Monday, November 4, 2024
From a new paper by John Asker, Allan Collard-Wexler, Charlotte De Canniere, Jan De Loecker and Christopher R. Knittel:
“Market power reduces equilibrium quantities and distorts production, typically causing welfare losses. However, as Buchanan (1969) noted, market power may mitigate overproduction from negative externalities. This paper examines this in the global oil market, where OPEC’s market power affects oil production and carbon intensity. We estimate that from 1970 to 2021, OPEC’s market power reduced emissions by over 67 GtCO2, equating to $4,073 billion in climate damages and 17.8% of the carbon budget needed for the 1.5◦ C Paris Agreement target. This environmental benefit outweighs the welfare loss from distorted production allocation.”
From a new paper by John Asker, Allan Collard-Wexler, Charlotte De Canniere, Jan De Loecker and Christopher R. Knittel:
“Market power reduces equilibrium quantities and distorts production, typically causing welfare losses. However, as Buchanan (1969) noted, market power may mitigate overproduction from negative externalities. This paper examines this in the global oil market, where OPEC’s market power affects oil production and carbon intensity. We estimate that from 1970 to 2021, OPEC’s market power reduced emissions by over 67 GtCO2,
Posted by 2:02 PM
atLabels: Energy & Climate Change
From a paper by Sara El Aboudi, Youssef Jouali, Mounir El Bakkouchi and Abdellah Echaoui:
“In this study, we analyze the cross-impact of inflation, exchange rates and economic growth on income inequality in Morocco between 2000 and 2022, based on the GINI index as a measure of inequality. Its main objective is to understand how these macroeconomic variables influence income disparities. Our methodology is based on a VAR model to capture dynamic interactions between variables. To validate the robustness of the model, Granger causality tests and specification tests, including tests of homoscedasticity and autocorrelation of residuals, were used. The result is that inflation has a significant positive impact on income inequality, and exchange rate fluctuations directly influence inequality. Furthermore, economic growth helps to reduce inequality, although this effect depends on the distribution of the benefits of this growth. This study contributes to the existing literature by providing empirical evidence of the importance of macroeconomic stability and educational and fiscal policies in reducing income inequality.”
From a paper by Sara El Aboudi, Youssef Jouali, Mounir El Bakkouchi and Abdellah Echaoui:
“In this study, we analyze the cross-impact of inflation, exchange rates and economic growth on income inequality in Morocco between 2000 and 2022, based on the GINI index as a measure of inequality. Its main objective is to understand how these macroeconomic variables influence income disparities. Our methodology is based on a VAR model to capture dynamic interactions between variables.
Posted by 10:02 AM
atLabels: Inclusive Growth
Friday, November 1, 2024
From a paper by Cheol-Keun Cho and Myunghyun Kim:
“We consider a proxy FAVAR (Factor-Augmented Vector Autoregression) model to analyze the impact of an oil supply news shock on the Korean economy. To identify an oil supply news shock, we use the variation in oil futures prices around OPEC production announcements as a proxy. Moreover, we include a factor that captures the common movement of many Korean macro variables such as various price indices and investment. The estimation results of the proxy FAVAR model show that an oil supply news shock increases the real oil price and the US CPI, and decreases world oil production and US GDP. As for Korean macro variables, GDP and net exports fall and CPI increases in response to the shock.”
From a paper by Cheol-Keun Cho and Myunghyun Kim:
“We consider a proxy FAVAR (Factor-Augmented Vector Autoregression) model to analyze the impact of an oil supply news shock on the Korean economy. To identify an oil supply news shock, we use the variation in oil futures prices around OPEC production announcements as a proxy. Moreover, we include a factor that captures the common movement of many Korean macro variables such as various price indices and investment.
Posted by 1:30 PM
atLabels: Energy & Climate Change
Working papers and conferences:
On the US—developments on house prices, rent, permits and mortgage:
On the US—other developments:
On Australia and New Zealand
On other countries:
Working papers and conferences:
On the US—developments on house prices, rent, permits and mortgage:
Posted by 5:00 AM
atLabels: Global Housing Watch
Monday, October 28, 2024
From a paper by Alihan Serdengeçti:
“The impact of financial liberalisation on income distribution has attracted increasing attention. However, the debate on whether financial liberalisation is a gain or a loss is still ongoing. Especially in the 1990s, following the collapse of the Bretton Woods system, financial liberalisation became a globally widespread concept. While this concept constituted the basis of neoliberal policies, it emerged as a saviour solution in periods when state policies were dominant. Financial liberalisation means the implementation of policies and reforms that emphasise the liberalisation of the international financial system and the liberalisation of capital flows. In this period, processes such as liberalisation of capital flows, development of financial markets, deregulation of the banking sector and increased international financial integration have come to the fore. In this context, examining the impact of financial liberalisation on income distribution has become an important issue among economists and researchers. Moreover, among the countries where financial liberalisation policies have been implemented, some of them have achieved positive results, while in others they have led to costly crises. In this framework, the aim of this study is to examine the impact of financial liberalisation on G-7 countries during the 2008 crisis period. This is because the potential effects of financial liberalisation on developed countries during crisis periods are desired to be observed. In the study, the relationship between financial liberalisation and income distribution was analysed by panel data analysis method using data from 2003-2013. According to the results of the analysis, it is observed that financial liberalisation has a positive effect on income distribution in developed countries.”
From a paper by Alihan Serdengeçti:
“The impact of financial liberalisation on income distribution has attracted increasing attention. However, the debate on whether financial liberalisation is a gain or a loss is still ongoing. Especially in the 1990s, following the collapse of the Bretton Woods system, financial liberalisation became a globally widespread concept. While this concept constituted the basis of neoliberal policies, it emerged as a saviour solution in periods when state policies were dominant.
Posted by 5:29 PM
atLabels: Inclusive Growth
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