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Gold, Oil, and Stocks: Dynamic Correlations
Baruník, Jozef; Kocenda, Evžen; Vácha, Lukáš - CESifo - 2015
assets (gold, oil, and stocks) covering the period from 1987 to 2012. The analysis is performed on both intra-day and daily …
Persistent link: https://www.econbiz.de/10011272625
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UK Natural Gas: Gas-Specific or Oil Driven Pricing?
Asche, Frank; Oglend, Atle; Osmundsen, Petter - CESifo - 2013
In this paper we investigate the time-varying relationship between oil and natural gas in the UK. We develop a model … endogenously accounts for periods where oil and natural gas temporarily decouple due to gas specific pricing. We show that gas … the time of the year. Most of the reversion back to oil occurs in spring and summer when demand for gas to heating and …
Persistent link: https://www.econbiz.de/10010721610
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OPEC's Market Power: An Empirical Dominant Firm Model for the Oil Market
Golombek, Rolf; Irarrazabal, Alfonso A.; Ma, Lin - CESifo - 2013
In this paper we estimate a dominant firm-competitive fringe model for the crude oil market using quarterly data on oil … indicate that world GDP is the main driver of long-run oil prices, however, supply (depletion) factors have become more …
Persistent link: https://www.econbiz.de/10010721612
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The Political Economics of the Arab Spring
Hodler, Roland - CESifo - 2012
power if their country is oil-poor, but can stay in power by bribing the people if their country is oil-rich. Dictators from …
Persistent link: https://www.econbiz.de/10010598509
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Modeling UK Natural Gas Prices when Gas Prices Periodically Decouple from the Oil Price
Asche, Frank; Oglend, Atle; Osmundsen, Petter - CESifo - 2015
When natural gas prices are subject to periodic decoupling from oil prices, for instance due to peak-load pricing … address these issues. Our regime switching model uses price data to infer whether pricing is oil-driven (integrated) or gas …-specific (decoupled). We find that UK natural gas (ICE) and oil (Brent) are cointegrated for the majority of the sample considered (1997 …
Persistent link: https://www.econbiz.de/10011194232
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Immunity
Reddy, Karthik; Schularick, Moritz; Skreta, Vasiliki - CESifo - 2013
Legal provisions that protect politicians from arrest and prosecution exist throughout much of the modern democratic world. Why, and with what effects, do societies choose to place their politicians above the law? We examine the institution of immunity both theoretically and empirically. Our...
Persistent link: https://www.econbiz.de/10010877744
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Identification of Voters with Interest Groups Improves the Electoral Chances of the Challenger
Sadiraj, Vjollca; Tuinstra, Jan; Winden, Frans Van - CESifo - 2010
Interest groups are introduced in a spatial model of electoral competition between two political parties. We show that, by coordinating voting behavior, these interest groups increase the winning set, which is defined as the set of policy platforms for the challenger that will defeat the...
Persistent link: https://www.econbiz.de/10008596579
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Why does Environmental Policy in Representative Democracies Tend to be Inadequate? A Preliminary Public Choice Analysis
Kollmann, Andrea; Schneider, Friedrich - CESifo - 2010
There is a widespread consensus among the most important players in developed countries (voters, politicians, producers, traditional and green interest groups and bureaucracies) that a shift towards an eco-social market economy is essential for sustainable growth. Nevertheless, market-based...
Persistent link: https://www.econbiz.de/10008727290
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On the Size of the Winning Set in the Presence of Interest Groups
Sadiraj, Vjollca; Tuinstra, Jan; Winden, Frans van - CESifo - 2006
Interest groups are introduced in a spatial model of electoral competition between two political parties. We show that the presence of these interest groups increases the winning set, which is the set of policy platforms for the challenger that will defeat the incumbent. Therefore interest...
Persistent link: https://www.econbiz.de/10005765946
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On the Political Economy of Environmental Policy
Kirchgässner, Gebhard; Schneider, Friedrich - CESifo - 2002
In the past there was hardly any use of economic instruments in environmental policy, mainly command and control measures were used. More recently, ecological taxes as well as tradable permits became more popular and voluntary agreements have been imple-mented. Using the Public Choice ap-proach...
Persistent link: https://www.econbiz.de/10005051508