|
on Energy Economics |
| By: | Andreas Chai; Suzanne Bonner; Shane Tennet; Shyama Ratnasiri and Liam Wagner |
| Keywords: | Energy Poverty, Electricity Prices, |
| JEL: | D18 D12 Q47 Q41 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:gri:epaper:economics:201905&r=all |
| By: | Faure, Corinne; Schleich, Joachim |
| Abstract: | Conveyance, i.e., leaving one's appliance in the dwelling when moving out, shortens the expected length of ownership of an appliance and may therefore lead to the purchase of less energy-efficient appliances. Employing a demo-graphically representative survey in Spain, this paper uses statistical-econometric analyses to explore the effects of conveyance on stated adoption of energy-efficient appliances (refrigerators or fridge-freezer combinations, freezers, dishwashers, and washing machines). The findings suggest that the take-up of energy-efficient appliances is on average about 8%-points lower when appliances convey. In addition, conveyance appears to have comparable effects for renters and homeowners. These findings therefore suggest that conveyance contributes to explaining the energy efficiency paradox. Finally, the results appear robust to a series of robustness checks involving alternative assumptions about the distribution and data generating process, the specifications of the dependent variable, and the handling of missing values. They also provide insights for policy-making. |
| Keywords: | energy efficiency,conveyance,appliances,adoption,energy efficiency paradox,econometrics |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisisi:s022020&r=all |
| By: | Assia Elgouacem (OECD); Håvard Halland (OECD); Enrico Botta (OECD); Gurtegh Singh (OECD) |
| Abstract: | Fossil fuels play an important role in the budget of several governments. On the one hand, half of the countries identified as resource-rich derived 50% or more of their government revenue from fossil-fuel resources. On the other hand, fossil fuel consumption in road transport is an important tax base for several countries. This fiscal entanglement creates specific challenges for countries in preparing for a low carbon future. In addition to the traditional challenges of volatility and unpredictability of resource revenues, resource-rich countries are increasingly exposed to the risk of stranded assets. While energy demand is estimated to grow under current and announced policies, a dramatic reshuffle in the world energy mix will need to take place. In this context, this paper reviews the evidence on the role of fossil fuels in government budget (section 2) and the best practice for the management of resource revenues, including the role of sovereign wealth funds and strategic investment funds (section 3). Section 4 discusses the role of green tax reform in preparing the tax system for the low-carbon transition. |
| Date: | 2020–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:oec:envddd:2020/01-en&r=all |
| By: | Damien Dussaux |
| Abstract: | The paper estimates the effect of energy prices and carbon taxation on firms’ environmental and economic performance. The analysis uses data on 8 000 firms that are representative of the French manufacturing sector and observed during 2001-2016. The paper shows that (i) even though a 10% increase in energy prices causes a decline in energy use by 6% at the firm level, this increment has no effect on net employment at the industry level, but it motivates a reallocation of production and workers from energy-intensive to energy-efficient firms. Simulations shows also that (ii) the current carbon tax rate reduced manufacturing CO2 emissions in 2018 by 5% or 3.6 Mt of CO2 compared to a no-tax scenario, and that (iii) a further increase of carbon tax in France from its current rate of 45€ to 86€ per tonne of CO2 would induce a reduction in carbon emissions by 8.7% or 6.2 Mt of CO2 and a job reallocation for 0.24% of the workforce in the manufacturing sector. Our conclusion calls for complementary labour market policies that minimise costs on affected workers and ease between-firms adjustments in employment. |
| Date: | 2020–02–04 |
| URL: | http://d.repec.org/n?u=RePEc:oec:envaaa:154-en&r=all |
| By: | Michael Bates (Department of Economics, University of California Riverside); Seolah Kim (UCR) |
| Abstract: | We propose a per-cluster instrumental variables estimator (PCIV) for estimating population average effects under correlated random coefficient models in the presence of endogeneity. We demonstrate consistency, showing robustness over standard estimators, and provide analytic standard errors for robust inference. We compare PCIV, fixed-effects instrumental variables, and pooled 2-stage least squares estimators using Monte Carlo simulation verifying that PCIV performs relatively well. We also apply the approaches, examining the monthly responsiveness of gasoline consumption to prices as instrumented by state fuel taxes. We find that US consumers are on average more elastic in their demand for gasoline than previous estimates imply. |
| Keywords: | population average effects, climate policy, gasoline taxation |
| JEL: | C33 C36 Q41 Q54 Q58 |
| Date: | 2019–08 |
| URL: | http://d.repec.org/n?u=RePEc:ucr:wpaper:202003&r=all |
| By: | Escribano, Álvaro; Torrado, María |
| Abstract: | The main objective of this paper is to analyse the different sources of asymmetric price transmissions in the fuel market for France, Germany and Spain. During the last decades,the EU has carried out several common energy policies to achieve more efficient and competitive markets. However, given the specific characteristics of each country, the question we want to address is if fuel prices across EU members behave differently in response to different market structures. Oil operators have been targeted by competition authorities for conducting non-competitive practices. To figure out whether the common complaint that gasoline prices adjust differently to positive or negative input price changes, dynamic asymmetric models for the mean and variance are developed for each country. Several asymmetric specifications for the mean and variance are considered and the best specification combines double threshold error correction models (DT-ECM) for the mean with asymmetric EGARCH plus dummy variables for the conditional variance. We show that French gasoline prices behave more competitively, adjusting quicker to the long-run equilibrium and with higher price volatility. This outcome is consistent with the strong presence of hypermarkets following low-cost pricing strategies in France. |
| Keywords: | Log-GARCH; GJR-GARCH; EGARCH; GARCH; Nonlinear error correction; Rockets and feathers; Gasoline price asymmetries; Competition |
| JEL: | L71 L13 D43 C52 C24 B23 |
| Date: | 2020–01–30 |
| URL: | http://d.repec.org/n?u=RePEc:cte:werepe:29633&r=all |
| By: | Opeyemi Akinyemi (CEPDeR, Covenant University, Ota, Nigeria); Uchenna Efobi (CEPDeR, Covenant University, Ota, Nigeria); Simplice A. Asongu (Yaoundé, Cameroon); Evans S. Osabuohien (CEPDeR, Covenant University, Ota, Nigeria) |
| Abstract: | The paper investigates the dynamic relationship between renewable energy usage and trade performance in sub-Saharan Africa (SSA), while considering the conditioning role of corruption control, regulatory quality, and the private sector access to finance. Focusing on 42 SSA countries for the period 2004-2016, and engaging the System generalized method of moments (GMM) technique for its estimation, this study found a negative relationship between renewable energy usage and the indicators of trade performance. However, with corruption control, improved regulatory framework, and better finance for the private sector, there are potentials for a positive net impact of renewable energy usage on manufacturing export. For renewable energy and total trade nexus, we find that improved regulatory framework and better finance for the private sector are important conditioning structures. These findings are significant because they highlight the different important structures of SSA countries that improve the effect of renewable energy use on trade outcomes. For instance, the consideration of the financial, institutional and regulatory frameworks in SSA countries in conditioning the renewable energy-trade nexus stipulates a clear policy pathway for countries in this region as the debate for transition to the use of renewable energy progresses. |
| Keywords: | Environment; Green growth; Trade performance; Pollution; Renewable energy; sub-Saharan Africa |
| JEL: | C5 F1 Q4 Q5 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:19/032&r=all |
| By: | Riza Demirer (Department of Economics and Finance, Southern Illinois University Edwardsville, Edwardsville, IL 62026-1102, USA); Rangan Gupta (Department of Economics, University of Pretoria, Pretoria, 0002, South Africa); Christian Pierdzioch (Department of Economics, Helmut Schmidt University, Holstenhofweg 85, P.O.B. 700822, 22008 Hamburg, Germany); Syed Jawad Hussain Shahzad (Montpellier Business School, Montpellier, France and South Ural State University, Chelyabinsk, Russian Federation) |
| Abstract: | We examine the predictive power of disentangled oil price shocks over gold market volatility via the heterogeneous autoregressive realized volatility (HAR-RV) model. Our in- and out-of-sample tests show that combining the information from both oil supply and demand shocks with the innovations associated with financial market risks improves the forecast accuracy of realized volatility of gold. While financial risk shocks are important on their own, including oil price shocks in the model provides additional forecasting power in out-of-sample tests. Compared to the benchmark HAR-RV model, the extended model with all the three shocks included outperforms, in a statistically significant manner, all other variants of the HAR-RV framework for short-, medium, and long-run forecasting horizons. The findings highlight the predictive power of cross-market information in commodities and suggest that disentangling supply and demand related factors associated with price shocks could help improve the accuracy of forecasting models. |
| Keywords: | Oil Shocks, Risk Shocks, Gold, Realized Volatility, Forecasting |
| JEL: | C22 C53 Q02 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:202010&r=all |
| By: | Mohajan, Haradhan |
| Abstract: | The American Industrial Revolution (IR) is considered as the Second IR (IR2) which creates rural to an urban society. Great inventions during the IR2 are electricity, internal combustion engine, the chemical industries, petroleum and other chemicals, alloys, electrical communication technologies, and running water with indoor plumbing. The development of steel and oil refining has affected US industry. Transportation and communications technology has changed business practices and daily life style of many people. Inventions of medicine and medical instruments have reduced the rates of infections and death from many diseases and public health has improved greatly. Global political, economic, and social systems have widely changed very rapidly. Between 1820 and 1920 about 33 million people, mainly labors, have migrated to the USA for seeking greater economic opportunity and cities become overcrowded. Low wage, dangerous working conditions, long working hours, child labor, discrimination in wages, etc. have created labor dissatisfaction. Moreover jobless and wage cut of labors railroad strike has broke out in many cities of the USA. An attempt has taken in this study to discuss aspects of the IR2. |
| Keywords: | Second Industrial Revolution, innovation and invention, electricity, steel, oil and petroleum, economic development, railroad strike |
| JEL: | B3 L5 |
| Date: | 2019–10–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:98209&r=all |
| By: | Siivari, Elina; Safrutin, Ilia; Mozaffari, Khalil; Käyhkö, Esa; Jouttijärvi, Risto |
| Abstract: | Biofuels are fuels made of biological materials and they can be used in cars, trucks and other engines. The EU's policy and regulatory framework for bioeconomy and biofuels is seen as a multi-layered and complex issue. Policies around biofuels have developed recently in the EU. Renewable Energy Directive II established a binding target for the use of renewable energy across the European Union by 2030 to be 32% of the total energy production. Finland is a country where the utilization of forest biomass has traditions ranging back centuries and continues in the present day with bioenergy holding a central role in the Finnish energy matrix. Our case study is focused on examining the public perceptions of biofuels in Finland and is linked to the discussion about climate change, global warming, and sustainable development. We used a stakeholder approach and mapped key stakeholders in the biofuel sector in Finland from six stakeholder categories: corporations, governmental actors, non-governmental organisations (NGOs), municipalities, universities, and the media. We selected 59 online publications for our analysis from a time period between 2010-2019. Frame analysis was conducted using three pairs of polarised frames: environmental positive and negative, economic positive and negative, and technological positive and negative. The results show that for the most part the framing of biofuel discussion in Finland is positive and emphasizes the environmentally and economically positive aspects. The negative aspects that came to front are especially in the notions of economic costs and in arguments for environmental calculations. The EU legislation itself is seen as a background to all this discussion and is itself not scrutinized extensively by the various stakeholders. |
| Date: | 2019–11–28 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:5u6yp&r=all |
| By: | Mathilde Maurel (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CNRS - Centre National de la Recherche Scientifique); Thomas Pernet (UP1 UFR02 - Université Panthéon-Sorbonne - UFR d'Économie - UP1 - Université Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Zhao Ruili (SUIBE - Shangai University of International Business and Economics) |
| Abstract: | We study how a bank's involvement in a firm's financing may be in line with environmental policies pursued by the Chinese central government. Specifically, we evaluate the effectiveness of credit reallocation away from polluting projects when the government imposes stringent environmental policies. We combine the industries' financial dependencies with time, including cross-cities variation in policy intensity to identify the causal effect on the sulfur dioxide (SO2) emission. We find that SO2 emissions are lower in industries with high reliance on credits and stricter environmental regulations. Furthermore, our results suggest that locations with strong environmental policies lead firms to seek funding in less regulated areas, which confirms the pollution haven hypothesis. |
| Keywords: | Banks,Financial Dependency,Environmental regulation,China |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02423350&r=all |
| By: | Harkat, Tahar |
| Abstract: | A handful number of contributions have been trying to find a proper modeling strategy that captures the true dynamic relationship between energy consumption and economic development in different economies, but none of them targeted Morocco. The relationship between these latter variables have been the point of interest of many economists, as they provide solid insights and guidance to policy makers related to monitoring the use of energy as well as the preparation of new energy infrastructures to meet the existing demand for the different existing consumers. For this, the following contribution determines this relationship using Granger causality test, and empirical findings shows that Morocco supports the conservation hypothesis, meaning that the only causal link is unidirectional and goes from GDP to energy consumption. |
| Keywords: | Energy Consumption, GDP, Economic development, Granger causality, Morocco |
| JEL: | O13 P28 P48 Q43 |
| Date: | 2020–01–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:98313&r=all |
| By: | Jean-Claude Berthelemy (FERDI - Fondation pour les Etudes et Recherches sur le Développement International, Université de Paris 1 Panthéon Sorbonne (Université de Paris)) |
| Abstract: | This paper uses a meta-analysis to investigate the challenges of decentralized electrification for economic development. It uses an original database which has evaluation data on more than 400 projects. Technological innovations, notably for solar energy, are opening new space for electrification policy, based on off-grid systems, which are particularly relevant for remote rural areas. However there are two main challenges. Firstly due to the threshold effects associated with the size of the projects based on nano size systems, typically the popular Solar Home Systems (SHS). Nano systems do not reliably lead to the transformation effects which are necessary to ensure economic sustainability. This may lead to a poverty trap. Secondly the bigger the system, the bigger the need to organize collective action for planning, installation, and management. This collective action requires proper governance structures, which can be designed using Ostrom's framework for the management of common pools of resources. |
| Keywords: | Decentralized electrification,sustainable development,impact assessment,meta-analysis,poverty traps,common pool of resource |
| Date: | 2019–11–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02394467&r=all |
| By: | Basel Awartani (Westminster Business School, 35 Marylebone, London); Aktham Maghyereh (College of Business and Economics, United Arab Emirates University, Al-Ain, UAE); Julie Ayton (Westminster Business School, 35 Marylebone, London) |
| Abstract: | In this paper, we investigate the nature of asymmetry in the influence of oil price changes on output in five MENA countries. These are Saudi Arabia, Egypt, Kuwait, the United Arab Emirates, and Tunisia. To get more observation for our analysis, we proxy GDP with industrial output and hence our inference is based on a relatively larger sample compared to previous studies. The results that we obtain are interesting and intuitive. First, we find that growth in MENA countries is linked to oil in the sense that it benefits from higher oil prices and it gets hurt by a fall in the oil market. Moreover, there are pronounced short- and long-term asymmetries in the influence of oil on output. In particular, the output is faster to respond to increases in the oil price than it responds to decreases. The long-term influence to a rise in oil is also higher, though it is realized over a longer period. These results are important and can be used to guide policies that are concerned with stabilizing the economies of the MENA region against oil price fluctuations. |
| Date: | 2019–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:erg:wpaper:1342&r=all |
| By: | Semei Coronado (Departamento de Métodos Cuantitativos, Universidad de Guadalajara, Centro Universitario de Ciencias Económico Administrativas, Periférico Norte 799, Modulo M 201, Núcleo, Universitario los Belenes, Zapopan, Jalisco, 45100, México); Rangan Gupta (Department of Economics, University of Pretoria, Pretoria, 0002, South Africa); Saban Nazlioglu (Department of International Trade and Finance, Faculty of Economics and Administrative Sciences, Pamukkale University, Denizli, Turkey); Omar Rojas (Universidad Panamericana. Escuela de Ciencias Económicas y Empresariales. Álvaro del Portillo 49, Zapopan, Jalisco, 45010, México) |
| Abstract: | This paper analyzes time-varying causality between government bond and oil returns of the United States (US) over the monthly period of 1859:10 to 2019:03, i.e., the longest possible span of historical data, starting from the beginning of the modern era of the petroleum industry. While the standard constant parameter causality test fails to pick up any evidence of causality, the time-varying framework shows evidence of bi-directional spillovers over the entire sample period. The results are robust to inclusion of stock returns as a control variable in the model. We also detect evidence of time-varying causality-in-volatility between sovereign bond and oil markets, as well as spillovers in returns and volatility from the oil market to corporate bonds. |
| Keywords: | Bond and Oil Markets, Returns and Volatility Spillovers, Time-Varying Causality |
| JEL: | C32 G12 Q02 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:202006&r=all |
| By: | Yeva Nersisyan; L. Randall Wray |
| Abstract: | In this policy brief, Yeva Nersisyan and Senior Scholar L. Randall Wray argue that assessing the "affordability" of the Green New Deal is a question of whether there are suitable and sufficient real resources than can be mobilized to implement this ambitious approach to climate policy. Only after a careful resource accounting can we address the question of whether taxes and other means might be needed to reduce private spending to avoid inflation as the Green New Deal is phased in. Nersisyan and Wray provide a first attempt at resource budgeting for the Green New Deal, weighing available resources--including potential excess capacity and resources that can be shifted away from existing production--against what will be needed to implement the major elements of this plan to fight climate change and ensure a just transition to a more sustainable economic model. |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:lev:levppb:ppb_148&r=all |
| By: | Osterburg, Bernhard; Heidecke, Claudia; Bolte, Andreas; Braun, Julian; Dieter, Matthias; Dunger, Karsten; Elsasser, Peter; Fischer, Richard; Flessa, Heinz; Fuß, Roland; Günter, Sven; Jacobs, Anna; Offermann, Frank; Rock, Joachim; Rösemann, Claus; Rüter, Sebastian; Schmidt, Thomas G.; Schröder, Jobst-Michael; Schweinle, Jörg; Tiemeyer, Bärbel; Weimar, Holger; Welling, Johannes; de Witte, Thomas |
| Abstract: | Im vorliegenden Bericht wird dargestellt, welche Instrumente und Maßnahmen zur Erreichung der Sektorziels des Klimaschutzplans 2050 (KSP 2050) bis zum Jahr 2030 für die Landwirtschaft und zur Minderung von Emissionen und Steigerung der Senkenleistung im Bereich LULUCF notwendig sind. Dabei stehen Maßnahmen auf der Bundesebene im Mittelpunkt. Für die verschiedenen Handlungsfelder und Maßnahmen werden Instrumente zu deren Umsetzung diskutiert, die THG-Minderungspotentiale dargestellt, und Folgen auf Wirtschaft, Beschäftigung, Umwelt und Gesundheit abgeschätzt. Die analysierten Maßnahmen- und Ausgestaltungsoptionen sollen die Informationsgrundlage für die geplante Aufstellung des Maßnahmenprogramms zur Umsetzung des KSP 2050 verbessern. Der Bericht gibt den Arbeitsstand vom Sommer 2019 wieder. Eine Aktualisierung der Folgenabschätzung für die mittlerweile erfolgte Konkretisierung im Klimaschutzprogramm 2030 der Bundesregierung zur Umsetzung des Klimaschutzplans 2050 (Bundestagsdrucksache 19/ 13900 vom 11.10.2019) erfolgt in diesem Bericht nicht, dies bliebt darauf aufbauenden Arbeiten vorbehalten. |
| Keywords: | Klimaschutz,Landwirtschaft,LULUCF,Maßnahmen,Folgenabschätzung,Treibhausgase,climate mitigation,agriculture,LULUCF,measures,impact analysis,greenhouse gas emissions |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:jhtiwp:137&r=all |
| By: | Ximeng Fang; Lorenz Goette; Bettina Rockenbach; Matthias Sutter; Verena Tiefenbeck; Samuel Schoeb; Thorsten Staake |
| Abstract: | Behavioral policy often aims at overcoming barriers like imperfect information and limited attention that contribute to suboptimal consumer decisions. When multiple barriers are present, a single intervention that does not overcome all barriers simultaneously may fail to unfold its full potential. We conduct a three-month randomized field experiment on energy conservation in a resource-intensive everyday activity, using two different interventions. Home energy reports fail to reduce energy use despite achieving significant knowledge gains; real-time feedback induces considerable conservation effects. Strikingly, combining both interventions boosts these effects by over 50%. This showcases how barrier multiplicity can generate complementarities in behavioral interventions. |
| Keywords: | behavioral interventions, energy conservation, inattention, real-time feedback, home energy reports, policy interactions, randomized controlled trials |
| JEL: | D12 D83 Q41 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2020_149&r=all |
| By: | Horvath, Marco |
| Abstract: | To increase competition in the retail market for gasoline, Germany's Federal Cartel Office established the so-called Market Transparency Unit for Fuels (MTU). Drawing on a panel data set covering 6,834 stations in Germany and employing both fixed effect methods and a difference-in-difference approach, this study investigates the impact of the MTU on the price margins of gas stations. We find that the MTU fostered a more intense competition, with a reduction in price margins of 1-2 cents per liter. |
| Keywords: | retail gasoline,market transparency,price margin,competition |
| JEL: | Q41 D43 D83 L13 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:836&r=all |
| By: | Estelle Cantillon; Aurelie Slechten |
| Abstract: | A key policy argument in favor of emissions markets (relative to command-and-control types of regulation) is their ability to aggregate dispersed information and generate price signals to guide firms' trading and abatement decisions. We investigate this argument in a multi-period model where firms receive noisy private signals about their current period emissions and privately observe their previous period emissions before this information is made public to the rest of the market. Firms respond to information by trading and abating emissions. We show that there exists a rational expectations equilibrium that fully aggregates firms' private information, justifying the policy argument in favor of emissions markets, in the absence of other frictions. We also derive predictions about how prices should be reacting to new private or public information and show that the possibility of abatement dampens the impact of shocks on prices. Finally, we show that the information aggregation result breaks down if firms' abatement costs are also private information. |
| Keywords: | Information Aggregation, Efficient Market Hypothesis, Price Formation, Emissions Trading |
| Date: | 2018–12–15 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/284533&r=all |
| By: | Andrew Sharpe; John Tsang |
| Abstract: | The main goal of this report is to describe and explain the trends in productivity in Newfoundland and Labrador, as well as trends in the variables used in the calculation of productivity, including output, labour input, and capital input. The main take-away from the report is the importance of the oil and gas sector to the economy of Newfoundland and Labrador. That sector has been responsible for most of Newfoundland and Labrador's economic growth, and now accounts for the largest share of the province’s business sector value added among 2-digit NAICS subsectors, even though it employed only 3.8 per cent of the province’s business sector workers in 2018. Due to the size of the mining and oil and gas extraction sector, its productivity performance strongly affects the performance of the overall business sector, which continues to represent a major challenge for the province. However, looking at the business sector excluding mining and oil and gas, productivity growth does fare better. The data can be split in two periods. Driven by the mining and oil and gas extraction sector, Newfoundland and Labrador’s overall productivity experienced impressive growth from 1997 to 2007, with real business sector productivity advancing at a compound annual rate of 6.0 per cent. The situation changed dramatically after 2007 when oil and gas productivity plummeted. Real business sector productivity in the province declined during the 2007-2018 period at a rate of 1.2 per cent per year |
| Keywords: | Productivity, Output, Labour input, Capital input, Newfoundland and Labrador, Oil and mining |
| JEL: | O4 J11 L71 |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:sls:resrep:1906&r=all |
| By: | Kolcava, Dennis; Bernauer, Thomas |
| Abstract: | Societal efforts towards greening the economy are typically accompanied by controversy over whether voluntary initiatives by firms or government regulation are more effective to that end. Recent research shows that public opinion plays an important role in this regard because citizens’ preferences are crucial when democratic policy-makers decide. We investigate whether and how citizens’ general attitudes regarding the relationship between the private sector and government can help explain their policy preferences. We argue that whether citizens perceive the firms-state relationship as synergistic or antagonistic has an effect on their support for private sector self-regulation or government regulation respectively. We assess this argument based on information from a representative survey (N=1677) in Switzerland that covers four green economy issues: environmental impacts of consumption of peat, plastic packaging, climate- (un)friendly pension fund investments, and consumption of clothing. We find that citizens who regard the firms-state relationship in environmental policy-making as synergistic favor private sector self-regulation (with government rules potentially serving as a floor standard). In contrast, citizens who regard the firms-state relationship as antagonistic prefer either self-regulation or government intervention. We also observe that views on whether firms engage in self-regulation to gain a competitive economic advantage shape the perception of a synergistic firms-state relationship. Our findings are relevant to current green economy debates as policy-makers in Europe and elsewhere are trying to move beyond the ‘either firms or the state’ paradigm in regulatory environmental politics. |
| Date: | 2020–02–03 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:zsk43&r=all |
| By: | Mukaramah Harun |
| Abstract: | Malaysia is experiencing ever increasing domestic energy consumption. This study is an attempt at analyzing the changes in sectoral energy intensities in Malaysia for the period 1995 to 2011. The study quantifies the sectoral total, direct, and indirect energy intensities to track the sectors that are responsible for the increasing energy consumption. The energy input-output model which is a frontier method for examining resource embodiments in goods and services on a sectoral scale that is popular among scholars has been applied in this study. |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2001.02508&r=all |
| By: | Wietschel, Martin |
| Abstract: | [Zusammenfassung] Die Analysen zur Klimabilanz von in Deutschland genutzten Elektrofahrzeugen (BEV) gegenüber konventionellen Fahrzeugen zeigen, dass diese von verschiedenen Faktoren stark beeinflusst werden. Auf der einen Seite erhöht die derzeitige Tendenz zu Fahrzeugen mit höheren Batteriekapazitäten die Treibhausgasemissionen. Auf der anderen Seite zeigen die neuesten Studienergebnisse, dass die Batterieproduktion mit immer geringeren spezifischen Treibhausgasemissionen verbunden ist. Zusammen mit dem angestrebten Wandel im Stromsektor zu mehr Erneuerbarem Strom werden hierdurch die Emissionen an Klimagasen gesenkt. Wie sich die Effekte in der Summe auswirken, wurde in der vorliegenden Studie analysiert. In allen untersuchten Fällen weisen die BEV gegenüber den Diesel- und Benzin-Pkw eine positive Treibhausgasbilanz auf. Sie variiert allerdings sehr stark. Wird die Fahrzeugbatterie eines Mittelklasse-Pkw eher etwas kleiner gewählt (40 kWh) und liegen die spezifischen Treibhausgasemissionen bei der Batterieherstellung eher am unteren Ende der bekannten Studienwerte, dann muss ein in 2019 gekauftes BEV rund 52.000 km fahren, damit seine Treibhausgasbilanz gegenüber einem vergleichbaren Benzin-Pkw positiv wird. Dies gilt für die Nutzung des deutschen Strommixes beim Laden der Elektrofahrzeuge. Über die gesamte Fahrzeugnutzungsdauer werden die Treibhausgase in diesem Fall um 32 % reduziert. Wenn man auf der anderen Seite die Batteriekapazität sehr groß wählt (120 kWh bei einem Oberklassefahrzeug) und die höheren aus Studien bekannten Treibhausgaswerte der Batterieherstellung wählt, dann müssen schon rund 230.000 km zurückgelegt werden für eine positive Bilanz gegenüber einem vergleichbaren Diesel-Pkw (deutscher Strommix beim Fahrzeugladen, 2019 angeschafftes Fahrzeug). Die Einsparung an Klimagasen beträgt dann nur 4 % für die gesamte Nutzungszeit. Die Nutzung von nur Erneuerbarem Strom zum Laden der BEV hat einen sehr großen positiven Einfluss. Selbst hohe Batteriekapazitäten und hohe Treibhausgasemissionen während der Herstellung der BEV können damit vergleichsweise schnell kompensiert werden. Im Fall des Oberklasse-Pkw mit 120 kWh Batteriekapazität sind es dann ca. noch 100.000 km (66%ige THG-Einsparung über die Gesamtnutzung). Im Fall des Mittelklasse-Pkw (40 kWh Batteriekapazität) sind es unter 20.000 km (68%ige THG-Einsparung über die Gesamtnutzung). |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisisi:s012020&r=all |
| By: | Quentin Couix (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Panthéon-Sorbonne) |
| Abstract: | From a historical and methodological perspective, this paper focuses on empirical work on energy based on the aggregate production function, from the early 1970s to the late 2000s. It starts with the standard neoclassical approach, and in particular the controversy over the substitutability between capital and energy. Then it tackles the thermodynamic approach, which focuses on the explanation of the long-term growth. It shows continuity in the methodological issues raised by this work. At the theoretical level, the aggregate production function offers little conceptual insight into the physical aspects of the production process. At the empirical level, the results of estimates of energy production functions raise questions. In the neoclassical framework, the estimation is done indirectly through the cost function, so that the result is overdetermined by the marginal productivity pricing assumption. The thermodynamic approach proceeds in the opposite direction to a direct estimate, which encounters statistical problems no less important. If these difficulties relate more generally to the aggregate production function, energy issues reveal them in a very striking way. |
| Abstract: | Dans une perspective historique et méthodologique, cet article s'intéresse aux travaux empiriques sur l'énergie qui reposent sur la fonction de production agrégée du début des années 1970 à la fin des années 2000. Il traite dans un premier temps de l'approche néoclassique standard, et en particulier de la controverse sur la substituabilité entre le capital et l'énergie. Puis il aborde l'approche thermodynamique, davantage tournée vers l'explication de la croissance à long terme. Il montre une continuité dans les enjeux méthodologiques soulevés par ces travaux. Au niveau théorique, la fonction de production agrégée offre peu de prise conceptuelle pour rendre compte des aspects physiques du processus de production. Au niveau empirique, les résultats des estimations de fonctions de production avec énergie soulèvent des interrogations. Dans le cadre néoclassique, l'estimation est réalisée de manière indirecte via la fonction de coût, de sorte que le résultat est surdéterminé par l'hypothèse de rémunération à la productivité marginale. L'approche thermodynamique procède à l'inverse à une estimation directe, qui rencontre des problèmes statistiques non moins importants. Si ces difficultés concernent de manière plus générale la fonction de production agrégée, la question de l'énergie les révèle de façon très frappante. |
| Keywords: | energy,aggregate production function,growth accounting,thermodynamics,énergie,fonction de production agrégée,comptabilité de la croissance,thermodynamique |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02385521&r=all |
| By: | Peter Maniloff (Division of Economics and Business, Colorado School of Mines); Daniel T. Kaffine (Department of Economics, University of Colorado Boulder) |
| Abstract: | The traditional theory of firm regulation and enforcement examines the interplay of firms and regulator, with citizens as passive consumers of goods or providers of votes. However, in industries such as oil and gas, citizens can play an important role in inspections and enforcement, which we analyze with a novel dataset of Colorado regulatory activities. We find regulators frequently conduct follow-up inspections of citizen complaints, and these citizen-driven inspections are just as likely to lead to regulatory action as ``normal'' scheduled inspections. However, the evidence is consistent with regulators treating these complaints as ``one-offs'' --- regulators do not increase inspection activity of other wells owned by a firm that was complained about. An inspector conducting a complaint inspection crowds out two regular inspections at the daily level, but we find no evidence of crowd-out at time scales of one month or greater. Finally, heterogeneity across complaint types suggests citizens are particularly adept at identifying nuisance-related violations (e.g. noise, smell), but are less adept at identifying more technical violations. |
| Keywords: | enforcement, oil and gas, citizen participation |
| JEL: | Q58 Q48 K42 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:mns:wpaper:wp202001&r=all |
| By: | Jennifer Considine; Kang Wu; Ziyad Alfawzan; Sammy Six (King Abdullah Petroleum Studies and Research Center) |
| Abstract: | In this paper, joint oil stockpiling (JOS) refers to a commercial arrangement whereby crude oil, owned and commercially traded by an exporting country, is stored in an importing country in exchange for priority drawdown by the host country in the event of an emergency. It can thus be classified as both commercial and strategic storage (Doshi and Six 2017). |
| Keywords: | Asian Spot Markets, Joint Oil Stockpiling, Oil Markets, Oil Storage, Teapot refineries, Trade relations, Derivatives |
| Date: | 2020–01–23 |
| URL: | http://d.repec.org/n?u=RePEc:prc:dpaper:ks--2019-dp82&r=all |
| By: | Stanislav Anatolyev; Sergei Seleznev; Veronika Selezneva |
| Abstract: | We show that ETF arbitrage distorts the market reaction to fundamental shocks. We confirm this hypothesis by creating a new measure of the intensity of arbitrage transactions at the individual stock level and using an event study analysis to estimate the market reaction to economic shocks. Our measure of the intensity of arbitrage is the probability of simultaneous trading of ETF shares with shares of underlying stocks estimated using high frequency data. Our approach is direct, and it accounts for statistical arbitrage, passive investment strategies, and netting of arbitrage positions over the day, which the existing measures cannot do. We conduct several empirical tests, including the use of a quasi-natural experiment, to confirm that our measure captures uctuations in the intensity of arbitrage transactions. We focus on oil shocks because they contain a large idiosyncratic component which facilitates identication of our mechanism and interpretation of the results. Oil shocks are identified using weekly oil inventory announcements. |
| Keywords: | high-frequency data; stock market; ETF; arbitrage intensity; oil shock; market efficiency; |
| JEL: | G12 G14 G23 Q43 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:cer:papers:wp651&r=all |
| By: | Nicolas Taconet (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique); Céline Guivarch (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique); Antonin Pottier (EHESS - École des hautes études en sciences sociales) |
| Date: | 2019–12–13 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02408904&r=all |
| By: | Matteo Bonato (Department of Economics and Econometrics, University of Johannesburg, Auckland Park, South Africa and IPAG Business School, 184 Boulevard Saint-Germain, 75006 Paris, France); Konstantinos Gkillas (Department of Business Administration, University of Patras – University Campus, Rio, P.O. Box 1391, 26500 Patras, Greece); Rangan Gupta (Department of Economics, University of Pretoria, Pretoria, 0002, South Africa); Christian Pierdzioch (Department of Economics, Helmut Schmidt University, Holstenhofweg 85, P.O.B. 700822, 22008 Hamburg, Germany) |
| Abstract: | We use the heterogeneous autoregressive realized volatility (HAR-RV) model to analyze both in sample and out-of-sample whether a measure of investor happiness predicts the daily realized volatility of oil-price returns, where we use high-frequency intradaily data to measure realized volatility. Full-sample estimates reveal that realized volatility is significantly negatively linked to investor happiness at a short forecast horizon. Similarly, out-of-sample results indicate that investor happiness significantly improves accuracy of forecasts of realized volatility at a short forecast horizon. Results for a medium and a long forecast horizon are insignificant. We argue that our results shed light on the role played by speculation in oil products and the potential function of oil-related products as a hedge against risks in traditional financial assets. |
| Keywords: | Investor Happiness, Oil market, Realized Volatility, Forecasting |
| JEL: | G15 G17 Q02 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:202009&r=all |
| By: | Chris Bataille (Institut du Développement Durable et des Relations Internationales) |
| Abstract: | This paper discusses the main barriers and possible solutions to the decarbonisation of steel and cement industries. First, the paper details the economic, regulatory, technological and political economy barriers that impede a low carbon transition. Then, it addresses the role of material efficiency and enhanced recycling in greening these industries, and reviews the emerging and near commercial low- and zero- emissions production technologies. Finally, the policy packages that could contribute to trigger demand and supply decarbonisation of steel and cement are discussed. |
| Date: | 2020–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:oec:envddd:2020/02-en&r=all |
| By: | Janet Currie; John Voorheis; Reed Walker |
| Abstract: | Racial differences in exposure to ambient air pollution have declined significantly in the United States over the past 20 years. This project links restricted-access Census Bureau microdata to newly available, spatially continuous high resolution measures of ambient particulate pollution (PM2.5) to examine the underlying causes and consequences of differences in black-white pollution exposures. We begin by decomposing differences in pollution exposure into components explained by observable population characteristics (e.g., income) versus those that remain unexplained. We then use quantile regression methods to show that a significant portion of the "unexplained" convergence in black-white pollution exposure can be attributed to differential impacts of the Clean Air Act (CAA) in non-Hispanic African American and non-Hispanic white communities. Areas with larger black populations saw greater CAA-related declines in PM2.5 exposure. We show that the CAA has been the single largest contributor to racial convergence in PM2.5 pollution exposure in the U.S. since 2000, accounting for over 60 percent of the reduction. |
| JEL: | H4 I14 J18 Q5 Q53 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:26659&r=all |