Remarks before the Puerto Rico Chamber of Commerce Annual Convention, Fajardo, Puerto Rico.

A common view in the literature is that the effect of energy price shocks on macroeconomic aggregates is asymmetric in energy price increases and decreases. We show that widely used asymmetric vector autoregressive models of the transmission of energy price shocks are misspecified, resulting in...

We all pay dearly when congestion chokes the electrical system. A resurgence of transmission investment in the district promises relief—if new lines actually get built.

Though growing, renewable fuel isn’t likely to help save rural economies or kick an oil habit.

Wilmington Club, Wilmington, Del., July 24, 2007