Patterns of convergence in per-capita consumption of energy and electricity are studied from a large cross-country data set covering the period 1971–2007. Along with unconditional β-convergence, we use σ-convergence criterion and a simple model of conditional β-convergence. The exploration...

Examinations of the dynamics of daily returns and volatility in stock markets of the U.S., Hong Kong and mainland China (Shanghai and Shenzhen) over 2 January 2001 to 8 February 2013 suggest: (1) evidence of unidirectional return spillovers from the U.S. to the other three markets; but no...

We examine the usefulness of several ARIMA-GARCH models for modeling and forecasting the conditional mean and volatility of weekly crude oil spot prices in eleven international markets over the 1/2/1997-10/3/2009 period. In particular, we investigate the out-of-sample forecasting performance of...

Examination of the upstream-downstream pricing behavior in U.S. natural gas industry reveals that: (a) natural gas markets are integrated but subject to regime shifts and asymmetric adjustments, suggesting market imperfections. (b) Demand- and supply-side shocks play important roles in...

We examine the long-run relations and short-run dynamics among the three primary energy prices-coal, natural gas and crude oil-using the annual and monthly US data for the post-1970 period. The results are consistent with the view that oil prices are determined globally; natural gas prices are...

This study examines two distinguishing predictions of the finite-horizon open-economy macroeconomic models regarding the effect of fiscal policy on the current account balance: (1) Given the path of government expenditures, a fall in public savings has an adverse effect on the current account...

Attiat Ott and Richard Cebula have recognised the need to present, in an accessible and straightforward way, the voluminous literature in the public economics arena. Advances in econometric techniques and the spillover of knowledge from other disciplines made it difficult, not only for students...

We test the validity of the Dutch disease hypothesis by examining the relationship between real oil prices and real exchange rates in a sample of fourteen oil exporting countries. Autoregressive distributed lag (ARDL) bounds tests of cointegration support the existence of a stable relationship...