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This paper examines the transmission mechanism through which unconventional monetary policy affects long-term interest rates. I construct a real-time measure summarizing market projections of the magnitude and duration of the Federal Reserve's Large Scale Asset Purchases (LSAP) program, and analyze the determination of term premiums and expectations of future short-term interest rates in a sample spanning more than two decades. Empirical findings suggest that the LSAP has effectively lowered the long-term Treasury bond yields, through both ""signaling"" and ""portfolio balance"" channels. On t

Cover -- Contents -- I. Introduction -- II. The Setting: Public Debt On An Upward Trend -- III. Past Reforms of the Fiscal Framework -- IV. Track Record Under The SGP -- V. Pending Issues and Areas for Further Progress -- A. The Growing Complexity of the Framework -- B. The Difficult Migration from Nominal to Structural Balance Targets -- C. Reconciling Fiscal Sustainability and Growth Objectives -- D. Dealing with Multiple Monitoring Schemes -- E. Enforcement: the Limits of Peer Pressure -- VI. Issues for Discussion and Policy Options -- VII. Conclusions -- Tables -- 1. Decomposition of Debt Changes in the Euro Area Between end-2007-end-2013 -- 2. Measurement Error of the Structural Stance -- A.1. Reforms of the Preventive Arm of the SGP -- A.2. Reforms of the Corrective Arm of the SGP -- A.3. Euro Area: General Government Overall Balance, 1999-2013 -- A.4. Euro Area: General Government Debt, 1999-2013 -- A.5. Euro Area: General Government Structural Balance, 1999-2013 -- A.6. Cyclical Sensitivity of the Structural Fiscal Effort -- A.7. Cyclical Sensitivity of the Structural Fiscal Balance -- A.8. Cyclical Sensitivity of the Structural Fiscal Effort, IV Estimation -- Figures -- 1. Public Debt Ratio -- 2. Main Objectives of Past Fiscal Governance Reforms -- 3. Non-compliance with European Fiscal Rules -- 4. Structural Balance and Output Gap -- 5. Public Debt -- 6. Supranational Constraints and Rules on Fiscal Aggregates -- 7. Number of Federations with Central Constraints on Subnational Entities -- 8. Simulated Debt Reduction in 2019 -- 9. Real-Time Estimation Error of the Output Gap -- 10. Investment in the Euro Area -- 11. Euro Area: Share of Non-Compliers -- Boxes -- 1. The Bottom-Up Approach To Estimating Discretionary Revenues -- 2. Is There a Trade-Off Between Fiscal Consolidation and Structural Reforms?.

AbstractThroughout history, humans living in the coastal area constantly adapt to the natural environment and create a changing environment. The rapid coastal development occurred in the mid-19th century and peaks in the mid-20th century, which was a common process in most industrialized areas. With increasing population growth and urban sprawl, many coastal lowlands are unprecedently vulnerable to climate change impacts such as sea level rise, increasing extreme storm events, and coastal flooding. Under the influence of urban revitalization and conservation, the landward shoreline movement accelerated and coastal land shrank, accompanied by community retreat. This research focuses on the importance of incorporating an understanding of the changing coastal land-ocean interaction into adaptive management strategies by illustrating the relationship of land use change, social-economic development, and climate change. Typical coastal changes in Connecticut were selected: New Haven Harbor reflects a dramatic seaward land accretion under industrial and transportation development, New London downtown waterfront reveals a trend of building retreat under industrial and commercial transformation and coastal hazard, New London Ocean Beach indicates how overdeveloped coastal low-lying community fully retreat after a natural disaster, and Jordan Cove barrier island shows a highly dynamic coastal land change and proactive management strategy. The results reveal that to cope with a constantly changing shoreline and the challenges of climate change, a resilient management process must incorporate a cycle of learning, experimenting, and creating with the goal of developing new solutions that are able to deal with our ever-changing environment.