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How much does real GDP respond to unanticipated changes in the real price of oil? Commonly used censored VAR models suggest a substantial decline in real GDP in response to unexpected increases in the real price of oil, yet no response to unexpected declines. We show that these estimates are invalid. Based on a structural model that encompasses both symmetric and asymmetric models as special cases, correctly computed impulse responses are of roughly the same magnitude in either direction, consistent with formal tests for symmetric responses. We discuss implications for theoretical models and for policy responses to energy price shocks.
Noise exposure is known to cause hearing loss and a variety of disturbances, such as annoyance, hypertension and loss of sleep. It is generally accepted that these situations are caused by the acoustical events processed by the auditory system. However, there are acoustical events that are not necessarily processed by the auditory system, but that nevertheless cause harm. Infrasound and low frequency noise (ILFN, <500Hz) are acoustical phenomena that can impact the human body causing irreversible organic damage to the organism, but that do not cause classical hearing impairment. Acoustical environments are normally composed of all types of acoustical events: those that are processed by the auditory system, and those...
Categories: Publication;
Types: Citation;
Tags: Clean Air Act,
Disaster,
Regulation,
emissions,
greenhouse gas,
How much does real GDP respond to unanticipated changes in the real price of oil? Commonly used censored VAR models suggest a substantial decline in real GDP in response to unexpected increases in the real price of oil, yet no response to unexpected declines. We show that these estimates are invalid. Based on a structural model that encompasses both symmetric and asymmetric models as special cases, correctly computed impulse responses are of roughly the same magnitude in either direction, consistent with formal tests for symmetric responses. We discuss implications for theoretical models and for policy responses to energy price shocks.
By replacing fossil fuels bioenergy has the potential to reduce greenhouse gas (GHG) emissions, but indirect effects might partly or even completely eliminate this benefit. Production of bio-energy products, such as biofuels for transport, causes several indirect effects through their interactions with the global economic and physical systems. Indirect land-use change leads to GHG emissions – in some cases in the same order of magnitude as the fossil emissions – and loss of nature, but there are other relevant indirect effects as well. Intensification of agricultural production is another indirect effect and could be stimulated more to minimise the undesirable land conversion. However, intensification through increased...
How much does real GDP respond to unanticipated changes in the real price of oil? Commonly used censored VAR models suggest a substantial decline in real GDP in response to unexpected increases in the real price of oil, yet no response to unexpected declines. We show that these estimates are invalid. Based on a structural model that encompasses both symmetric and asymmetric models as special cases, correctly computed impulse responses are of roughly the same magnitude in either direction, consistent with formal tests for symmetric responses. We discuss implications for theoretical models and for policy responses to energy price shocks.
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