nep-ene New Economics Papers
on Energy Economics
Issue of 2007‒09‒02
twenty-one papers chosen by
Roger Fouquet
Imperial College, UK
  1. Energy Substitutions, Climate change and Carbon sinks By LAFFORGUE Gilles; MAGNE Bertrand; MOREAUX Michel
  2. Fiddling while carbon burns: why climate policy needs pervasive emission pricing as well as technology promotion By Jack Pezzey; Frank Jotzo; John Quiggin
  3. Oil Shocks and External Balances By Lutz Kilian; Alessandro Rebucci; Nikola Spatafora
  4. Optimal Dynamic Management of a Renewable Energy Source under Uncertainty By BOBTCHEFF Catherine; ;
  5. A dynamic model of food and clean energy By CHAKRAVORTY Ujjayant; MAGNE Bertrand; MOREAUX Michel
  6. Ethanolomics: The Think-About's of the Mexican Ethanol Project By Ricardo Cantú
  7. Innovation markets in the policy appraisal of climate change mitigation By GRIMAUD André; LAFFORGUE Gilles; MAGNE Bertrand
  8. Using Ex Post Data to Estimate the Hurdle Rate of Abatement Investments - An application to the Swedish Pulp and Paper Industry and Energy Sector By LOFGREN Asa; MILLOCK Katrin; NAUGES Céline
  9. The Alberta dilemma: Optimal sharing of a water resource by an agricultural and an oil sector By GAUDET Gérard; MOREAUX Michel; WITHAGEN Cees
  10. Domestic effects of environmental policies with transboundary pollution By CAVAGNAC Michel; PECHOUX Isabelle;
  11. Strongly Regular Graphs with Maximal Energy By Haemers, W.H.
  12. Ordering the Extraction of Polluting Nonrenewable Resources By CHAKRAVORTY Ujjayant; MOREAUX Michel; TIDBALL Mabel
  13. Economic growth and Climate change in a decentralized Economy: A Theoretical and Empirical Approach By GRIMAUD André; LAFFORGUE Gilles; MAGNE Bertrand
  14. The Economics of Seasonal Gas Storage By CHATON Corinne; CRETI Anna; VILLENEUVE Bertrand
  15. Along the Forward Curve for Natural Gas: Unobservable Shocks and Dynamic Correlations By Spargoli, Fabrizio; Zagaglia, Paolo
  16. Overcoming the Natural Resource Constraint Through Dedicated R&D Effort with Heterogenous Labor Supply By AMIGUES Jean-Pierre; MOREAUX Michel; RICCI Francesco
  17. Global Current Account Imbalances and Exchange Rate Adjustment: The Role of Oil Suppliers Valuation Effects and Interest Rate Changes By Christian M. Oberpriller
  18. On the Effects of Stochastic Technical Change on Optimal Sustainable Growth Paths with Exhaustible Resource By LAFFORGUE Gilles; ;
  19. On the Optimal Taxation of an Exhaustible Resource Under Monopolistic Extraction By Daubanes, J.
  20. Trade-off between Hydro and Thermal Power Generation under Uncertainty By DAKHLAOUI Ahlem; MOREAUX Michel;
  21. Notes(1) on a Thermodynamic Theory of Economics By John Bryant
  1. By: LAFFORGUE Gilles (LERNA, TSE); MAGNE Bertrand; MOREAUX Michel (LERNA, TSE)
    Date: 2007–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:07.01.222&r=ene
  2. By: Jack Pezzey (Centre for Resource and Environmental Studies, Australian National University,); Frank Jotzo (Research School of Pacific and Asian Studies, Australian National University); John Quiggin (Risk & Sustainable Management Group, School of Economics, University of Queensland)
    Abstract: Effective climate policy requires global emissions of greenhouse gases to be cut drastically, which in energy sectors can be achieved by lower emissions supply technologies, greater energy use efficiency, and substitution in demand. For policy to be efficient requires fairly uniform, pervasive emission pricing from taxes, permit trading, or hybrid combinations of the two, as well as significant government support for low-emission technologies. We compare the kind of technology-focused climate policies currently adopted by Australia and the USA, the ÔAsia- Pacific Partnership on Clean Development and ClimateÕ (AP6), against this ideal policy yardstick. We find that they omit the need for emission pricing to achieve abatement effectively and efficiently; that they over-prescribe which abatement actions should be used most; that they make unrealistic assumptions about how much progress can be achieved by voluntarism and cooperation, in the absence of either adequate funding or mandatory policies; and that they unjustifiably contrast technology-focused policy and the Kyoto Protocol approach as the only two policies worth considering, and thus ignore other important options.
    Keywords: greenhouse gas emissions, abatement, emission taxes, emissions trading, technology policy, innovation, Asia-Pacific Partnership, AP6
    JEL: Q42 Q54
    URL: http://d.repec.org/n?u=RePEc:rsm:murray:m06_9&r=ene
  3. By: Lutz Kilian (University of Michigan and CEPR); Alessandro Rebucci (International Monetary Fund); Nikola Spatafora (International Monetary Fund)
    Abstract: This paper studies the effects of demand and supply shocks in the global crude oil market on several measures of countries’ external balance, including the oil trade balance, the non-oil trade balance, the current account and changes in net foreign assets (NFA) during 1975– 2004. We explicitly take a multilateral and global perspective. In addition to the United States, the Euro area and Japan, we consider a number of regional aggregates including oil-exporting economies and middle-income oil-importing economies. Our first result is that the effect of oil shocks on the merchandise trade balance and the current account, which depending on the source of the shock can be large, depends critically on the response of the non-oil trade balance, and differs systematically between the United States and other oil importing countries. Second, using the Lane-Milesi-Ferretti NFA data set, we document the presence of large and systematic (if not always statistically significant) valuation effects in response to oil shocks, not only for the United States, but also for other oil-importing economies and for oil exporters. Our estimates suggest that increased international financial integration will tend to cushion the effect of oil shocks on NFA positions for major oil exporters and for the United States, but may amplify it for other oil importers.
    Keywords: Oil prices; External Balances; Oil demand Shocks; Oil supply Shocks; International Financial Integration.
    JEL: F32 F36 O16 O57 Q43
    Date: 2007
    URL: http://d.repec.org/n?u=RePEc:mie:wpaper:562&r=ene
  4. By: BOBTCHEFF Catherine (LERNA, University of Toulouse); ;
    Date: 2006–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:06.21.214&r=ene
  5. By: CHAKRAVORTY Ujjayant; MAGNE Bertrand; MOREAUX Michel (LERNA, University of Toulouse)
    Date: 2006–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:06.10.203&r=ene
  6. By: Ricardo Cantú
    Abstract: The Mexican Ethanol Project has the potential of power up rural economy, improve the environment quality, and substitute the non-renewable fossil energy resources. But the risk of not achieving these is latent: the market distorts that it could unleash can change the expected outcomes. Public policies, such as No Deforestation, Investments in Agricultural Productivity, and Ethanol Manufacture in situ, could help orientate the private incentives to increase social welfare. In a big proportion, PEMEX and the Mexican Federal Government would be directly, or indirectly, affected by the domestic ethanol production, opening a door for them to participate in it and avoid damage on their interests. But there's still a question to answer: how long it would take before these benefits could be felt?
    Keywords: ethanol, rural development, Mexico, public policies, oil crisis
    JEL: H30 L32 L33 Q20 Q23 Q27 Q29 Q12 Q13 Q18 R38 R11 R13
    Date: 2007–02
    URL: http://d.repec.org/n?u=RePEc:egb:wpaper:20073&r=ene
  7. By: GRIMAUD André (LERNA, TSE); LAFFORGUE Gilles (LERNA, TSE); MAGNE Bertrand
    Date: 2007–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:07.12.233&r=ene
  8. By: LOFGREN Asa; MILLOCK Katrin; NAUGES Céline (LERNA, TSE)
    Date: 2007–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:07.06.227&r=ene
  9. By: GAUDET Gérard; MOREAUX Michel (LERNA, University of Toulouse); WITHAGEN Cees
    Date: 2006–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:06.06.199&r=ene
  10. By: CAVAGNAC Michel (LERNA, TSE); PECHOUX Isabelle;
    Date: 2007–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:07.07.228&r=ene
  11. By: Haemers, W.H. (Tilburg University, Center for Economic Research)
    Abstract: The energy of a graph is the sum of the absolute values of the eigenvalues of its adjacency matrix. Koolen and Moulton have proved that the energy of a graph on n vertices is at most n(1 + ?n)/2, and that equality holds if and only if the graph is strongly regular with parameters (n, (n+?n)/2, (n+2?n)/4, (n+2?n)/4). Such graphs are equivalent to a certain type of Hadamard matrices. Here we survey constructions of these Hadamard matrices and the related strongly regular graphs.
    Keywords: Graph energy; Strongly regular graph; Hadamard matrix.
    JEL: C0
    Date: 2007
    URL: http://d.repec.org/n?u=RePEc:dgr:kubcen:200737&r=ene
  12. By: CHAKRAVORTY Ujjayant; MOREAUX Michel (LERNA, University of Toulouse); TIDBALL Mabel
    Date: 2006–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:06.19.212&r=ene
  13. By: GRIMAUD André (LERNA, TSE); LAFFORGUE Gilles (LERNA, TSE); MAGNE Bertrand
    Date: 2007–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:07.04.225&r=ene
  14. By: CHATON Corinne; CRETI Anna; VILLENEUVE Bertrand
    Date: 2006–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:06.01.194&r=ene
  15. By: Spargoli, Fabrizio (Università Politecnica delle Marche); Zagaglia, Paolo (Dept. of Economics, Stockholm University)
    Abstract: This paper studies the comovements between the daily returns of forwards on natural gas traded in the NYMEX with maturity of 1, 2 and 3 months. We identify a structural multivariate BEKK model using a recursive assumption whereby shocks to the volatility of the returns are transmitted from the short to the long section of the forward curve. We find strong evidence of spillover effects both in the conditional first and second moments. In the conditional mean, we show that the transmission mechanism operates from the longer to the shorter maturity. In terms of reducedform conditional second moments, the shortest the maturity, the higher the volatility of the return, and the more the returns become independent from the others and follow the dynamics of the underlying commodity. The evidence from the structural second moments indicates that the longer the maturity is, the higher is the uncertainty about the returns. We also show that the higher the structural variance of a return relative to that of another return, the stronger the correlation is between the two.
    Keywords: natural gas prices; forward markets; GARCH; structural VAR
    JEL: C22 G19
    Date: 2007–08–23
    URL: http://d.repec.org/n?u=RePEc:hhs:sunrpe:2007_0016&r=ene
  16. By: AMIGUES Jean-Pierre (LERNA, University of Toulouse); MOREAUX Michel (LERNA, University of Toulouse); RICCI Francesco (LERNA, University of Toulouse)
    Date: 2006–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:06.22.215&r=ene
  17. By: Christian M. Oberpriller
    Abstract: The present paper extends the Obstfeld and Rogoff (2005) framework of current account imbalances by the oil exporting countries as a fourth region. It sets the stage for a variety of analysis that can be conducted within a four-region-setting that accounts for the importance of OPEC as a major current account surplus provider in the process of narrowing global current account imbalances. We find that including the oil exporting countries as an additional region consisting of OPEC and Russia lowers the adjustment effects predicted by Obstfeld and Rogoff. Depending on different assumptions on how global imbalances might be eliminated, our model predicts a real dollar depreciation in the range of 29.9 to 52.6 percent.
    Keywords: current account, exchange rates, global imbalances
    JEL: F31 F32 F41
    Date: 2007–07
    URL: http://d.repec.org/n?u=RePEc:kie:kieasw:442&r=ene
  18. By: LAFFORGUE Gilles (LERNA, University of Toulouse); ;
    Date: 2006–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:06.02.195&r=ene
  19. By: Daubanes, J. (Tilburg University, Center for Economic Research)
    Abstract: In a simple model of resource depletion (isoelastic demand and constant unit extraction cost), we fully characterize the set of linear effiency-inducing tax/subsidy schemes. We show that this set is infinite and all the larger as the cost of extraction is low. Depending on the magnitude of the latter, we show that there may exist optimal linear strict taxes, thus allowing the regulator to induce efficiency without subsidizing the mine industry at any date. We illustrate and argue that the exhaustibility constraint the monopolist extractor faces can be exploited by the regulator to relax the standard trade-off between inducing efficiency and raising revenues from the monopoly.
    Keywords: Exhaustible resources; Imperfect competition; Optimal taxation
    JEL: Q30 L12 H21
    Date: 2007
    URL: http://d.repec.org/n?u=RePEc:dgr:kubcen:200734&r=ene
  20. By: DAKHLAOUI Ahlem; MOREAUX Michel (LERNA, TSE);
    Date: 2007–08
    URL: http://d.repec.org/n?u=RePEc:ler:wpaper:07.13.234&r=ene
  21. By: John Bryant (Vocat International)
    Abstract: The paper re-visits two points of a paper by the author, published earlier in 2007. Additional analyses are set out first, on the issue of the boundary between products of economic value and flows between them, and second, on the structure of the Cobb Douglas function derived from thermodynamic theory.
    Keywords: Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy
    Date: 2007–08
    URL: http://d.repec.org/n?u=RePEc:voc:wpaper:ten12007&r=ene
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