This paper analyses the determinants of the natural rate of interest in a non-linear model where agents are uncertain over both future technology growth and the future course of monetary policy. I show that the real natural rate can be affected by sizable uncertainty premia, including premia...

There are many reasons to suspect that benefit-cost analysis applied to environmental policies will result in policy decisions that will reject those environmental policies. The important question, of course, is whether those rejections are based on proper science. The present paper explores...

From 1999 to 2004, the European Union had in place a moratorium on new genetically modified (GM) products. This moratorium created a tense trade dispute between the United States and the EU. While the moratorium has now been lifted, differences remain between the EU's and US's approach to GM...