This paper empirically investigates the cointegrating relationship between crude oil prices and global economic activity. The Kilian economic index is used as an indicator of global economic activity. Based on a supply-demand framework and the cointegration theory, we find that real futures...

This paper investigates the effects of electricity reforms on productivity and efficiency of China's generation plants, based on the third industrial census data and the first economic census data. Partial factor productivity (PFP) analysis indicates that the productivity improvements in labor...