Book Review

New and renewable energy (NRE) has been paid much attention as a core alternative energy that can respond to the depletion of fossil fuel, the global movement to address climate change, and recent high oil prices because it is more environment-friendly and sustainable than fossil fuel. As the...

In recent years, many countries put an emphasis on the development and deployment of renewable energy to cope with the global environmental crisis such as depletion of fossil energy, climate convention to control emissions of greenhouse gases. Among the various new and renewable energy sources,...

Using the marginal likelihood of the residual, we propose new score type unit root tests for heterogeneous panels. Our tests are more powerful than the t-bar test of Im et al. (2003) for panels with many cross-sectional units and short time spans.

We propose new tests for cointegration based on signs of the residuals of the conventional t-test. Our tests have the limiting normal distribution under the null hypothesis and are robust to heavy tailed disturbances. A Monte-Carlo simulation shows the new tests have a stable size property and...