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on Energy Economics |
| By: | Garratt, Anthony; Petrella, Ivan; Zhang, Yunyi |
| Abstract: | We evaluate US Energy Information Agencies (EIA) forecasts of the world petroleum market, emphasising the importance of taking a multivariate perspective, considering asymmetric loss and allowing for time-variation. Forecasts for total demand, total supply, total stock withdrawals and the oil prices are biased, with biases that change over time and differ across variables. A loss function that takes into account asymmetry and interdependence can rationalise these biases. The implied asymmetric loss gives less weight to under-prediction of both demand and supply, while for oil prices, we document significant regime changes in the implied loss due to asymmetry. The EIA forecasts dominate a simple random walk benchmark when evaluated using symmetric and independent loss in the form of MSE statistical criteria. Yet, when allowing for asymmetry and interdependence that rationalize the EIA forecasts, the performance of the EIA forecasts worsens and is comparable to the random walk benchmark. |
| Keywords: | EIA forecasts, oil market, forecast rationality, non-separable loss, asymmetric loss |
| JEL: | C32 C53 E37 Q47 |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:nsr:niesrd:541&r= |
| By: | Philippe Benoit; Silvia Zinetti; Joerie De Wit; Aditya Lukas |
| Keywords: | Energy - Electric Power Energy - Energy Conservation & Efficiency Energy - Energy Consumption Energy - Energy and Environment Water Supply and Sanitation - Town Water Supply and Sanitation Water Supply and Sanitation - Water Supply and Sanitation Economics |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35474&r= |
| By: | Peter Christensen; Paul Francisco; Erica Myers; Hansen Shao; Mateus Souza |
| Abstract: | Building energy efficiency has been a cornerstone of greenhouse gas mitigation strategies for decades. However, impact evaluations have revealed that energy savings typically fall short of engineering model forecasts that currently guide funding decisions. This creates a resource allocation problem that impedes progress on climate change. Using data from the largest U.S. energy efficiency program, we demonstrate that a data-driven approach to predicting retrofit impacts based on previously realized outcomes is more accurate than the status quo engineering models. Targeting high-return interventions based on these predictions dramatically increases net social benefits, from $0.93 to $1.23 per dollar invested. |
| JEL: | H50 Q4 |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:30467&r= |
| By: | Stergiou, Eirini |
| Abstract: | Green growth is recognized as the fundamental development strategy in Europe due to the immense pressure of environmental pollution, economic growth and energy usage. In this study, a non-radial directional distance function is used to measure environmental efficiency (ENE) of 54 industries from 28 European countries across the three sectors of an economy over the 2000-2014 period. The complexity of heterogeneity is examined by incorporating the metafrontier approach under distinct group frontiers. The results reveal that industries present higher levels of environmental efficiency within their sectors while manufacturing industries achieved the lowest progress in environmental efficiency. Thus, it is critical to introduce and implement sector-oriented policies rather than common guidelines for all European countries. |
| Keywords: | Environmental efficiency, Directional distance function, Metafrontier, Heterogeneity, European industries |
| JEL: | C44 D29 L23 Q01 Q53 Q56 Q57 |
| Date: | 2022–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:114635&r= |
| By: | Daniel de Wolf (TVES - Territoires, Villes, Environnement & Société - ULR 4477 - ULCO - Université du Littoral Côte d'Opale - Université de Lille); Ngagne Diop (TVES - Territoires, Villes, Environnement & Société - ULR 4477 - ULCO - Université du Littoral Côte d'Opale - Université de Lille); Moez Kilani (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The model, which is described in detail in Kilani et al. covers the North of France and includes both urban and intercity trips. It is a multi-agents simulation based on the MATsim framework and calibrated on observed traffic flows. We find that the decrease in emissions of pollutant gases decreases in comparable proportion to the market share of the electric vehicles. When only users with shorter trips switch to electric vehicles the impact is limited and demand for charging stations is small since most users will charge by night at home. When the government is able to target users with longer trips, the impact can be higher by more than a factor of two. But, in this case, our model shows that it is important to increase the number of charging stations with an optimized deployment for their accessibility. |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03763391&r= |
| By: | Anil Cabraal; William A. Ward; V. Susan Bogach; Amit Jain |
| Keywords: | Energy - Energy Conservation & Efficiency Energy - Energy Consumption Energy - Energy Technology & Transmission Energy - Renewable Energy Energy - Solar Energy |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35311&r= |
| By: | World Bank |
| Keywords: | Energy - Energy Consumption Energy - Hydro Power Energy - Renewable Energy Energy - Solar Energy Energy - Windpower |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35981&r= |
| By: | Oumaima Idrissi; Yasemin Orucu; Elin Hallgrimsdottir; Almudena Mateos Merino; Serhat Akin; Oumaima Idrissi |
| Keywords: | Energy - Energy and Environment Energy - Renewable Energy Energy - Thermal Energy Environment - Climate Change Mitigation and Green House Gases Environment - Environment and Energy Efficiency |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36083&r= |
| By: | Circella, Giovanni; Makino, Keita; Matson, Grant; Malik, Jai |
| Abstract: | This study investigates the disruptive changes brought to transportation by emerging technologies and the COVID-19 pandemic through the analysis of repeated cross-sectional datasets that were collected with multiple survey waves administered in various regions of the United States and Canada. The first data collection was administrated in 2019 through the recruitment of respondents with an online opinion company. As the COVID-19 pandemic started to disrupt the world starting in 2020, two additional rounds of data collection were carried out in Spring 2020 and Fall 2020, to study the disruptions in activity and travel patterns that were caused by the pandemic. Starting in 2020, the data collection was extended to 15 U.S. regions: Los Angeles, Sacramento, San Diego and San Francisco in California; Atlanta, Boston, Chicago, Denver, Detroit, Kansas City, New York, Salt Lake City, Seattle, Tampa and Washington D.C. in other U.S. regions. In addition, the study covered also Toronto and Vancouver in Canada. Several thousands of respondents participated in the various waves of surveys. Some of these respondents were part of the longitudinal component of the dataset, built through inviting previous survey respondents to participate in the new waves of data collection. Additional respondents were recruited using online opinion panels and convenience sampling. The study enabled by the analysis of the data collected with this series of surveys helps understand how mobility patterns are evolving in the country as new technologies disrupt the transportation sector and they evolve from the pre-pandemic to the post-pandemic era. It helps make planning decisions and guide policymaking through an annual data collection that allows us to collect critically-needed information on the evolution of travel patterns and the adoption of new transportation technologies and trends in the selected regions, every year. In this report, the researchers briefly describe the series of data collection and present some summary findings from the analysis of the data collected before and during the COVID-19 pandemic. View the NCST Project Webpage |
| Keywords: | Social and Behavioral Sciences, Longitudinal Data Collection, Individual Lifestyles, Shared Mobility, Travel Behavior, Vehicle Ownership, COVID-19 |
| Date: | 2022–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt6h44p57d&r= |
| By: | Olivier Chanel (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This article offers an approach incorporating latency into the process for evaluating long‑term mortality and into its economic valuation, following a temporary impact. It is applied to the effects of COVID‑19 activity restrictions, in the spring of 2020, on ambient air pollution in France. These effects are evaluated in terms of Life Years Gained (LYG) and in monetary terms for two air pollution indicators. This approach is compared to a standard estimate on the basis of difference. It gives results that are lower by a factor of 3.7 to 5.5 for LYG and, on account of the additional effect of discounting, gives an economic valuation that is lower by a factor of 4.7 to 6.9. These results show that an adapted valuation of the long‑term health benefits, then their translation into monetary terms, is essential in order to compare the long‑term consequences of temporary exogenous impacts or policies. |
| Abstract: | Cet article propose une approche intégrant le temps de latence dans le processus d'évaluation de la mortalité de long terme et dans sa valorisation économique, suite à un choc transitoire. Il l'applique aux conséquences des restrictions d'activité en lien avec la Covid‑19 au printemps 2020 sur la pollution de l'air ambiant en France. Ces conséquences sont évaluées en termes d'années de vie gagnées (AVG) ainsi qu'en termes monétaires pour deux indicateurs de pollution de l'air. Cette approche est comparée à une estimation standard par différence. Elle conduit à des résultats inférieurs d'un facteur 3.7 à 5.5 pour les AVG et, du fait de l'influence additionnelle de l'actualisation, à une valorisation économique inférieure d'un facteur 4.7 à 6.9. Ces résultats indiquent qu'une évaluation adaptée des bénéfices sanitaires de long terme, puis leur traduction en termes monétaires, est essentielle pour comparer les conséquences à long terme de politiques ou de chocs exogènes transitoires. |
| Keywords: | COVID‑19,long‑term mortality,activity restrictions,air pollution,economic valuation,Covid‑19,mortalité de long terme,restrictions d’activité,pollution de l’air,évaluation économique |
| Date: | 2022–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03778336&r= |
| By: | Circella, Giovanni; Makino, Keita; Matson, Grant; Malik, Jai |
| Abstract: | The proliferation of digital devices and online services over the past decades has changed how people travel, enabling new mobility options and offering greater opportunities for e-commerce and telework. Researchers are still trying to understand how these new technologies and emerging transportation services are being adopted by different socio-demographic groups, and what the current trends might mean for transportation sustainability. In 2019, researchers at UC Davis launched a national survey to gain insights on general travel behaviors and the adoption of various emerging technologies. The researchers looked at behaviors such as the adoption of smartphones and information and communication technology, telecommuting, new mobility options, electric vehicles, and other alternative-fuel vehicles. With the onset of the COVID-19 pandemic in early 2020, the researchers modified their plan to understand new trends, such as increased remote work, online/virtual meetings, and e-shopping, as well as changes in travel. The team launched additional rounds of surveys to collect information on several additional topics in spring 2020, fall 2020, and summer 2021 (with a new round of data collection planned for fall 2022). The longitudinal dataset provides insights into emerging changes in transportation patterns, including the generational or sociodemographic differences in those changes, before and during the COVID-19 pandemic. This policy brief describes the key discoveries from the research. View the NCST Project Webpage |
| Keywords: | Social and Behavioral Sciences, Longitudinal Data Collection, Individual Lifestyles, Shared Mobility, Travel Behavior, Vehicle Ownership, COVID-19 |
| Date: | 2022–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt4f01x6fg&r= |
| By: | Christian Cordes; Joshua Henkel |
| Abstract: | This paper relates channels of cultural transmission to "green nudging". It studies the effectiveness of this behavioral policy measure as to the promotion of sustainable consumption. The impact of "green nudges" is constrained for it is subject to decay and temporary behavioral adjustments. We argue that "enhanced green nudges" incorporating social learning biases that are based on humans' evolved capacity for culture are more likely to entail persistent behavioral changes due to the inducement of preference learning. We consider biases based on norm psychology, conformity, self-similarity, and the influence of role models. Moreover, these biases' effectiveness in cultural transmission hinges on whether the learning environment resembles the one in which they evolved during human phylogeny. Hence, "enhanced green nudges" are instruments to lastingly introduce environmentally begin consumption patterns. Several scenarios based on a model of cultural evolution illustrate our arguments. |
| Keywords: | Nudging, Cultural evolution theory, Consumption, Social learning, Sustainability |
| JEL: | A12 B52 D00 Q01 |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:atv:wpaper:2208&r= |
| By: | Dominik Englert; Andrew Losos |
| Keywords: | Transport - Transport Economics Policy and Planning Energy - Energy and Environment Energy - Fuels Environment - Climate Change Mitigation and Green House Gases Environment - Climate Change and Environment Environment - Marine Environment |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35436&r= |
| By: | Lassi Ahlvik; Inge van den Bijgaart |
| Abstract: | Green innovation is essential for climate change mitigation, but not all innovative projects deliver equal social value. We consider innovator heterogeneity in a model where the policy maker cannot observe innovation quality and directly subsidize the socially most valuable green innovations. We find that carbon pricing works as an innovation screening device; this creates a premium on the optimal carbon price, raising it above the Pigouvian level. We identify conditions for perfect screening and generalize results to screening policies under alternative intellectual property regimes and complementary policies. |
| Keywords: | carbon pricing, green innovation, optimal policy, R&D, screening |
| JEL: | O30 H23 Q55 Q58 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9931&r= |
| By: | D'Arcangelo, Maria Filippo; Galeotti, Marzio |
| Abstract: | This paper empirically investigates the effect of the European Emission Trading Scheme (EU ETS) on cross-country investments. To avoid carbon leakage, the scheme allocates a number of free allowances to firms at risk of relocating investments in areas outside the EU ETS. To study this problem, we employ a model of the firm’s investment decision in conjunction with novel firm-level data. In contrast with most previous literature, we stress the importance of firms’ heterogeneity in the analysis and leverage it. We derive conditions for the firm’s optimal emissions to construct a measure of investment sensitivity to carbon pricing from observed pollution data. This allows to identify the effect of the EU ETS on international investments by comparing the expected profits from investing in several different countries. We find that investments react to carbon pricing and that the effect is stronger for more polluting investments. However, the aggregate amount of diverted investments is small. We moreover show that the lost investments do not justify, alone, the generous compensations scheme aimed at retaining investments. |
| Keywords: | Environmental Economics and Policy, Financial Economics |
| Date: | 2022–10–06 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemwp:327158&r= |
| By: | Goran Durakovic; Pedro Crespo del Granado; Asgeir Tomasgard |
| Abstract: | Hydrogen will be a central cross-sectoral energy carrier in the decarbonization of the European energy system. This paper investigates how a large-scale deployment of green hydrogen production affects the investments in transmission and generation towards 2060, analyzes the North Sea area with the main offshore wind projects, and assesses the development of an offshore energy hub. Results indicate that the hydrogen deployment has a tremendous impact on the grid development in Europe and in the North Sea. Findings indicate that total power generation capacity increases around 50%. The offshore energy hub acts mainly as a power transmission asset, leads to a reduction in total generation capacity, and is central to unlock the offshore wind potential in the North Sea. The effect of hydrogen deployment on power prices is multifaceted. In regions where power prices have typically been lower than elsewhere in Europe, it is observed that hydrogen increases the power price considerably. However, as hydrogen flexibility relieves stress in high-demand periods for the grid, power prices decrease in average for some countries. This suggests that while the deployment of green hydrogen will lead to a significant increase in power demand, power prices will not necessarily experience a large increase. |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2209.10389&r= |
| By: | Nicolas Piluso (CERTOP - Centre d'Etude et de Recherche Travail Organisation Pouvoir - UT2J - Université Toulouse - Jean Jaurès - UT3 - Université Toulouse III - Paul Sabatier - Université Fédérale Toulouse Midi-Pyrénées - CNRS - Centre National de la Recherche Scientifique, UT3 - Université Toulouse III - Paul Sabatier - Université Fédérale Toulouse Midi-Pyrénées); Edwin Le Heron (CED - Centre Émile Durkheim - IEP Bordeaux - Sciences Po Bordeaux - Institut d'études politiques de Bordeaux - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique, Institut d'Études Politiques [IEP] - Bordeaux) |
| Abstract: | The paper analyzes the effects of introducing a corporate carbon tax on GDP and the effectiveness of this macroeconomic policy. The study is based on constructing a simple Keynesian model with flexible prices. It shows that the carbon tax can have a double beneficial effect on the economy in addition to its favorable effect on the environment: i.e., an increase in GDP and employment. The initial values (y = 100; C = 60; I = 18; G = 16; g(A) = 6) was used to simulate a positive shock of the carbon tax T, increasing from 1.75 to 1.9. The paper considers three different cases depending on the low (Case 1), medium (Case 2), or high (Case 3) sensitivity of the marginal propensity to consume in response to an increase in the prices of goods. In addition, case 4 is considered: stimulus policy associated with climate policy; and case 5 is: policy to increase nominal wages. The results show that the carbon tax can lead to an increase in prices. Although the tax does not excessively negatively affect consumption, it has a positive effect on GDP via the increase in green investments and the induced increase in public spending. Households are, therefore, not necessarily penalized because they benefit from the multiplier effects of the increase in public spending due to the introduction of the ecological tax. Furthermore, stimulus policy is even more effective when combined with an emissions tax. |
| Keywords: | pollution,carbon tax,inflation,fiscal policy,employment,GDP |
| Date: | 2022–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03777346&r= |
| By: | World Bank Group |
| Keywords: | Environment - Carbon Policy and Trading Environment - Climate Change Mitigation and Green House Gases Environment - Climate Change and Environment Environment - Environmental Economics & Policies |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36080&r= |
| By: | Mireille Chiroleu-Assouline (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Reprendre en France la trajectoire de la taxe carbone suppose de surmonter les nombreux obstacles à son acceptation par la population. Cet article recense d'abord les arguments propres à convaincre le public de l'efficacité de la tarification du carbone pour réduire les émissions. Puis, sur la base de la littérature et à la lumière d'expériences internationales, il expose des propositions de mesures d'accompagnement propres à combattre les effets potentiellement défavorables sur l'emploi, à traiter les questions d'équité, à répondre au besoin de justice sociale, et à permettre de restaurer la confiance politique indispensable à l'acceptation de politiques climatiques efficaces. |
| Keywords: | Politique climatique – Taxe carbone – Contribution climat-énergie – Acceptabilité – Inégalités |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03757114&r= |
| By: | Bettina Meinhart |
| Abstract: | International climate targets have far-reaching implications for all areas of the economy and life, including trade policy. To reach the target of the Paris Agreement, it may be necessary to link trade and environmental policy, whereby one way of linking the two policy areas is to include environmental provisions (EPs) in trade agreements. Several motives for including environmental concerns in trade agreements exist, ranging from promoting environmental cooperation and ensuring a level playing field to pursuing protectionist interests. In principle, the inclusion of environmental aspects is not a new development. Since the 1990s, EPs have been frequently integrated into trade agreements, for example on issues such as hazardous waste, deforestation or biodiversity protection. In recent years, as climate initiatives have gained prominence at the EU level, the number of EPs in trade agreements has steadily increased. Thereby, the inclusion of these concerns is very heterogeneous in terms of the subject matter and enforceability. A closer look at the enforceability indicator is crucial, because if EPs are not legally enforceable, addressing environmental concerns may not have an impact on trade and the environment. The European Commission is aware of this issue and therefore published the review of its policy chapter on trade and sustainable development in June 2022. This identifies how the contribution of EU trade agreements to promoting environmental protection can be improved, mentioning, among other actions, the strengthening of enforcement through trade sanctions as a last resort. Whether the current changes are effective in terms of environmental and trade impacts will be seen in further research. |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:wsr:pbrief:y:2022:i:055&r= |
| By: | Rupayan Pal (Indira Gandhi Institute of Development Research); Preksha Jain (Indira Gandhi Institute of Development Research); Prasenjit Banerjee (University of Manchester) |
| Abstract: | This paper analyses environmental regulation under corruption and explores the possibility to attain the first best - `no corruption and no pollution', with a special focus on implications of non-monetary incentives for firms to adapt green technology. It first demonstrates that (a) the effect of corruption control policies on the environment is not always positive, and (b) stricter environmental regulation intensifies the problem of corruption - implying a trade-off between environmental protection and corruption control. Next, it characterizes the `minimum environmental regulation', involving least-subsidy to green technology seller and minimum-tax on brown production, which implements the first best outcome in the equilibrium. Interestingly, by allowing for firm heterogeneity in terms of preferences for social reputation, it demonstrates that introduction of non-monetary incentives in a corrupt environment increases the burden on the government's exchequer, unlike as in absence of corruption possibilities. These results are robust, regardless of (a) whether corrupt transaction is initiated by bribee or briber and (b) whether bribe rate is exogenous or endogenous. |
| Keywords: | Green Technology Subsidy, Brown Tax, Social Status, Non-monetary Incentives, Reputation, Bribe, The first best |
| JEL: | H23 Q52 D73 Q58 K42 |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:ind:igiwpp:2022-011&r= |
| By: | World Bank |
| Keywords: | Energy - Energy and Mining Industry - Mining & Extractive Industry (Non-Energy) |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36359&r= |
| By: | Yaya, OlaOluwa S.; Ogbonna, Ahamuefula E.; Adesina, Ayobami O.; Alobaloke, Kafayat; Vo, Xuan Vinh |
| Abstract: | Extant literature establishes co-movements among commodity (metal and oil) prices; whereas oil price/shocks aggregate, as a lone predictor, has relative predictability for most financial assets. We assess the predictability of Baumeister and Hamilton's (2019) decomposed oil shocks (economic activity shocks, oil consumption demand shocks, oil inventory demand shocks, and oil supply shocks) for conditional volatilities of prominently traded precious metals (gold, palladium, platinum, and silver) using GARCH-MIDAS-X framework. The asymmetric effect of decomposed oil shocks on precious metals’ volatilities is examined. The DCC-MIDAS framework allows to investigate the conditional correlations and volatility between oil and precious metal prices. Results show that precious metals exhibit hedging potentials against oil demand and supply shocks, with heterogeneity observed in the precious metal-oil shocks nexus. Asymmetry is evident in the responses of metals’ volatility to oil shocks. DCC-MIDAS results reveal significant dynamic correlations between oil prices and precious metals (except for platinum). Our results are robust (sensitive) to precious metals (oil shocks) proxies. The findings are insightful for commodity market stakeholders. |
| Keywords: | GARCH-MIDAS; DCC-MIDAS; Disaggregated oil shocks; Dynamic correlation; Platinum |
| JEL: | C22 |
| Date: | 2022–09–23 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:114689&r= |
| By: | Alejandro Ome; Gerson Javier Pérez-Valbuena |
| Abstract: | We study the impact of natural resource royalties on educational outcomes in Colombia. We analyze a reform enacted in 2012 that made the distribution of these royalties more equitable. Before the reform, most royalties were assigned to the regions where the natural resources were exploited; with the reform non-producing regions started to receive royalties. We estimate the impact of the reform on regions that most benefited from it, using the international price of oil as an instrument in a difference-in-differences framework. We found positive impacts on enrollment in primary, secondary, and high schools, but no conclusive evidence on academic achievement at any of these levels. **** RESUMEN: En este documento estudiamos para Colombia el impacto de las regalías recibidas por la explotación de los recursos naturales en la educación. Para ello, analizamos la reforma promulgada en 2012 la cual pasó a distribuir los recursos en forma más equitativa. Antes de la reforma, la mayoría de regalías se asignaban a las regiones en donde se llevaba a cabo la explotación de los recursos naturales; con la reforma, los territorios no-productores comenzaron a recibir parte de estos recursos. Mediante un modelo de diferencia en diferencias, y utilizando el precio internacional del petróleo como instrumento, estimamos el impacto de la reforma en las regiones que más se beneficiaron de estos recursos. Los resultados muestran efectos positivos en el número de matriculados en educación primaria y secundaria, pero no se evidencian resultados concluyentes en los puntajes de las pruebas estandarizadas para ninguno de los niveles. |
| Keywords: | Royalties, education, public finance, instrumental variables, regalías, educación, finanzas públicas, variables instrumentales |
| JEL: | C43 D11 E21 E31 |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:region:313&r= |
| By: | World Bank |
| Keywords: | Energy - Energy and Mining Industry - Mining & Extractive Industry (Non-Energy) |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35504&r= |
| By: | World Bank |
| Keywords: | Energy - Hydro Power Environment - Environmental Protection Environment - Water Resources Management Water Resources - Dams and Reservoirs Water Resources - Hydrology Water Resources - Watershed Management Water Supply and Sanitation - Waste Disposal & Utilization Energy - Energy and Mining |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35491&r= |
| By: | World Bank |
| Keywords: | Energy - Hydro Power Energy - Renewable Energy Environment - Water Resources Management Water Resources - Dams and Reservoirs Water Resources - Water and Energy |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35485&r= |
| By: | World Bank |
| Keywords: | Environment - Carbon Policy and Trading Environment - Climate Change Impacts Environment - Climate Change Mitigation and Green House Gases Environment - Coastal and Marine Environment Environment - Ecosystems and Natural Habitats Environment - Environmental Economics & Policies Environment - Marine Environment |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35663&r= |
| By: | World Bank |
| Keywords: | Energy - Hydro Power Environment - Climate Change Impacts Environment - Water Resources Management Water Resources - Dams and Reservoirs Water Resources - Flood Control Water Resources - Hydrology Water Resources - River Basin Management Water Resources - Watershed Management |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35488&r= |
| By: | World Bank |
| Keywords: | Energy - Energy Consumption Energy - Energy and Environment Environment - Carbon Policy and Trading Environment - Climate Change Mitigation and Green House Gases Environment - Environmental Economics & Policies Macroeconomics and Economic Growth - Taxation & Subsidies |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35862&r= |
| By: | World Bank |
| Keywords: | Energy - Energy Policies & Economics Energy - Energy and Environment Energy - Energy and Natural Resources Environment - Air Quality & Clean Air Environment - Environment and Energy Efficiency Environment - Environmental Economics & Policies Environment - Environmental Management Private Sector Development - Enterprise Development & Reform Private Sector Development - Private Sector Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36215&r= |
| By: | World Bank |
| Keywords: | Energy - Oil & Gas Environment - Water Resources Management |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36214&r= |
| By: | World Bank |
| Keywords: | Environment - Adaptation to Climate Change Environment - Climate Change Mitigation and Green House Gases Urban Development - City Development Strategies Urban Development - Municipal Financial Management Urban Development - Transport in Urban Areas Urban Development - Urban Economic Development Urban Development - Urban Environment |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35929&r= |
| By: | World Bank |
| Keywords: | Environment - Climate Change and Environment Environment - Environmental Economics & Policies Environment - Green Issues Finance and Financial Sector Development - Finance and Development Finance and Financial Sector Development - Financial Regulation & Supervision |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35705&r= |
| By: | World Bank |
| Keywords: | Energy - Hydro Power Environment - Environmental Protection Environment - Water Resources Management Water Resources - Dams and Reservoirs |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35490&r= |
| By: | World Bank |
| Keywords: | Energy - Hydro Power Energy - Renewable Energy Environment - Environmental Protection Environment - Natural Disasters Environment - Water Resources Management Water Resources - Dams and Reservoirs |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35486&r= |
| By: | Eskedar Bahru Gessesse |
| Keywords: | Energy - Energy and Environment Environment - Climate Change Impacts Environment - Environment and Energy Efficiency Environment - Natural Disasters |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35665&r= |
| By: | Ernesto Sánchez-Triana |
| Keywords: | Environment - Environmental Disasters & Degradation Environment - Environmental Economics & Policies Environment - Environmental Governance Environment - Environmental Management Environment - Environmental Protection Environment - Natural Resources Management Environment - Pollution Management & Control Environment - Sustainable Land Management Environment - Water Resources Management |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36266&r= |
| By: | Jakob Vestergaard (Roskilde University, Denmark.) |
| Abstract: | Central banks can potentially influence the investment decisions of private financial institutions, which in turn will create incentives towards green technology adoption and development of lower emission business models. This paper examines how monetary policies can be deployed to promote a greening of finance. To guide the efforts, the paper mobilizes the Money View literature. This enables a comparative assessment of different monetary policy options. The main finding is that a promising way forward for green monetary policy is to adopt a strategy of expanding collateral eligibility through positive screening and widening haircut spreads to change relative incentives in favor of green over brown assets. |
| Keywords: | Climate change, green central banking, monetary policy, collateral policy, haircuts. |
| JEL: | E42 E52 E58 G18 G28 |
| Date: | 2022–07–02 |
| URL: | http://d.repec.org/n?u=RePEc:thk:wpaper:inetwp188&r= |
| By: | Adam Hale Shapiro |
| Abstract: | The extent to which either supply or demand factors drive inflation has important implications for economic policy. I propose a framework to decompose inflation into supply- and demand-driven components. I generate two new data series, the supply and demand-driven contributions to personal consumption expenditures (PCE) inflation, which quantify the degree to which either demand or supply is driving inflation in a current month. The series show expected time-series patterns. The demand-driven contribution tends to decline during recessions, while the supply-driven contribution tends to follow food and energy prices. Monetary policy tightening acts to reduce the demand-driven contribution of inflation. Oil-supply shocks act to increase the supply driven contribution, but decrease the demand-driven contribution of inflation. The decompositions can be used to test theory or by policymakers and practitioners to track inflation drivers in real time. |
| Keywords: | supply and demand; inflation; decomposition |
| Date: | 2022–09–22 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfwp:94836&r= |
| By: | Ann Wolverton; Ronald Shadbegian; Wayne B. Gray |
| Abstract: | While several papers examine the effects of renewable portfolio standards (RPS) on electricity prices, they mainly rely on state-level data and there has been little research on how RPS policies affect manufacturing activity via their effect on electricity prices. Using plant-level data for the entire U.S. manufacturing sector and all electric utilities from 1992 – 2015, we jointly estimate the effect of RPS adoption and stringency on plant-level electricity prices and production decisions. To ensure that our results are not sensitive to possible pre-existing differences across manufacturing plants in RPS and non-RPS states, we implement coarsened exact covariate matching. Our results suggest that electricity prices for plants in RPS states averaged about 2% higher than in non-RPS states, notably lower than prior estimates based on state-level data. In response to these higher electricity prices, we estimate that plant electricity usage declined by 1.2% for all plants and 1.8% for energy-intensive plants, broadly consistent with published estimates of the elasticity of electricity demand for industrial users. We find smaller declines in output, employment, and hours worked (relative to the decline in electricity use). Finally, several key RPS policy design features that vary substantially from state-to-state produce heterogeneous effects on plant-level electricity prices. |
| JEL: | Q48 Q52 |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:30502&r= |
| By: | Bas Smeets; Guan Schellekens; Thomas Bauwens; Harry Wilting |
| Abstract: | The environmental externalities of economic activities, such as anthropogenic climate change and pollution, have major social, environmental and economic consequences. Monetary valuation of these externalities is a widely acclaimed approach to better account for them in economic decisions, as it provides an appropriate price level for charging a Pigouvian tax. Yet, little research exists on the monetary valuation of the environmental externalities associated with Dutch economic activities and the impact of pricing them on the profitability of different sectors. To address this gap, this paper estimates the monetary value of 30 environmental externalities associated with the activities of 13 sectors and 163 subsectors for the year 2015, based on a global environmentally extended input-output model. It then compares these environmental costs with the financial performance of the sectors to provide an appraisal of potential profit at risk. The findings show that total environmental damage costs associated with the Dutch economy amount to EUR 50 Bn or 7.3% of Dutch GDP in 2015. They also demonstrate that some sectors (energy production, waste and sewage treatment, manufacturing, transport and agriculture) do not generate sufficient profit to cover their natural resource use and pollution costs. These sectors are particularly exposed to the transition risks associated with the internalization of these costs through, for instance, taxation or stricter regulation. It is especially important for financial institutions to be aware of the presence of these risks. The analysis within this research could help to introduce and improve standards and systems, including relevant regulations aimed at internalizing the external costs of production, extraction and consumption. Moreover, these tools can also support financial institutions to inform their heat mapping exercises, the assessment of materiality and/or measurement of environmental transition risks more broadly. |
| Keywords: | Externalities, Environment; Environmental Taxes and Subsidies; Valuation of Environmental Effects; Environmental Accounts and Accounting |
| JEL: | H23 F64 Q51 Q56 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:dnb:dnbwpp:719&r= |
| By: | Benedikt Maciosek; Mehdi Farsi; Sylvain Weber; Martin Jakob |
| Abstract: | The split incentive problem leads to under-investment in energy improvements of rental buildings. This prevents the large CO2 savings potential from being achieved and leads to disadvantages for tenants. New investment opportunities and a willingness of tenants to pay for investments made by the landlord have the potential to solve the problem. Against this background, the aim of this research project is to find out how the situation is perceived by tenants and what preferences and trade-offs affect their decision-making. To answer this, we conduct a discrete choice experiment (DCE) and analyse the choice behaviour of 680 Swiss tenants. Finally, we calculate their respective willingness to pay (WTP).The results show that tenants are really interested in energy investments, especially when it comes to renewable energy. Moreover, the willingness to pay for such improvements indicates that they consider the current situation to be in need of improvement. Interestingly, however, they do not value collective investment opportunities that can circumvent the split incentive problem, but are more willing to pay part of the investment costs if the landlord invests. However, they also value the purchase of renewable electricity to contribute to more sustainable consumption without the landlord’s action. Their choice is also affected by net-metering and subsidy treatments, which shows that targeted policies can help to promote the willingness to contribute to such investments and ultimately reach CO2 reduction goals. |
| Keywords: | Energy efficiency, Renewable energy, Choice experiment, Conditional logit models |
| JEL: | D12 L94 Q41 |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:irn:wpaper:22-08&r= |
| By: | Benedikt Maciosek; Mehdi Farsi; Sylvain Weber; Martin Jakob |
| Abstract: | Various energy investments are possible in residential buildings. Owners’ opportunities are moreover extending with smart technologies and optimisation options, as well as with the rise of collective investment projects. In this context, we investigate owners’ investment decisions by conducting a discrete choice experiment that includes all these elements. Our experiment allows to evaluate the willingness-to- pay (WTP) for investing in energy efficiency and for purchasing renewable energy. The effect of several energy policies is also investigated using treatment information messages displayed to randomly selected respondents. The results based on our sample of 1,451 Swiss homeowners suggest that WTP for energy investments is positive but marginally decreasing, so that it may be insufficient for very sophisticated and expensive investments. A general paradigm shift is not evident from our results, as the respondents prefer investing alone rather than collectively. Also, load management and storage appear to be valued only in combination but not separately. Amongst all policies, only for a binding CO2 cap per square meter of the accommodation a significant effect can be detected. |
| Keywords: | Energy efficiency, Renewable energy, Choice experiment, Conditional logit models |
| JEL: | D12 L94 Q41 |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:irn:wpaper:22-06&r= |
| By: | Marcus J. Wishart; Satoru Ueda; John D. Pisaniello; Joanne L. Tingey-Holyoak; Kimberly N. Lyon; Esteban Boj Garcia |
| Keywords: | Energy - Hydro Power Water Resources - Dams and Reservoirs Water Resources - Transboundary Water Management Water Resources - Water Policy & Governance |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35999&r= |
| By: | Ajayi, V.; Pollitt, M .G. |
| Abstract: | This paper discusses some of the fundamental issues related to the future growth of productivity under net zero climate change policies. The aim of the paper is to discuss just how challenging it will be for an advanced economy with a net zero target to grow total factor productivity. The paper proceeds as follows. We begin by discussing the concept of green growth and a green industrial revolution. The focus of economic development here is on growth with minimal environmental impact. We then relate the green economy to the circular economy. The circular economy emphasises reduced material consumption and increased material recycling. We then discuss GDP measurement and how this relates to productivity growth under climate policies. Finally, we use a worked example of the projected growth under net zero of the electricity sector in Great Britain to show just how challenging raising even maintaining the level of TFP will be in that sector in the years out to 2050. |
| Keywords: | Green growth, net zero, circular economy, future energy scenarios, productivity. |
| JEL: | D24 O44 Q53 Q54 |
| Date: | 2022–10–05 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2255&r= |
| By: | Robert Lehmann; Sascha Möhrle |
| Abstract: | In this paper, we study the predictive power of electricity consumption data for regional economic activity. Using unique weekly and monthly electricity consumption data for the second-largest German state, the Free State of Bavaria, we conduct a pseudo out-of-sample forecasting experiment for the monthly growth rate of Bavarian industrial production. We find that electricity consumption is the best performing indicator in the nowcasting setup and has higher accuracy than other conventional indicators in a monthly forecasting experiment. Exploiting the high-frequency nature of the data, we find that the weekly electricity consumption indicator also provides good predictions about industrial activity in the current month even with only one week of information. Overall, our results indicate that regional electricity consumption offers a promising avenue to measure and forecast regional economic activity. |
| Keywords: | electricity consumption, real-time indicators, forecasting, nowcasting |
| JEL: | E17 E27 R11 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9917&r= |
| By: | Willi Semmler; Joao Paulo Braga; Andreas Lichtenberger; Marieme Toure; Erin Hayde |
| Keywords: | Public Sector Development - Public Sector Economics Environment - Carbon Policy and Trading Environment - Climate Change Mitigation and Green House Gases Environment - Environmental Economics & Policies Environment - Green Issues |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35795&r= |
| By: | World Bank |
| Keywords: | Energy - Hydro Power Water Resources - Dams and Reservoirs Water Resources - Flood Control |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35489&r= |
| By: | Chandrasekar Govindarajalu; Fernando de Sisternes; Sandra Chavez |
| Keywords: | Energy - Electric Power Energy - Energy Conservation & Efficiency Energy - Energy and Environment Energy - Renewable Energy |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35666&r= |
| By: | Dongwei Zhao; Hao Wang; Jianwei Huang; Xiaojun Lin |
| Abstract: | The increasing penetration of renewable energy poses significant challenges to power grid reliability. There have been increasing interests in utilizing financial tools, such as insurance, to help end-users hedge the potential risk of lost load due to renewable energy variability. With insurance, a user pays a premium fee to the utility, so that he will get compensated in case his demand is not fully satisfied. A proper insurance design needs to resolve the following two challenges: (i) users' reliability preference is private information; and (ii) the insurance design is tightly coupled with the renewable energy investment decision. To address these challenges, we adopt the contract theory to elicit users' private reliability preferences, and we study how the utility can jointly optimize the insurance contract and the planning of renewable energy. A key analytical challenge is that the joint optimization of the insurance design and the planning of renewables is non-convex. We resolve this difficulty by revealing important structural properties of the optimal solution, using the help of two benchmark problems: the no-insurance benchmark and the social-optimum benchmark. Compared with the no-insurance benchmark, we prove that the social cost and users' total energy cost are always no larger under the optimal contract. Simulation results show that the largest benefit of the insurance contract is achieved at a medium electricity-bill price together with a low type heterogeneity and a high renewable uncertainty. |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2209.10363&r= |
| By: | Ander Iraizoz (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); José M Labeaga (UNED - Universidad Estatal a Distancia) |
| Abstract: | In this paper, we study the effect of spatial tax differentials on fuel tax pass-though and sales responses. We use two-way fixed effects methods to exploit regional variation in diesel excise taxes in Spain. Using a dataset containing daily diesel prices for the universe of petrol stations in Spain, we find that diesel tax pass-through is asymmetric depending on the sign of tax differentials with bordering regions. Petrol stations bordering with lower tax regions pass-through only 56% of fuel taxes, petrol stations bordering with higher tax regions pass-through 120% of fuel taxes. We provide evidence to attribute the asymmetric spatial incidence of fuel taxes to the market power given by the competitive tax advantage relative to competitors. Furthermore, we use diesel sales data aggregated at the province level and we find significant spatial tax avoidance responses to regional fuel tax differentials. |
| Keywords: | Automotive Fuel,Tax Incidence,Spatial Avoidance |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-03789430&r= |
| By: | Dominik Englert; Andrew Losos; Carlo Raucci; Tristan Smith |
| Keywords: | Transport - Transport Economics Policy and Planning Energy - Energy and Environment Energy - Fuels Environment - Air Quality & Clean Air Environment - Climate Change Mitigation and Green House Gases Environment - Climate Change and Environment Environment - Marine Environment |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35437&r= |
| By: | Benedikt Maciosek; Mehdi Farsi; Sylvain Weber; Martin Jakob |
| Abstract: | Complexity within the decision-making process can inhibit energy investment for residential buildings. In this paper we explore effects of complexity on investment behaviour, as well as the impact of experience with similar investments and of subsidies as a promoting policy tool. To shed light on these issues, we conduct a discrete choice experiment (DCE) among homeowners. Furthermore, we investigate appreciation of a simplifying one-stop-shop concept and calculate the willingness to invest. Our results show that homeowners are interested in energy investments and have a positive but decreasing marginal willingness to invest. Subsidies matter for investment choices and their effect more than offsets the negative impact of costs. Experience with similar investments plays a role for single home owners and especially those who are familiar with subsidies seem to be interested in the one-stop-shop concept. |
| Keywords: | Energy efficiency, Renewable energy, Discrete choice experiment, Conditional logit models |
| JEL: | D12 L94 Q41 |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:irn:wpaper:22-07&r= |
| By: | Jolien Noels (OECD); Raphaël Jachnik (OECD) |
| Abstract: | This paper analyses existing methodologies developed by commercial services providers, research institutes or civil society organisations for investors and financial institutions, to assess the alignment of their assets and portfolios with the Paris Agreement temperature goal. The analysis is based on four main analytical dimensions: coverage of financial asset classes, choice of greenhouse gas (GHG) performance metrics, selection of climate change mitigation scenarios, and approach for aggregating alignment assessment for a given asset class and at portfolio level. Within these dimensions, the analysis highlights that a range of different and complex methodological choices, as well as current scope and data limitations, impact the environmental integrity and policy relevance of alignment or misalignment results. The paper provides suggestions for improved and more comprehensive financial sector alignment assessment. These include the development of different complementary methodologies to cover a broader range of financial asset classes than the current main focus on listed corporate equity, the development of more tailored mitigation scenarios by climate policy and science communities, better communication of uncertainties by all stakeholders, and the need for a series of indicators to assess progress and impacts that include but are not limited to GHG based alignment assessments. |
| Keywords: | climate alignment assessment methodologies, climate change mitigation scenarios, finance, greenhouse gas emissions, Investment |
| JEL: | G23 G24 Q54 Q56 |
| Date: | 2022–10–04 |
| URL: | http://d.repec.org/n?u=RePEc:oec:envaaa:200-en&r= |
| By: | Milien Dhorne; Claire Nicolas; Christopher Arderne; Juliette Besnard |
| Keywords: | Energy - Electric Power Energy - Energy Conservation & Efficiency |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35473&r= |
| By: | Dominik Englert; Andrew Losos; Carlo Raucci; Tristan Smith |
| Keywords: | Transport - Transport Economics Policy and Planning Energy - Fuels Environment - Air Quality & Clean Air Environment - Climate Change Mitigation and Green House Gases Environment - Marine Environment |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35435&r= |