scispace - formally typeset
Search or ask a question

Showing papers in "Energy Economics in 2009"


Journal ArticleDOI
TL;DR: In this paper, the authors examined the relationship between energy consumption and economic growth for six Central American countries over the period 1980-2004 within a multivariate framework, where a panel cointegration and error correction model was employed to infer the causal relationship.

682 citations


Journal ArticleDOI
TL;DR: In this paper, the authors investigated how explicit structural shocks that characterize the endogenous character of oil price changes affect stock-market returns in a sample of eight countries (Australia, Canada, France, Germany, Italy, Japan, United Kingdom, and the United States).

664 citations


Journal ArticleDOI
TL;DR: The authors analyzed the long-run relationship between the world price of crude oil and international stock markets over 1971:1-2008:3 using a cointegrated vector error correction model with additional regressors.

650 citations


Journal ArticleDOI
Perry Sadorsky1
TL;DR: In this article, the authors present and estimate an empirical model of renewable energy consumption for the G7 countries and show that in the long term, increases in real GDP per capita and CO2 per capita are major drivers behind per capita renewable energy usage.

640 citations


Journal ArticleDOI
TL;DR: The EMF 22 International Scenarios as mentioned in this paper were based on the combined implications of three factors integral to international climate negotiations: (1) the long-term climate-related target, expressed in this study in terms of the CO2-equivalent (CO2-e) concentration associated with the GHGs regulated under the Kyoto Protocol, whether or not this target can be temporarily exceeded prior to 2100 ("overshoot") allowing for greater near-term flexibility, and (3) the nature of international participation in emissions mitigation.

546 citations


Journal ArticleDOI
TL;DR: In this paper, the authors analyzed the arbitrage value of a price-taking storage device in PJM during the six-year period from 2002 to 2007, to understand the impact of fuel prices, transmission constraints, efficiency, storage capacity, and fuel mix.

537 citations



Journal ArticleDOI
Q. Farooq Akram1
TL;DR: In this paper, the authors investigate whether a decline in real interest rates and the US dollar contributes to higher commodity prices, and whether commodity prices display overshooting behavior in response to changes in Real interest rates.

469 citations


Journal ArticleDOI
TL;DR: In this article, the causal relationship between electricity consumption and economic growth in South Africa was examined and it was shown that there is a distinct bidirectional causality between energy consumption and the economic growth.

436 citations


Journal ArticleDOI
TL;DR: In this paper, the authors analyzed the dynamic relationship between oil price shocks and major macroeconomic variables in Iran by applying a VAR approach and found a strong positive relationship between positive oil price changes and industrial output growth.

418 citations


Journal ArticleDOI
TL;DR: In this article, the causal relationship between energy consumption and economic growth for seventeen African countries in a multivariate framework by including labor and capital as additional variables was examined and the results of their variance decomposition analyses showed that energy consumption is no more than a contributing factor to output growth and not an important one when compared to capital and labor.

Journal ArticleDOI
TL;DR: In this paper, the authors examined the relationship between energy consumption and economic growth for eleven countries of the Commonwealth of Independent States over the period 1991-2005 within a multivariate panel data framework.

Journal ArticleDOI
TL;DR: The authors investigated the efficacy of a volatility model for three crude oil markets (Brent, Dubai, and WTI) with regard to its ability to forecast and identify volatility stylized facts, in particular volatility persistence or long memory.

Journal ArticleDOI
TL;DR: In this article, the authors examined the relationship between carbon futures and changes in macroeconomic conditions and found that carbon futures returns may be weakly forecast on the basis of two variables from the stock and bond markets, i.e., the U.S. Treasury bill yields and the excess return on the Reuters/CRB Index.

Journal ArticleDOI
TL;DR: This paper investigated where changes in the price of crude oil originate and how they spread by examining causal relationships among prices for crude oils from North America, Europe, Africa, and the Middle East on both spot and futures markets.

Journal ArticleDOI
TL;DR: The authors compared the predictive ability of two approaches which can be used to forecast volatility: GARCH-type models where forecasts are obtained after estimating time series models, and an implied volatility model where forecasts were obtained by inverting one of the models used to price options.

Journal ArticleDOI
TL;DR: In this article, the authors developed a two-regime EGARCH model to examine the relationship between crude oil shocks and stock markets and found that rises in oil price has a significant role in determining both the volatility of stock returns and the probability of transition across regimes.

Journal ArticleDOI
TL;DR: In this article, a time-varying pass-through coefficient is estimated and the determinants of the recent declining effects of oil price shocks on inflation are investigated, and the appreciation of the domestic currency, a more active monetary policy in response to inflation, and a higher degree of trade openness are found to explain the decline in oil price passthrough.

Journal ArticleDOI
TL;DR: In this article, the authors evaluate the economic impacts of EU climate policy based on numerical simulations with a computable general equilibrium model of international trade and energy use, highlighting the importance of initial market distortions and imperfections as well as alternative baseline projections for the appropriate assessment of EU compliance cost.

Journal ArticleDOI
TL;DR: This paper investigated the conditions under which rebound effects may occur in response to increases in energy efficiency in the UK national economy and found that, while there is positive pressure for rebound effects even where (direct and indirect) demands for energy are very price inelastic, this may be partially or wholly offset by negative income, competitiveness and disinvestment effects.

Journal ArticleDOI
TL;DR: In this article, the impact of extreme events on crude oil markets was analyzed using an EMD-based approach. And the empirical results reveal that the EMDbased event analysis method provides a feasible solution to estimating the impact on crudeoil prices variation, while the secondary modes provide valuable information on subsequent factors.

Journal ArticleDOI
TL;DR: In this article, both unconditional and conditional Extreme Value Theory (EVT) models were applied to forecast Value at Risk (VaR) in the context of energy price volatility and their performance was compared to other well-known modelling techniques, such as GARCH, historical simulation and Filtered Historical Simulation.

Journal ArticleDOI
Valentina Bosetti1, Massimo Tavoni1
TL;DR: In this article, the authors analyzed optimal investments in innovation when dealing with a stringent climate target and with the uncertain effectiveness of R&D, and showed that accounting for the uncertainty that characterizes technological advancement yields higher investments in research and lower policy costs.

Journal ArticleDOI
TL;DR: In this paper, three computable general equilibrium models are used to estimate the economic implications of a stylized version of EU climate policy, and the models agree that the distortions introduced by total EU package imply a substantial welfare loss over and above the costs needed to meet the climate target.

Journal ArticleDOI
TL;DR: In this paper, the authors incorporate regime-switching into the stochastic volatility (SV) framework to explain the behavior of crude oil prices in order to forecast their volatility.

Journal ArticleDOI
TL;DR: In this paper, the distributional effects of the European Union's Emission Trading Scheme (EU ETS) have been investigated using the expectations of investors towards the regulatory impact on firm value, and they show that returns on common stock of the largest affected industry, power generation are positively correlated with rising prices for emission rights.

Journal ArticleDOI
TL;DR: In this paper, the role of inventory in explaining the shape of the forward curve and spot price volatility in commodity markets is central in the theory of storage developed by Kaldor and French.

Journal ArticleDOI
TL;DR: In this paper, price information flows among U.S. electricity wholesale spot prices and the prices of the major electricity generation fuel sources, natural gas, uranium, coal, and crude oil, are studied.

Journal ArticleDOI
TL;DR: In this paper, the authors examined the long-run relation and short-run dynamics between electricity prices and three fossil fuel prices (coal, natural gas and crude oil) using annual data for the U.S. for 1960-2007.

Journal ArticleDOI
TL;DR: In this article, the crucial impact parameters of forward electricity prices and the relationship between forward and future spot prices are assessed by an empirical analysis of electricity prices at the European Energy Exchange and the Nord Pool Power Exchange.