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Models that treat innovations to the price of energy as predetermined with respect to U.S. macroeconomic aggregates are widely used in the literature. For example, it is common to order energy prices first in recursively identified VAR models of the transmission of energy price shocks. Because exactly identifying assumptions are inherently untestable, this approach in practice has required an act of faith in the empirical plausibility of the delay restriction used for identification. An alternative view that would invalidate such models is that energy prices respond instantaneously to macroeconomic news, implying that energy prices should be ordered last in recursively identified VAR models. In this paper, we propose...
DURING the past 30 years the industrial world has spent more than $200 billion in attempts to produce useful energy from nuclear fission. Many of the seminal events and personalities in this unprecedented effort have already passed into legend . There was the drama of the converted University of Chicago squash court where, under the leadership of the virtually canonized Enrico Fermi, a group of scientists operated the world's first atomic reactor. There was the poetry of J. Robert Oppenheimer's recollection of the ominous lines from a sacred Hindu text two and one-half years later at Alamogordo. If the radiance of a thousand suns were to burst at once into the sky, that would be like the splendor of the Mighty One...
Categories: Publication; Types: Citation; Tags: Ecology, Perspective, Systems