Oil recently topped the symbolic mark of $50 a barrel. There are several explanations for this spectacular jump in oil prices: the war in Iraq, the Venezuelan crisis, conflict in Nigeria, the Yukos affair in Russia... But this surge is not uniquely the result of temporary factors. Even though...

The effectiveness of unilateral action to curb carbon emissions has been dismissed because of possible “carbon leakages”, this referring to the rise of emissions in non-participating countries. This paper offers a general equilibrium (GE) exploration of the key mechanisms and factors...

We propose a model of seasonal gas markets which is flexible enough to include supply and demand shocks while also considering natural gas as an exhaustible resource. Using US data, we estimate the model’s structural parameters and test economically founded restrictions. We analyze,...