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Finance and Carbon Emissions
De Haas, Ralph - 2019
We study the relation between the structure of financial systems and carbon emissions in a large panel of countries and industries over the period 1990-2013. We find that for given levels of economic and financial development and environmental regulation, CO2 emissions per capita are lower in...
Persistent link: https://www.econbiz.de/10012862199
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Macroeconomic Effects of Carbon Transition Policies : An Assessment Based on the Ecb's New Area-Wide Model with a Disaggregated Energy Sector
Coenen, Günter; Priftis, Romanos; Lozej, Matija - 2023
We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB’s New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes...
Persistent link: https://www.econbiz.de/10014354636
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Granger Causality and Regime Inference in Bayesian Markov-Switching VARs
Droumaguet, Matthieu - 2015
We derive restrictions for Granger noncausality in Markov-switching vector autoregressive models and also show under which conditions a variable does not affect the forecast of the hidden Markov process. Based on Bayesian approach to evaluating the hypotheses, the computational tools for...
Persistent link: https://www.econbiz.de/10013020665
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Global financial markets and oil price shocks in real time
Venditti, Fabrizio; Veronese, Giovanni - 2020
The role that the price of oil plays in economic analysis in central banks as well as in financial markets has evolved over time. Oil is not seen anymore just as a input to production but also as a barometer of global economic activity as well as a financial asset. A high frequency structural...
Persistent link: https://www.econbiz.de/10012422134
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Much ado about nothing? The shale oil revolution and the global supply curve
Foroni, Claudia; Stracca, Livio - 2019
We focus on the implications of the shale oil boom for the global supply of oil. We begin with a stylized model with two producers, one facing low production costs and one higher production costs but potentially lower adjustment costs, competing á la Stackelberg. We find that the supply...
Persistent link: https://www.econbiz.de/10012142153
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Global Financial Markets and Oil Price Shocks in Real Time
Venditti, Fabrizio; Veronese, Giovanni - 2021
The role that the price of oil plays in economic analysis in central banks as well as in financial markets has evolved over time. Oil is not seen anymore just as a input to production but also as a barometer of global economic activity as well as a financial asset. A high frequency structural...
Persistent link: https://www.econbiz.de/10013315299
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Much Ado About Nothing? The Shale Oil Revolution and the Global Supply Curve
Foroni, Claudia; Stracca, Livio - 2021
We focus on the implications of the shale oil boom for the global supply of oil. We begin with a stylized model with two producers, one facing low production costs and one higher production costs but potentially lower adjustment costs, competing à la Stackelberg. We find that the supply...
Persistent link: https://www.econbiz.de/10013315351
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Combining Time-Variation and Mixed-Frequencies : An Analysis of Government Spending Multipliers in Italy
Cimadomo, Jacopo - 2015
, we use this model to study the macroeconomic effects of government spending shocks in Italy over the 1988Q4-2013Q3 period …. Italy - as well as most other euro area economies - is characterised by short quarterly time series for fiscal variables … output in Italy. The fiscal multiplier, which is maximized at the one year horizon, follows a U-shape over the sample …
Persistent link: https://www.econbiz.de/10013013646
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Credit Constraints, Firm Investment and Growth : Evidence from Survey Data
Garcia-Posada, Miguel - 2018
We assess the impact of credit constraints on investment, inventories and other working capital and firm growth with a large panel of small and medium-sized enterprises from 12 European countries for the period 2014-2016. The data come from the Survey on the access to finance of enterprises...
Persistent link: https://www.econbiz.de/10012928556
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Autoregressions in Small Samples, Priors about Observables and Initial Conditions
Jarocinski, Marek - 2010
We propose a benchmark prior for the estimation of vector autoregressions: a prior about initial growth rates of the modeled series. We first show that the Bayesian vs frequentist small sample bias controversy is driven by different default initial conditions. These initial conditions are...
Persistent link: https://www.econbiz.de/10013136582