biocarbon. One shock only, the discovery of the technology to use fossil fuels, leads to a transition from an initial pre … expressions for this price increase. Our calibration leads to a price increase of 40% if capital and labor are allowed to move to … the biocarbon sector. Otherwise, the price increase is much higher. We also use the model to analyze the consequences of …

sudden extreme price movements. This finding implies that, first, oil price signals are not reliable and, as a consequence … compromised. Second, this behavior is in stark contrast to the notion of deterministic trends in the price of oil. …

consumption and by exploring the direction of Granger causality between the two series. We also give evidence that house price …

debt and its ratio to GDP. Second, exploiting unit root analysis and cointegration, we test for the sustainability of …

(possibly unwarranted) homogeneity and proportionality restrictions are not imposed, and trivariate cointegration (stage …-three) tests between the nominal exchange rate, domestic and foreign price levels are carried out (instead of stationarity tests on …

This note uses insights from cointegration analysis to reexamine two separate but related issues concerning the … by Caballero, 1994) that rely on cointegration to recover production function parameters. …

operandi to analyze the time series characteristics of interest rates and to test for common features. We conduct cointegration …

countries give rise to a "multiplier effect": when a shock in the international food market drives up (down) its price … averse, food exporters may use trade policy to shield the domestic economy from large price shocks. This creates a … complementarity between the price of food in international markets and export policy. Specifically, unilateral actions by exporting …

competitive outcomes. We show that for the most typical demand functions, open-loop oil price will always be initially higher … incentive to initially price oil lower than the efficient level, resulting in more oil extraction and more climate damages. We …