Tracking GDP in real-time using electricity market data: Insights from the first wave of COVID-19 across Europe.
TL;DR: The authors developed a methodology for tracking in real-time the impact of shocks (such as natural disasters, financial crises or pandemics) on gross domestic product (GDP) by analyzing high-frequency electricity market data.
About: This article is published in European Economic Review.The article was published on 2021-09-11 and is currently open access. It has received 12 citations till now. The article focuses on the topics: Gross domestic product & Electricity market.
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TL;DR: In this article , the authors built a Bayesian inference model to assess the changing effect of NPIs and vaccination on reducing COVID-19 transmission, based on a large-scale dataset including epidemiological parameters, virus variants, vaccines, and climate factors.
Abstract: Abstract Non-pharmaceutical interventions (NPIs) and vaccination are two fundamental approaches for mitigating the coronavirus disease 2019 (COVID-19) pandemic. However, the real-world impact of NPIs versus vaccination, or a combination of both, on COVID-19 remains uncertain. To address this, we built a Bayesian inference model to assess the changing effect of NPIs and vaccination on reducing COVID-19 transmission, based on a large-scale dataset including epidemiological parameters, virus variants, vaccines, and climate factors in Europe from August 2020 to October 2021. We found that (1) the combined effect of NPIs and vaccination resulted in a 53% (95% confidence interval: 42–62%) reduction in reproduction number by October 2021, whereas NPIs and vaccination reduced the transmission by 35% and 38%, respectively; (2) compared with vaccination, the change of NPI effect was less sensitive to emerging variants; (3) the relative effect of NPIs declined 12% from May 2021 due to a lower stringency and the introduction of vaccination strategies. Our results demonstrate that NPIs were complementary to vaccination in an effort to reduce COVID-19 transmission, and the relaxation of NPIs might depend on vaccination rates, control targets, and vaccine effectiveness concerning extant and emerging variants.
25 citations
TL;DR: In this paper , a time-series stochastic socioeconomic model for analyzing the impact of the pandemic on the regulated distribution electricity market is proposed, which combines the optimized tariff model and the random walk concept (risk assessment technique) to ensure robustness/accuracy.
10 citations
TL;DR: Wang et al. as mentioned in this paper constructed an index system for high-quality economic development in China from four dimensions: economic system, social system, environment system, and power system, where the LASSO method was presented as screen indicators, then they used the panel fixed effect model to investigate the specific impact of key factors on high quality economic development.
4 citations
TL;DR: Wang et al. as discussed by the authors constructed a susceptible-vaccinated-infectious-recovered-susceptible (SVIRS) model to simulate influenza transmission and calibrated it using influenza surveillance data from 2018 to 2022.
Abstract: Abstract The coexistence of coronavirus disease 2019 (COVID-19) and seasonal influenza epidemics has become a potential threat to human health, particularly in China in the oncoming season. However, with the relaxation of nonpharmaceutical interventions (NPIs) during the COVID-19 pandemic, the rebound extent of the influenza activities is still poorly understood. In this study, we constructed a susceptible–vaccinated–infectious–recovered–susceptible (SVIRS) model to simulate influenza transmission and calibrated it using influenza surveillance data from 2018 to 2022. We projected the influenza transmission over the next 3 years using the SVIRS model. We observed that, in epidemiological year 2021–2022, the reproduction numbers of influenza in southern and northern China were reduced by 64.0 and 34.5%, respectively, compared with those before the pandemic. The percentage of people susceptible to influenza virus increased by 138.6 and 57.3% in southern and northern China by October 1, 2022, respectively. After relaxing NPIs, the potential accumulation of susceptibility to influenza infection may lead to a large-scale influenza outbreak in the year 2022–2023, the scale of which may be affected by the intensity of the NPIs. And later relaxation of NPIs in the year 2023 would not lead to much larger rebound of influenza activities in the year 2023–2024. To control the influenza epidemic to the prepandemic level after relaxing NPIs, the influenza vaccination rates in southern and northern China should increase to 53.8 and 33.8%, respectively. Vaccination for influenza should be advocated to reduce the potential reemergence of the influenza epidemic in the next few years.
1 citations
TL;DR: In this article , the authors assess the impact of the socioeconomic situation caused by the COVID-19 pandemic on the residential property market in different countries and different cities, the changes in the property markets observed from 2020 onwards differ.
1 citations
References
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Journal Article•
TL;DR: Copyright (©) 1999–2012 R Foundation for Statistical Computing; permission is granted to make and distribute verbatim copies of this manual provided the copyright notice and permission notice are preserved on all copies.
Abstract: Copyright (©) 1999–2012 R Foundation for Statistical Computing. Permission is granted to make and distribute verbatim copies of this manual provided the copyright notice and this permission notice are preserved on all copies. Permission is granted to copy and distribute modified versions of this manual under the conditions for verbatim copying, provided that the entire resulting derived work is distributed under the terms of a permission notice identical to this one. Permission is granted to copy and distribute translations of this manual into another language, under the above conditions for modified versions, except that this permission notice may be stated in a translation approved by the R Core Team.
272,030 citations
TL;DR: In this article, a simple method of calculating a heteroskedasticity and autocorrelation consistent covariance matrix that is positive semi-definite by construction is described.
Abstract: This paper describes a simple method of calculating a heteroskedasticity and autocorrelation consistent covariance matrix that is positive semi-definite by construction. It also establishes consistency of the estimated covariance matrix under fairly general conditions.
18,117 citations
TL;DR: In this paper, the overall test for lack of fit in autoregressive-moving average models proposed by Box & Pierce (1970) is considered, and it is shown that a substantially improved approximation results from a simple modification of this test.
Abstract: SUMMARY The overall test for lack of fit in autoregressive-moving average models proposed by Box & Pierce (1970) is considered. It is shown that a substantially improved approximation results from a simple modification of this test. Some consideration is given to the power of such tests and their robustness when the innovations are nonnormal. Similar modifications in the overall tests used for transfer function-noise models are proposed.
6,008 citations
[...]
TL;DR: In this paper, the gravity equation for trade was used to provide new estimates of this equation, and significant differences between the estimated estimator and those obtained with the traditional method were found.
Abstract: Although economists have long been aware of Jensen's inequality, many econometric applications have neglected an important implication of it: the standard practice of interpreting the parameters of log-linearized models estimated by ordinary least squares as elasticities can be highly misleading in the presence of heteroskedasticity. This paper explains why this problem arises and proposes an appropriate estimator. Our criticism to conventional practices and the solution we propose extends to a broad range of economic applications where the equation under study is log-linearized. We develop the argument using one particular illustration, the gravity equation for trade, and apply the proposed technique to provide new estimates of this equation. We find significant differences between estimates obtained with the proposed estimator and those obtained with the traditional method. These discrepancies persist even when the gravity equation takes into account multilateral resistance terms or fixed effects
4,492 citations
Book•
01 Jan 1996
TL;DR: In this paper, the authors present a general approach to time series analysis based on simple time series models and the Autocorrelation Function (AFF) and the Wold Decomposition.
Abstract: Preface 1 INTRODUCTION 1.1 Examples of Time Series 1.2 Objectives of Time Series Analysis 1.3 Some Simple Time Series Models 1.3.3 A General Approach to Time Series Modelling 1.4 Stationary Models and the Autocorrelation Function 1.4.1 The Sample Autocorrelation Function 1.4.2 A Model for the Lake Huron Data 1.5 Estimation and Elimination of Trend and Seasonal Components 1.5.1 Estimation and Elimination of Trend in the Absence of Seasonality 1.5.2 Estimation and Elimination of Both Trend and Seasonality 1.6 Testing the Estimated Noise Sequence 1.7 Problems 2 STATIONARY PROCESSES 2.1 Basic Properties 2.2 Linear Processes 2.3 Introduction to ARMA Processes 2.4 Properties of the Sample Mean and Autocorrelation Function 2.4.2 Estimation of $\gamma(\cdot)$ and $\rho(\cdot)$ 2.5 Forecasting Stationary Time Series 2.5.3 Prediction of a Stationary Process in Terms of Infinitely Many Past Values 2.6 The Wold Decomposition 1.7 Problems 3 ARMA MODELS 3.1 ARMA($p,q$) Processes 3.2 The ACF and PACF of an ARMA$(p,q)$ Process 3.2.1 Calculation of the ACVF 3.2.2 The Autocorrelation Function 3.2.3 The Partial Autocorrelation Function 3.3 Forecasting ARMA Processes 1.7 Problems 4 SPECTRAL ANALYSIS 4.1 Spectral Densities 4.2 The Periodogram 4.3 Time-Invariant Linear Filters 4.4 The Spectral Density of an ARMA Process 1.7 Problems 5 MODELLING AND PREDICTION WITH ARMA PROCESSES 5.1 Preliminary Estimation 5.1.1 Yule-Walker Estimation 5.1.3 The Innovations Algorithm 5.1.4 The Hannan-Rissanen Algorithm 5.2 Maximum Likelihood Estimation 5.3 Diagnostic Checking 5.3.1 The Graph of $\t=1,\ldots,n\ 5.3.2 The Sample ACF of the Residuals
3,126 citations