has come under increased scrutiny in the past year or two, due to the potential social and environmental impacts associated with scaling up biofuels production and use from its low level—currently representing about 1% of transport fuels...

How could European long-distance transport - under different conditions and in different contexts - meet the following targets in 2047: • Reducing oil consumption by 80% • Reducing CO2 emissions by 60% • High level of accessibility – to offer an efficient, effective transportation system...

With its endless expanse of coniferous forests, mires and lakes, the Boreal Region forms part of a distinct band of vegetation which circles the entire northern hemisphere. Habitat types blend seamlessly into one another, creating a characteristic mosaic landscape of forests and wetlands. Along...