Over the past couple of decades, and especially since the financial crisis in 2008-09, real interest rates have collapsed. For much of the past two years they have been negative, but they have been trending down for some while. But how far have real rates fallen? This note computes a measure of...

Over the past couple of decades, and especially since the financial crisis in 2008-09, real interest rates have collapsed. For much of the past two years they have been negative, but they have been trending down for some while. But how far have real rates fallen? This note computes a measure of...

The empirical objective of this study is to account for the time-variation the covariances between markets. Using data on sixteen national stock markets, we estimate a multivariate factor model in which the volatility of returns is induced by changing volatility in the orthogonal factors. Excess...

I argue that it is useful to think about the optimal design of monetary institutions using the insights from the theory of incomplete contracts. The core of the monetary policy problem is the uncertainty about future social decisions resulting from the impossibility and the undesirability of...

Purpose: In the wake of growing environmental issues, active public and corporate interventions are inevitable to reduce the negative impact of human activities on global environments. Building on the Norm Activation Model and Value-Belief-Norm Theory, the purpose of this paper is to report on...

Purpose: Climate change and global warming are acknowledged to be growing issues caused by emissions of greenhouse gases. Fuel-efficient or green cars offer a technological solution to reduce CO2 emissions from car exhaust. This study aims to draw on value–belief–norm (VBN) theory to...