cambodia s energy poverty and its effects on social wellbeing empirical evidence and policy implications abstract this study aims to quantify the incidence of energy poverty in cambodia and its potential impact on the social wellbeing of the people of cambodia the notion of energy poverty of a household is not well understood in the context of literature as it may refer to either energy poor or economically poor condition of the household this study defines energy poverty in terms of lack of accessibility and or affordability of energy which may cause the deprivation of a household and affect its wellbeing the study uses the latest cambodia socio economic survey data 2015 cses 2015 to investigate the impacts of energy poverty on the health education and earning opportunities of the households the findings of the study suggest that energy poverty of a household is strongly associated with the type of fuel used and low consumption of unaffordable clean energy by the household the resulting impacts of energy poverty on the wellbeing of households are enormous energy poor households have a higher probability of its members suffering from respiratory problems spending more on medical care having a higher dropout rate from schools and lower earning opportunities than the households without energy poverty based on its findings the study suggests an urgent need of policy measures focusing on provision of clean and affordable energy to poor households to reduce eliminate energy poverty in cambodia

conceptualising energy use and energy poverty using a capabilities framework in this article we conceptualise energy use from a capabilities perspective informed by the work of amartya sen martha nussbaum and others following them building on this we suggest a corresponding definition of energy poverty as understood in the capabilities space we argue that such an understanding provides a theoretically coherent means of comprehending the relationship between energy and wellbeing and thus conceptualising energy deprivation that makes sense across settings including both the global north and south a coherence which has previously been lacking at the same time it has the flexibility to be deployed in a way that is sensitive to local contexts understanding energy use in the capabilities space also provides a means for identifying multiple sites of intervention including some areas that are currently largely overlooked we argue that this is advantageous for attempts to address energy poverty in the context of climate change and imperatives for the containment of aggregate energy consumption

the long run relationship between nominal interest rates and inflation the fisher equation revisited stable url http links jstor org sici sici 0022 2879 28199602 2928 3a1 3c102 3atlrbni 3e2 0 co 3b2 2journal of money credit and banking is currently published by ohio state university press your use of the jstor archive indicates your acceptance of jstor s terms and conditions of use available athttp www jstor org about terms html jstor s terms and conditions of use provides in part that unless you have obtainedprior permission you may not download an entire issue of a journal or multiple copies of articles and you may use content inthe jstor archive only for your personal non commercial use please contact the publisher regarding any further use of this work publisher contact information may be obtained athttp www jstor org journals ohio press html each copy of any part of a jstor transmission must contain the same copyright notice that appears on the screen or printedpage of such transmission the jstor archive is a trusted digital repository providing for long term preservation and access to leading academicjournals and scholarly literature from around the world the archive is supported by libraries scholarly societies publishers and foundations it is an initiative of jstor a not for profit organization with a mission to help the scholarly community takeadvantage of advances in technology for more information regarding jstor please contact support jstor org http www jstor orgmon aug 27 13 58 08 2007

stochastic trends and economic fluctuations in a small open economy in this paper we describe how restricted vector autoregressions can be employed to examine the sources of macroeconomic fluctuations we show how cointegration restrictions can be used to identify a var system with common stochastic trends subject to transitory and permanent changes in average growth and how we may investigate the system s responses to permanent shocks i e to innovations to the trends theoretical cointegration vectors are derived from a small open economy growth model for terms of trade real gdp real consumption and real investments applying these methods to swedish annual data 1875 1986 we find that permanent real supply shocks account for most of the fluctuations in gdp even in the short run

liquidity effects and the monetary transmission mechanism several recent papers provide strong empirical support for the view that an expansionary monetary policy disturbance generates a persistent decrease in interest rates and a persistent increase in output and employment existing quantitative general equilibrium models which allow for capital accumulation are inconsistent with this view there does exist a recently developed class of general equilibrium models which can rationalize the contemporaneous response of interest rates output and employment to a money supply shock however a key shortcoming of these models is that they cannot rationalize persistent liquidity effects this paper discusses the basic frictions and mechanisms underlying this new class of models and investigates one avenue for generating persistence we argue that once a simplified version of the model in christiano and eichenbaum 1991 is modified to allow for extremely small costs of adjusting sectoral flow of funds positive money shocks generate long lasting quantitatively significant liquidity effects as well as persistent increases in aggregate economic activity

a cointegrated structural var model of the canadian economy this paper implements a cointegrated structural var model of the canadian economy using quarterly data over the period 1964 1994 the dynamic properties of the estimated model are compared to the predictions of a simple textbook macro model four long run equilibrium relationships are tested i consumption income ii consumption wealth iii money demand and iv the fisher equation the empirical results obtained are generally consistent with the predictions of the textbook model s long run implications although level shifts are observed in the consumption income and the wealth income ratios similarly it is found that there was an increase in the ex post real interest rate implying a level shift in the fisher relation following the bank of canada s policy change towards a stable price level target

the economic consequences of productivity changes a computable general equilibrium cge analysis cutler h and davies s the economic consequences of productivity changes a computable general equilibrium cge analysis regional studies this paper uses a data intensive cge model to examine sector specific impacts of increases in total factor productivity and labour and capital productivity it focuses on the importance of a sector s output in household consumption and firms intermediate input demand the importance of labour and capital in value added and the impact on the city s consumer price index cpi as factors influencing the transmission mechanism the general equilibrium effects result in unambiguous increases in household migration for total factor productivity and capital productivity but not for the labour case this analysis emphasizes the impact on household income and tax revenue per new household cutler h et davies s les consequences economiques des changements de productivite une analyse egc regional studies cet article utilise un modele d equilibre general calculable egc

fuel poverty in the uk is there a difference between rural and urban areas abstract fuel poverty is a significant policy issue an argument often made is that rural households are more likely to be fuel poor due to the nature of rural housing stock and the more limited choice of energy sources in rural areas this paper uses panel data to compare the level and dynamics of fuel poverty in rural and urban areas of the uk in addition to descriptive analysis discrete hazard models of fuel poverty exit and re entry are estimated and used to assess the influence of housing and personal characteristics on the time spent in fuel poverty the results indicate that on average the experience of fuel poverty in urban areas is longer with a higher probability of fuel poverty persistence however on average the rural fuel poor appear more vulnerable to energy price increases while living in private accommodation or a flat increases their probability of remaining fuel poor relative to their urban counterparts these results indicate policy effectiveness may differ across rural and urban space however they also emphasise the limits of spatial targeting monitoring the dynamics of fuel poverty is important for ensuring that policy targets are effective and reaching those most in need

the liquidity effect evidence from the u s abstract using a simple cointegrated vector autoregression var i find strong evidence for a liquidity effect at policy relevant time horizons with a broad monetary aggregate the liquidity effect is present for both nominal and real interest rates

estimating shocks and impulse response functions this paper examines the issue of how to identify the shocks in a cointegrated var when the following assumptions are made the variables can be classified as endogenous or exogenous there are as many cointegrating relations as endogenous variables the cointegrating vectors are identified and they contain at least one exogenous variable it is shown that with these assumptions it is possible to identify the shocks without the use of further restrictions on the covariance matrix of the disturbances or the short run dynamics if the long run parameters are known the whole model can be estimated by ols the analysis is extended to allow the var to have both stationary and non stationary variables an illustration of the method is provided using the traditional benchmark var model involving us data on output prices interest rates and money a liquidity effect is not found using this var methodology

semiparametric duration models in this article we consider semiparametric duration models and efficient estimation of the parameters in a non iid environment in contrast to classical time series models where innovations are assumed to be iid we show that in for example the often used autoregressive conditional duration acd model the assumption of independent innovations is too restrictive to describe financial durations accurately therefore we consider semiparametric extensions of the standard specification that allow for arbitrary kinds of dependencies between the innovations the exact nonparametric specification of these dependencies determines the flexibility of the semiparametric model we calculate semiparametric efficiency bounds for the acd parameters discuss the construction of efficient estimators and study the efficiency loss of the exponential pseudolikelihood procedure this efficiency loss proves to be sizeable in applications for durations observed on the paris bourse for the alcatel stock in july and august 1

measuring fuel poverty in france which households are the most fuel vulnerable fuel poverty is a growing concern in france following the hike in energy prices that started in 2004 the problem of energy affordability for low income households entered the political debate with the grenelle de l environnement in 2007 according to the standard uk definition 10 ratio 3 8 million households were subject to fuel poverty in france in 2006 we question the way fuel poverty is currently measured and compare the impact of alternative measurement approaches on the extent and composition of fuel poverty in france then we identify and characterize vulnerable households that are not ordinarily poor but can be pushed into poverty because of their fuel bills a logit a clog log and a mixed effect logit model are used to analyze which factors influence the probability of vulnerable households to fall into poverty the study indicates that the proportion of fuel poor people and their characteristics differ significantly depending on the fuel poverty measure chosen the econometric results show that the probability of falling into poverty is higher for those who are retired living alone rent their home use an individual boiler for heating cook with butane or propane and have poor roof insulation current french fuel poverty reduction policies appear to be inappropriate given our conclusions

estimation of high frequency volatility an autoregressive conditional duration approach we propose a method to estimate the intraday volatility of a stock by integrating the instantaneous conditional return variance per unit time obtained from the autoregressive conditional duration acd model called the acd icv method we compare the daily volatility estimated using the acd icv method against several versions of the realized volatility rv method including the bipower variation rv with subsampling the realized kernel estimate and the duration based rv our monte carlo results show that the acd icv method has lower root mean squared error than the rv methods in almost all cases considered this article has online supplementary material

energy poverty in china an index based comprehensive evaluation abstract energy poverty has got increasing attention during the latest three decades measuring energy poverty is the premise of policy making to alleviate energy poverty there is no unified energy poverty measurement that has been widely accepted this paper reviews the commonly used energy poverty measurements through classifying them into three categories energy service availability energy service quality and satisfaction of energy demand for human s survival and development this paper also analyzes the suitability of the commonly used energy poverty measurement for china from the prospective of data availability and index applicability furthermore we construct a new energy poverty comprehensive evaluation index in this study and the index is illustrated to evaluate regional energy poverty in china the evaluation results indicate that china s energy poverty showed an alleviating trend from 2000 to 2011 and during this period china s energy service availability improved slightly energy consumption cleanliness showed no significant change energy management completeness decreased with fluctuations and household energy affordability and energy efficiency improved continually in addition china s regions show different characteristics of energy poverty for example middle reaches of yangtze river region showed the worst energy availability and eastern coastal region showed the worst energy management completeness several policy implications for energy poverty alleviation are also proposed in this study including for instance increasing investment on energy infrastructure and spreading energy management organization in rural area decreasing relative cost on household commercial energy consumption and encourage the utilization of modern clean and efficient household energy consumption equipment

the dynamic effects of aggregate demand and supply disturbances we interpret fluctuations in gnp and unemployment as due to two types of disturbances disturbances that have a permanent effect on output and disturbances that do not we interpret the first as supply disturbances the second as demand disturbances demand disturbances have a hump shaped mirror image effect on output and unemployment the effect of supply disturbances on output increases steadily over time peaking after two years and reaching a plateau after five years

measuring energy poverty in japan 2004 2013 abstract this paper first examines energy or fuel poverty in japan from 2004 to 2013 especially around the time of the 2011 great east japan earthquake geje to analyze the issue the paper employs various poverty and vulnerability measures with the assistance of our unique dataset the results indicate the aggravation of energy poverty among lower income and vulnerable households during the past decade resulting from both the escalation of energy prices and lowering of income the analysis also employs a new decomposition technique and identifies the explanatory factors associated with the increase in energy poverty these results suggest there were major changes in the forces driving the increase in energy poverty before and after the geje after 2011 income alleviates energy poverty in japan with energy prices becoming the main driving factor

public information arrival we develop a measure of public information flow to financial markets and use it to document the patterns of information arrival with an emphasis on the intraday flows the measure is the number of news releases by reuter s news service per unit of time we find that public information arrival is nonconstant displaying seasonalities and distinct intraday patterns next we relate our measure of public information to aggregate measures of intraday market activity our results suggest a positive moderate relationship between public information and trading volume but an insignificant relationship with price volatility

monetary policy analysis and inflation targeting in a small open economy a var approach empirical monetary policy research has increased in the last decade possibly because deregulation and explicit monetary targets have made monetary policy issues more interesting in particular within the inflation targeting framework it has been argued that inflation forecasts can be used as optimal intermediate targets for monetary policy and the development of empirical models that have good forecasting properties is therefore important this paper shows that a var model with long run restrictions justified by economic theory is useful for both forecasting inflation and for analysing other issues that are central to the conduct of monetary policy copyright 2001 john wiley sons ltd

market sidedness insights into motives for trade initiation we infer motives for trade initiation from market sidedness we define trading as more two sided one sided if the correlation between the number of buyer and seller initiated trades increases decreases and assess changes in sidedness relative to a control sample around events that identify trade initiators consistent with asymmetric information trading is more one sided before merger news consistent with belief heterogeneity trading is more two sided before earnings and macro announcements with greater dispersion in analyst forecasts and after news with larger announcement surprises we examine the codeterminacy of sidedness bid ask spread volatility number of trades and order imbalance

stochastic trends and economic fluctuations are business cycles mainly the result of permanent shocks to productivity this paper uses a long run restriction implied by a large class of real business cycle models identifying permanent productivity shocks as shocks to the common stochastic trend in output consumption and investment to provide new evidence on this question econometric tests indicate that this common stochastic trend cointegration implication is consistent with postwar u s data however in systems with nominal variables the estimates of this common stochastic trend indicate that permanent productivity shocks typically explain less than half of the business cycle variability in output consumption and investment copyright 1991 by american economic association

permanent vs transitory components and economic fundamentals any non stationary series can be decomposed into permanent or trend and transitory or cycle components typically some atheoretic pre filtering procedure is applied to extract the permanent component this paper argues that analysis of the fundamental underlying stationary economic processes should instead be central to this process we present a new derivation of multivariate beveridge nelson permanent and transitory components whereby the latter can be derived explicitly as a weighting of observable stationary processes this allows far clearer economic interpretations different assumptions on the fundamental stationary processes result in distinctly different results but this reflects deep economic uncertainty we illustrate with an example using garratt et al s 2003a small vecm model of the uk economy

fuel poverty excess winter deaths and energy costs in vermont burdensome for whom energy whether from electricity natural gas heating oil propane kerosene or wood is essential for the well being of many americans yet those who spend more than 10 percent of their income of energy services can be considered fuel poor this study assesses the extent and severity of fuel poverty in vermont it analyzes energy burdens in vermont by household income deciles using data from the census bureau s american community survey approximately 71 000 people suffered from fuel poverty in vermont in 2000 and in 2012 the number rose to 125 000 or one in five vermonters startlingly fuel poverty grew 76 percent during this period excess winter deaths caused potentially by fuel poverty kill more vermonters each year than car crashes the article then provides 12 policy recommendations based on a small sample of elite semi structured research interviews these include suggestions that the vermont legislature better fund investments in weatherization among low income households that community groups and social service agencies scale up the training of energy efficiency coaches that state agencies endorse improvements in housing efficiency and appropriate fuel switching and that utilities and fuel providers offer extra assistance for disconnected households and allow for on bill financing of efficiency improvements

the impact of public information on the stock market we study the relation between the number of news announcements reported daily by dow jones company and aggregate measures of securities market activity including trading volume and market returns we find that the number of dow jones announcements and market activity are directly related and that the results are robust to the addition of factors previously found to influence financial markets such as day of the week dummy variables news importance as proxied by large new york times headlines and major macroeconomic announcements and non information sources of market activity as measured by dividend capture and triple witching trading however the observed relation between news and market activity is not particularly strong and the patterns in news announcements do not explain the day of the week seasonalities in market activity our analysis of the dow jones database confirms the difficulty of linking volume and volatility to observed measures of information

long run income and interest elasticities of money demand in the united states econometric techniques designed to accommodate nonstationary data are used to reexamine the stability of interest and income elasticities of money demand in the united states estimates based on postwar monthly data reveal a stable relationship between m1 velocity and various measures of interest rates that proxy the opportunity cost of holding money balances tests for the existence of cointegration and methods used to estimate the income and interest elasticities are based on procedures prescribed by soren johansen 1988 corresponding error correction estimates offer insight as to the dynamics of the process that maintains the equilibrium relation between velocity and interest rates copyright 1991 by mit press

prices output and hours an empirical analysis based on a sticky price model abstract i show that a simple sticky price model based on rotemberg 1982 is consistent with a variety of facts concerning the correlation of prices hours and output it is consistent with the negative correlation between forecastable movements in prices and output as well as the smaller negative correlation between forecastable movements in prices and hours it is also consistent with the positive correlations of unexpected movements in prices output and hours these patterns are harder to reconcile with the flexible price version of the model in particular they require that money respond differently to forecastable and to unforecastable real shocks

energy poverty an overview abstract in the coming decades the energy sector will have to face three major transformations concerned with climate change security of supply and energy poverty the first two have been extensively analysed but less attention has been paid to the third even though it has a great influence on the lives of millions of people this paper presents an overview on energy poverty different ways of measuring it and its implications according to the who indoor pollution causes an estimated 1 3 million deaths per annum in low income countries associated with the use of biomass in inadequate cookstoves although energy poverty cannot be delinked from the broader more complex problem of poverty in general access to energy infrastructures would avoid its most serious consequences and would help to encourage autonomous development according to the iea the cost of providing universal access to energy by 2030 would require annual investment of 35 billion i e much less than the amount provided annually in subsidies to fossil fuels finally the paper argues that energy and energy poverty need to be incorporated into the design of development strategies

evaluating fuel poverty policy in northern ireland using a geographic approach abstract recent audits have shown that anti fuel poverty policies in the uk depend on loosely defined targeting and cannot accurately identify fuel poor households new methods of targeting are necessary to improve fuel poverty policy this paper uses geographic information system gis techniques to evaluate the targeting of a home energy efficiency scheme small area level in northern ireland based on the level of need the concept of need is modelled using an area based multi dimensional fuel poverty risk index the characteristics and spatial distribution of household retrofits are explored policy activity and expenditure are compared with the level of need in an area results indicate that policy activity is only weakly associated with the level of need in an area although policy appears to be well targeted in a few areas contrary to existing evidence rural areas appear to be well served by policy receiving above average numbers of retrofits and expenditure there are typically two types of retrofit major and minor most retrofits are minor and may not reduce fuel poverty these results evidence the limitations of the current targeting system and suggest that there may be scope for improved policy implemented via a more proactive area based approach

a traditional interpretation of macroeconomic fluctuations under the traditional interpretation of macroeconomic fluctuations aggregate demand shocks move output and prices in the same direction while aggregate supply shocks move output and prices in opposite directions this paper examines the joint behavior of u s output unemployment prices wages and nominal money and asks whether it is consistent with this interpretation the answer is a qualified yes

how well does the is lm model fit postwar u s data postwar u s time series for money interest rates prices and gnp are characterized by a multivariate process driven by four exogenous disturbances those disturbances are identified so that they can be interpreted as the four main sources of fluctuations found in the is lm phillips curve model money supply money demand is and aggregate supply shocks the dynamic properties of the estimated model are analyzed and shown to match most of the stylized predictions of the model the estimated decomposition is also used to measure the relative importance of each shock to interpret some macroeconomic episodes and to study sources of permanent shocks to nominal variables

rural electrification and energy poverty empirical evidences from brazil the aim of this article is to evaluate the impact of rural electrification on the reduction of energy poverty in brazil through the analysis of 23 000 rural domiciles or rural properties between the years 2000 and 2004 the results indicate a fast change in the profile of energy consumption and a reduction of energy poverty this new approach works as a complement among other variables to analyze and quantify the real economic social and energy impacts in rural electrification programs generally applied in developing countries

identification long run relations and fundamental innovations in a simple cointegrated system this paper examines the roles played by innovations identified from a simple four variable var characterized by cointegration using knowledge of cointegration rank and textbook relations that link macroeconomic aggregates we identify distinct real and nominal innovations that dictate the long run behavior of the model we also examine the explanatory power of transitory innovations that are orthogonal to these permanent shocks one of the permanent shocks displays all the characteristics of a technology or supply innovation while one of the transitory innovations identified by imposing short run price rigid ity is interpretable as a demand side impulse the permanent nominal shock bears the imprint of an innovation in aggregate inflation expectations historical decomposition and comparison with variables that are external to the model reveals the relative importance of the shocks at various episodes

the stability of long run money demand in five industrial countries abstract this study provides strong evidence for the stability of long run demand functions for narrowly defined money m1 in five industrial countries u s japan canada u k and west germany using post war quarterly data evidence of stability is examined using two different estimation techniques and through a formal test of parameter constancy designed specifically for cointegrating vectors in the majority of these countries the key to stability is the imposition of a unitary long run income elasticity that is rarely rejected by the data

fuel poverty potential risk index in the context of climate change in chile abstract public housing policies face a challenge in order to meet not only the right to housing but also an affordable and comfortable use for them in this context most of the studies related to fuel poverty are based on a diagnosis of existing conditions but there is a lack of information focusing on how to predict the risk of fuel poverty in future dwellings considering a context of climate change this research develops an index to assist policymakers in the decision making process during the early stages of social housing allocation the analysis is based on the applicability of adaptive comfort the influence of climate change the urban context and the building features energy use patterns and the ability to pay utility bills have been also considered for social housing in the central south of chile after that several future scenarios are discussed considering the probable income and energy inflation rates the potential risk variables that influence the early stages of design are also discussed the results reveal that the fuel poverty potential risk index is an effective tool to select appropriate housing for the most disadvantaged and vulnerable segments of society considering the future climate income and energy price trends

estimation of time varying adjusted probability of informed trading and probability of symmetric order flow shock summary recently duarte and young 2009 studied the probability of informed trading pin proposed by easley et al 2002 and decomposed it into two parts the adjusted pin apin as a measure of asymmetric information and the probability of symmetric order flow shock psos as a measure of illiquidity they provide some cross section estimates of these measures using daily data over annual periods in this paper we propose a method to estimate daily apin and psos by extending the method in tay et al 2009 using high frequency transaction data our empirical results show that while pin is positively contemporaneously correlated with variance apin is not on the other hand psos is positively correlated with daily average effective spread and variance which is consistent with the interpretation of psos as a measure of illiquidity compared to apin psos exhibits clustering and sporadic bursts over time copyright 2012 john wiley sons ltd

do expected shifts in inflation affect estimates of the long run fisher relation recent empirical studies suggest that nominal interest rates and expected inflation do not move together one for one in the long run a finding at odds with many theoretical models this article shows that these results can be deceptive when the process followed by inflation shifts infrequently we characterize the shifts in inflation by a markov switching model based upon this model s forecasts we reexamine the long run relationship between nominal interest rates and inflation interestingly we are unable to reject the hypothesis that in the long run nominal interest rates reflect expected inflation one for one

a long run structural macroeconometric model of the uk a new modelling strategy that provides a practical approach to incorporating long run structural relationships suggested by economic theory in an otherwise unrestricted var model is applied to construct a small quarterly macroeconometric model of the uk estimated over 1965q1 1999q4 in nine variables domestic and foreign outputs prices and interest rates oil prices the nominal effective exchange rate and real money balances the aim is to develop a model with a transparent and theoretically coherent foundation tests of restrictions on the long run relations of the model are presented the dynamic properties of the model are discussed and monetary policy shocks identified

the non neutrality of inflation for international capital movements this paper studies the question of how unilateral changes in the rate of inflation affect the international allocation of capital presenting a model that incorporates a transaction motive for money holding and capital income taxation with historical cost accounting it counters the view that inflation will be neutral in a world of perfect foresight and costless arbitrage under mild conditions domestic inflation will unambiguously induce a capital export the paper includes a discussion of the fisher effect the empirical observation of a less than one to one translation of inflation into nominal interest rates is shown to be compatible with the model and in fact the capital export turns out to be stronger the lower the degree of translation

fuel poverty and energy efficiency obligations a critical assessment of the supplier obligation in the uk energy efficiency obligations or white certificates are increasingly used to reduce carbon emissions while the energy efficiency obligations were originally intended as carbon reduction and not fuel poverty policies due to recognition of the potential for regressive outcomes they often include provisions for vulnerable and low income customers intuitively reducing carbon emissions and alleviating fuel poverty seem to be two sides of the same coin there are however considerable tensions between the two when addressed through energy efficiency obligations particularly arising from the potentially regressive impacts of rising energy prices resulting from such obligations but also the complexity of targeting fuel poor households and the implications for deliverability despite those tensions the uk government decided to use energy efficiency obligations the supplier obligation as the main policy for reducing fuel poverty in light of the proposals this paper provides an analysis of the main tensions between carbon reduction and fuel poverty alleviation within energy efficiency obligations outlines the fuel poverty provisions of the british supplier obligation assesses its rules for identifying the fuel poor and provides a critical analysis of the planned policy changes based on this analysis alternative approaches to targeting fuel poverty within future supplier obligations are proposed