This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...

This paper proposes a semiparametric analysis for the study of the relationship between energy consumption per capita and income per capita for an international panel data. It shows little evidence for the existence of an environmental Kuznets curve for energy consumption. Energy consumption...

We analyze the performance of the Maastricht convergence criteria (inflation, long-term interest rate, annual and overall public debt to GDP) of the European Monetary Union (EMU) that led to the introduction of the Euro on Jan. 1st 1999 as book currency. For our analysis we define 3 regimes: a)...

This paper re-examines the issue of asymmetries in the transmission of shocks to crude oil prices onto the retail price of gasoline. Relative to the previous literature, the distinguishing features of the present paper are - i) use of updated and comparable data to carry out an international...

We utilize non-linear models to examine the stationarity of oil prices (Brent, Dubai, WIT and World) over the period 1973:2-2011:2. Real oil prices are calculated and expressed in the domestic currencies of seven Asian countries (Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore and...

In 1973-1974, the U.S. faced the so-called “Energy Crisis” due to the Arab oil embargo and a quadrupling of world crude oil prices by OPEC. This led the U.S. to use a” Price Control” policy in the domestic energy market. The effects of such policy are explored and well documented....

This work discusses potential pitfalls of applying linear regression models to explaining the relationship between spot and futures prices in electricity markets. We briefly introduce the theory for the analysis of the spot-futures price relationship and highlight selected issues of multiple...

This paper presents the results from our investigation of the per-capita, long- term relation between carbon dioxide emissions and gross domestic product (GDP) for the world, obtained with the use of a new, exible estimator. Consistent with simple economic growth models, we find that regional,...