renewable and non renewable energy growth emissions linkages review of emerging trends with policy implications abstract this study is an extension of the previous studies which focused mainly on energy growth nexus but fails to consider the carbon emission implication of this relationship the methodology of the study permits a comprehensive and comparative analysis of existing studies on renewable and non renewable energy growth emission nexus in order to draw some implications for policy and research the survey revealed the extent of the spread of studies across issues time and geographical space countries and regions it also disclosed the range of methodological approaches adopted to analyse the issues over time and the frequency of their use it unravelled the varied findings across countries and regions given the diverse methods employed and specific features of the economies analysed arising from the literature survey this study highlights the existing gaps in the literature and new direction for policy and research the general policy implication of the findings of this study is that pollution effect of energy growth nexus should be taken into consideration in policy formulation for sustainable development further the design of regional and global policies should recognise the fact that energy growth emission linkages varied across countries even in the same region some new direction for research on renewable and non renewable energy growth emission linkages pointed out in this survey includes the following future research on energy growth nexus without considering the pollution impact may not contribute so much to the literature studies should investigate the substitution complementary effects of the energy varieties on growth emission nexus while new methodological contributions are imperative

ethical investment processes and outcomes there is a growing body of literature on ethical or socially responsible investment across a range of disciplines this paper highlights the key themes in the field and identifies some of the major theoretical and practical challenges facing both scholars and practitioners one of these challenges is understanding better the complexity of the relationship between such investment practices and corporate behaviour noting that ethical investment is seldom characterised by agreement about what it actully constitutes and that much of the extant research focuses on a narrow set of issues the paper argues that there are benefits associated with examining ethical investment as a process

energy consumption and gdp in developing countries a cointegrated panel analysis in this paper we re investigate the co movement and the causality relationship between energy consumption and gdp in 18 developing countries using data for the period 1975 to 2001 recently developed tests for the panel unit root heterogeneous panel cointegration and panel based error correction models are employed the empirical results provide clear support of a long run cointegration relationship after allowing for the heterogeneous country effect the long run relationship is estimated using a full modified ols the evidence shows that long run and short run causalities run from energy consumption to gdp but not vice versa this result indicates that energy conservation may harm economic growth in developing countries regardless of being transitory or permanent

a dynamic panel study of economic development and the electricity consumption growth nexus abstract this study examines the relationship between electricity consumption and economic growth for 88 countries categorized into four panels based on the world bank income classification high upper middle lower middle and low income within a multivariate panel framework over the period 1990 2006 the larsson et al 2001 panel cointegration test indicates there is a long run equilibrium relationship between real gdp coal consumption real gross fixed capital formation and the labor force for the high upper middle and lower middle income country panels the results from the panel vector error correction models reveal 1 bidirectional causality between electricity consumption and economic growth in both the short and long run for the high income and upper middle income country panels 2 unidirectional causality from electricity consumption to economic growth in the short run but bidirectional causality in the long run for the lower middle income country panel and 3 unidirectional causality from electricity consumption to economic growth for the low income country panel

energy consumption and economic growth revisited does the size of unrecorded economy matter abstract we analyze the long run relationship between energy consumption and real gross domestic product gdp in turkey taking into account the size of unrecorded economy since in developing countries mainly due to the unrecorded economic activities the official gdp is not measured correctly the investigation of the linkage between energy consumption and official gdp may not give reliable results in this study empirical results for the case of turkey over the period 1970 2005 suggest that there is a long run equilibrium relationship between the officially calculated gdp and energy consumption besides using the error correction modeling technique we find out that unidirectional causality runs from official gdp to energy in both short and long runs however when we take into account unrecorded economy we detect neither cointegration nor causality between energy consumption and true gdp these empirical findings imply that first energy conservation policies can be implemented in order to reduce greenhouse gas emissions without any adverse effect on the recorded economic activities second the production function in the unrecorded economy is not stable furthermore economic policies to combat unrecorded economy may not serve as a complement to energy conservation policies

why has u s inflation become harder to forecast we examine whether the u s rate of price inflation has become harder to forecast and to the extent that it has what changes in the inflation process have made it so the main finding is that the univariate inflation process is well described by an unobserved component trend cycle model with stochastic volatility or equivalently an integrated moving average process with time varying parameters this model explains a variety of recent univariate inflation forecasting puzzles and begins to explain some multivariate inflation forecasting puzzles as well

disaggregate energy consumption employment and income in turkey the purpose of this paper is to contribute to literature on energy consumption and economic growth relationship by examining how much of the variance in national income growth can be explained by the growth of different sources of energy consumption and employment in turkey we use the recently developed generalized forecast error variance decomposition technique of koop et al j econom 74 1996 119 and pesaran and shin econ lett 58 1998 17 to determine the information content of the growth rate of energy consumption waste seems to have the largest initial impact followed by oil however over a 3 year horizon lignite appears to explain the largest forecast error variance of gdp the total energy consumption explains 21 of forecast error variance of gdp energy consumption appears to be almost as important as employment in turkey therefore policy makers may be interested in identifying the energy dependencies of economic growth in allocating the energy investment budget

the causality relationship between energy consumption and gdp in g 11 countries revisited abstract this paper explores whether energy conservation policies can be implemented in countries with the same level of development that is is restraining energy consumption without compromising economic growth feasible in all industrialized countries a new granger non causality testing procedure developed by toda and yamamoto 1995 journal of econometrics 66 225 250 is applied to re investigate the relationship if any between energy consumption and income in 11 major industrialized countries the results clearly do not support the view that energy consumption and income are neutral with respect to each other except in the case of the united kingdom germany and sweden where a neutral relationship is found bi directional causality in the united states and uni directional running from energy consumption to gdp in canada belgium the netherlands and switzerland are found this indicates that energy conservation may hinder economic growth in the latter five countries further the causality relationship appears to be uni directional but reversed for france italy and japan which implies that in these three countries energy conservation may be viable without being detrimental to economic growth

coal consumption and economic growth evidence from a panel of oecd countries this study examines the relationship between coal consumption and economic growth for 25 oecd countries within a multivariate panel framework over period 1980 2005 the larsson et al 2001 panel cointegration test indicates there is a long run equilibrium relationship between real gdp coal consumption real gross fixed capital formation and the labor force the respective coefficients for real gross fixed capital formation and the labor force are positive and statistically significant whereas the coefficient for coal consumption is negative and statistically significant the results of the panel vector error correction model reveal bidirectional causality between coal consumption and economic growth in both the short and long run however the bidirectional causality in the short run is negative

the demand for residential electricity in south africa abstract this paper examines the residential demand for electricity in south africa as a function of real gross domestic product per capita and the price of electricity during the period 1978 2005 we make use of the bounds testing approach to cointegration within an autoregressive distributed framework suggested by pesaran et al 2001 bounds testing approaches to the analysis of level relationships journal of applied econometrics 16 3 289 326 following the literature we use a linear double logarithmic form using income and price as independent variables in the empirical analysis in the long run we find that income is the main determinant of electricity demand while electricity price is insignificant

energy consumption and economic growth evidence from 11 sub sahara african countries abstract the paper examines the causal relationship between energy consumption and economic growth for eleven countries in sub saharan africa using the autoregressive distributed lag ardl bounds test the study finds that energy consumption is cointegrated with economic growth in cameroon cote d ivoire gambia ghana senegal sudan and zimbabwe moreover this test suggests that energy consumption has a significant positive long run impact on economic growth in ghana kenya senegal and sudan granger causality test based on vector error correction model vecm shows bi directional relationship between energy consumption and economic growth for gambia ghana and senegal however granger causality test shows that economic growth granger causes energy consumption in sudan and zimbabwe the neutrality hypothesis is confirmed in respect of cameroon and cote d ivoire the same result of no causality was found for nigeria kenya and togo the result shows that each country should formulate appropriate energy conservation policies taking into cognizance of her peculiar condition

energy consumption and gdp causality relationship in g 7 countries and emerging markets abstract the causality relationship between energy consumption and income is a well studied topic in energy economics this paper studies the time series properties of energy consumption and gdp and reexamines the causality relationship between the two series in the top 10 emerging markets excluding china due to lack of data and g 7 countries we discover bi directional causality in argentina causality running from gdp to energy consumption in italy and korea and from energy consumption to gdp in turkey france germany and japan hence energy conservation may harm economic growth in the last four countries

are uncertainty shocks aggregate demand shocks abstract this note considers the leduc and liu jme 2016 model and studies the effects of their uncertainty shock under different taylor type rules it shows that both the responses of real and nominal variables highly depend on the taylor rule considered remarkably inflation reacts positively so that uncertainty shocks look more like negative supply shocks once an empirically plausible degree of interest rate smoothing is taken into account this result is reinforced with less reactive monetary rules overall these rules alleviate the recession

taylor rules long run growth and real uncertainty we study the eects of real uncertainty on long run growth under dierent taylor type rules we nd a non negligible relationship between real uncertainty and growth which depends on the source of real uncertainty as well as the type of the taylor rule considered importantly when uncertainty is due to investment speci c shocks it is highly detrimental for growth unless the central bank follows a strong in ation targeting rule furthermore we nd that in the presence of real uncertainty there is a positive correlation between average growth and average in

says who how the source of price information and affect influence perceived price un fairness abstract three experiments show that the source of price change information whether human or nonhuman moderates the effect of price change on perceptions of price fairness both inferences of the marketer s motive and stimulus induced affect mediate the effects of the source and price change opportunity and motivation to process also affect the relative influence of inferred motive and affect this research demonstrates antecedent roles of both price source and affect

interorganizational favour exchange and the relationship between doing well and doing good this article examines whether ethical business practice enhances financial performance with respect to interorganizational favour exchange we argue that the link between the ethicality and economic utility of interorganizational favour exchange is governed by 1 organizational individual interest alignment conflict and 2 the fairness or justifiability of favour exchanges from the perspective of third parties we classify interorganizational io favour exchange into four types business personal personal business personal personal and business business favour exchange our analysis shows that the first three types of favour exchange are unethical as they involve conflicts between organizational and individual interests in one or both participating organizations that negatively affect organizational value creation the last type of favour exchange involves organizational individual interest alignment in both participating organizations and positively affects the capacity of those involved in the exchange to create value favour exchanges of this fourth variety are ethically justifiable unless they unfairly damage the legitimate interests of third parties in the latter case these favour exchanges create the risk of negative third party reactions which in turn affect the sustainability of the benefits of the favour exchanges to the focal group the dyad our research results advance understanding of the ethical and economic implications of io favour exchange counter the prejudice against this behaviour in organizations provide ethical guidance for management and business practice and have implications for the relationship between doing well and doing good

energy and national income in korea further evidence on the role of omitted variables abstract results of this paper indicate that the real oil price is a major determinant of real national income and energy consumption the combined effects of real money and real government expenditure on real income and energy consumption are also substantial a lack of causality or the causality between energy and real income in prior studies is due to the omitted variables results also confirm that the two oil price shocks combined adversely affected real national income

electricity consumption employment and real income in australia evidence from multivariate granger causality tests this paper examines the relationship between electricity consumption employment and real income in australia within a cointegration and causality framework we find that electricity consumption employment and real income are cointegrated and that in the long run employment and real income granger cause electricity consumption while in the short run there is weak unidirectional granger causality running from income to electricity consumption and from income to employment

the role of natural gas consumption and trade in tunisia s output this paper examines the impact of natural gas consumption real gross fixed capital formation and trade on the real gdp in case of tunisia over the period of 1980 2010 we used auto regressive distributed lag ardl bounds testing approach to test the existence of long run relationship between the variables the vector error correction method vecm granger approach is applied to test the direction of causal relation between the series our findings indicate the existence of long run relationship among the variables natural gas consumption real gross fixed capital formation and trade add in economic growth natural gas consumption real gross fixed capital formation and real trade granger cause real gdp these findings open up new insights for policy makers to formulate a comprehensive energy policy to sustain economic growth for long run

permanent and transitory policy shocks in an empirical macro model with asymmetric information abstract an empirical model that allows for shifts in the inflation target and imperfect policy credibility is estimated imperfect credibility defined by differences between the perceived and actual inflation target obtains because private agents cannot correctly distinguish between permanent target shocks and transitory funds rate shocks learning affects responses to structural shocks important features include the absence of a price puzzle permanent nominal effects of aggregate supply shocks due to partial policy accommodation and the ability to examine responses to a permanent target change and expectations shocks perceptions of permanent target shocks explain sizable movements in bond yields and inflation

an empirical analysis of energy demand in namibia abstract using a unique database of end user local energy data and the recently developed autoregressive distributed lag ardl bounds testing approach to cointegration we estimate the long run elasticities of the namibian energy demand function at both aggregated level and by type of energy electricity petrol and diesel for the period 1980 2002 our main results show that energy consumption responds positively to changes in gdp and negatively to changes in energy price and air temperature the differences in price elasticities across fuels uncovered by this study have significant implications for energy taxation by namibian policy makers we do not find any significant cross price elasticities between different fuel types

price and income elasticities of disaggregated import demand results from uecms and an application this paper presents an empirical analysis of the demand for maize milk powder butter and rice imports in cyprus using annual time series data covering the period 1975 1994 none of these products is produced in cyprus and all the necessary quantities are imported to meet domestic demand the primary objective of the paper is to derive long run price and income elasticities of import demand that can be used to analyse the impact of various policies such as the adoption of the common agricultural policy cap when and if the republic of cyprus joins the european union eu in so doing the paper takes on board some recent developments in time series econometrics the cointegration test used the bounds test is a recent test and is based on the estimation of an unrestricted error correction model uecm parsimonious models were derived using hendry s general to specific approach the estimated elasticities were subsequently used to quantify some of the implications for cyprus had the cap been ope

the influence of energy consumption of china on its real gdp from aggregated and disaggregated viewpoints abstract this paper investigated the causal relationship between energy consumption and gross domestic product gdp in china at both aggregated and disaggregated levels during the period of 1978 2009 by using a modified version of the granger 1969 causality test proposed by toda and yamamoto 1995 within a multivariate framework the empirical results suggested the existence of a negative bi directional granger causality running from aggregated energy consumption to real gdp at disaggregated level of energy consumption the results were complicated for coal empirical findings suggested that there was a negative bi directional granger causality running from coal consumption to real gdp however for oil and gas empirical findings suggested a positive bi directional granger causality running from oil as well as gas consumption to real gdp though these results supported the feedback hypothesis the negative relationship might be attributed to the growing economy production shifting towards less energy intensive sectors and excessive energy consumption in relatively unproductive sectors the results indicated that policies with reducing aggregated energy consumption and promoting energy conservation may boost china s economic growth

electricity and growth nexus dynamics in singapore fresh insights based on wavelet approach abstract this study examines the empirical relationship of electricity generation egen and economic growth ipi in singapore by using the flexible properties of the wavelet approach this innovative technique allows the decomposition of time series across time scales in this study we used continuous wavelet transform cross wavelet and wavelet coherence ratios to investigate the relationship between egen and ipi by using the monthly data from 1983 1 to 2016 1 results of autoregressive distributed lag and johansen juselius cointegration tests show that there is a significant long run relationship the mentioned variables in singapore furthermore results indicate that there is a unidirectional causal relationship running from egen to ipi in the long run while a bidirectional causal interplays are depicted between the of egen on ipi in medium run thus it can be recommended that government needs to increase electricity generation and further providing and nurturing the expansion of electricity supply in country which will ultimately benefits the economic growth

electricity consumption and economic growth a time series experience for 17 african countries abstract while the availability of electricity by itself is not a panacea for the economic and social problems facing africa the supply of electricity is nevertheless believed to be a necessary requirement for africa s economic and social development this paper tests the long run and causal relationship between electricity consumption per capita and real gross domestic product gdp per capita for 17 african countries for the period 1971 2001 using a newly developed cointegration test proposed by pesaran et al 2001 and using a modified version of the granger causality test due to toda and yamamoto 1995 the advantage of using these two approaches is that they both avoid the pre testing bias associated with conventional unit root and cointegration tests the empirical evidence shows that there was a long run relationship between electricity consumption per capita and real gdp per capita for only 9 countries and granger causality for only 12 countries for 6 countries there was a positive uni directional causality running from real gdp per capita to electricity consumption per capita an opposite causality for 3 countries and bi directional causality for the remaining 3 countries the result should however be interpreted with care as electricity consumption accounts for less than 4 of total energy consumption in africa and only grid supplied electricity is taken into account

ethical business and investment a model for business and society two key questions lie at the heart of the business challenge for business ethics is it possible for business and investors to do well while doing good and if so how can this be achieved this paper adopts an international investment perspective to address these questions it demonstrates that it is possible for business and investors to achieve a triple bottom line of environmental social and financial performance

a resource based perspective on corporate environmental performance and profitability drawing on the resource based view of the firm we posited that environmental performance and economic performance are positively linked and that industry growth moderates the relationship with the returns to environmental performance higher in high growth industries we tested these hypotheses with an analysis of 243 finns over two years using independently developed environmental ratings results indicate that it pays to be green and that this relationship strengthens with industry growth we conclude by highlighting the study s academic and managerial implications making special reference to the social issues in management literature

applied econometrics and implications for energy economics research abstract developments in applied econometrics particularly with regard to unit root tests and cointegration tests have motivated a rich empirical literature on energy economics over the last decade this study reviews recent developments in time series econometrics applications in the energy economics literature we first consider the literature on the integration properties of energy variables we begin with a discussion of the implications of whether energy variables contain a unit root and proceed to examine how results differ according to the specific unit root or stationarity test employed we then proceed to examine recent developments in the literature on cointegration granger causality and long run estimates between disaggregated energy consumption and economic growth we review both single country and panel studies and pay particular attention to studies which have expanded the literature through adding variables such as financial development and trade in addition to energy consumption to the augmented production function as well as studies which have extended the literature through examining disaggregated energy consumption by type in each case we highlight best practice in the literature point to limitations in the literature including econometric modeling challenges and suggest recommendations for future research a key message of our survey is that the profession needs to guard against overload of research in these areas as most applied studies are no longer adding anything more to what is already known

measuring the level and uncertainty of trend inflation abstract firmly anchored inflation expectations are widely viewed as playing a central role for the conduct of monetary policy this paper presents estimates of trend inflation based on information contained in monthly data on realized inflation survey expectations and the term structure of interest rates in order to assess whether inflation expectations are anchored a timevarying volatility of trend shocks is estimated as well while there is some commonality in inflation and survey based estimates of trend inflation yield based trend estimates embed a highly persistent component orthogonal to trend inflation trimmed mean inflation rates and survey forecasts are most indicative of trend inflation

energy and economic growth in the usa a multivariate approach abstract this paper examines the causal relationship between gdp and energy use for the period 1947 90 in the usa the relationship between energy use and economic growth has been examined by both biophysical and neoclassical economists in particular several studies have tested for the presence of a causal relationship in the granger sense between energy use and economic growth however these tests do not allow a direct test of the relative explanatory powers of the neoclassical and biophysical models a multivariate adaptation of the test vector autoregression var does allow such a test a var of gdp energy use capital stock and employment is estimated and granger tests for causal relationships between the variables are carried out although there is no evidence that gross energy use granger causes gdp a measure of final energy use adjusted for changing fuel composition does granger cause gdp

a note on the causal relationship between energy and gdp in taiwan abstract this paper re examines the causality between energy consumption and gdp by using updated taiwan data for the period 1954 1997 as a secondary contribution we investigate the causal relationship between gdp and the aggregate as well as several disaggregate categories of energy consumption including coal oil natural gas and electricity applying granger s technique we find bidirectional causality between total energy consumption and gdp we find further that different directions of cause exist between gdp and various kinds of energy consumption

the relationship between energy and gnp further results this paper reexamines the casuality between gnp and energy consumption by using updated us data for the period 1947 1979 as a secondary contribution we investigate the causal relationship between energy consumption and employment applying sims technique we find no causal relationship between gnp and energy consumption we find further that there is a slight unidirectional flow running from employment to energy consumption economic interpretations of the empirical results are also presented

virtuous nexus between corporate social performance and financial performance a study of construction enterprises in china abstract although business and society are thought in a vicious relationship for diminishing trust among stakeholders a few studies indicate the existence of a reciprocal nexus between corporate social performance and corporate financial performance known as the virtuous cycle despite of some empirical studies in developed countries little research has been conducted concerning the assumption in emerging markets where large companies have more responsibilities to create positive and sustainable shared values this paper aims to explore the nexus between social performance and financial performance of chinese companies for their global influential social and environmental impacts together with increasing awareness of corporate social responsibility csr a two step longitudinal design including cross lagged correlation analyses and longitudinal path analyses is applied to examine the overall and decomposed links it is found the virtuous cycle does exist in the overall and in most decomposed links within the context of large construction companies in china these findings are beneficial for interested policy makers corporate managers and the public to create shared value on csr and therefore contribute to csr improvements analysis results indicate a one year time lag to be appropriate for examining the lead lag relationship between corporate social performance and financial performance the research also inspires a potential generalisation of the virtuous cycle by similarly examining it in other industries or other countries with diverse csr contexts

macroeconomic effects of inflation target uncertainty shocks abstract we study the macroeconomic effects of a time varying inflation target it which stochastic volatility follows an autoregressive process we show that the quantitative economic effects of it uncertainty shocks depend crucially on the taylor rule type adopted by the monetary authority following this kind of disturbance a less severe recession and deflation is observed under a more reactive interest rate rule while an empirical plausible degree of interest rate smoothing leads output unemployment and inflation to react more strongly causing the recession to be more severe and deflationary

csr practices and corporate strategy evidence from a longitudinal case study this paper aims to contribute to the present debate about business ethics and corporate social responsibility csr that the journal of business ethics is hosting numerous contributions argued theoretical frameworks and taxonomies of csr practices the authors want to ground in this knowledge and provide further evidence about how companies adopt csr practices to address stakeholders claims and consolidate their trust evidence was provided by a longitudinal case study about an italian food company that is one of the largest producers of baby food this company reshaped its corporate strategy along three decades through the adoption of csr practices in order to win stakeholders trust about food safety and supply chain behaviour the empirical exercise was informed by a literature review of the relevant contributions in terms of csr business practices and levels of efforts to adopt them in light of this review the authors adopted for the research framework the taxonomy of business practices proposed by spiller 2000 ethical business and investment a model for business and society journal of business ethics27 149 160 and the levels of commitment towards csr proposed by stahl and grigsby 1997 strategic management total quality global competition blackwell oxford the main findings are discussed in order to argue theoretical implications and identify further areas of research and debate

the demand for gasoline in south africa an empirical analysis using co integration techniques abstract using the recently developed autoregressive distributed lag ardl bound testing approach to co integration suggested by pesaran et al pesaran m h shin y smith r j bounds testing approaches to the analysis of level relationships journal of applied econometrics 2001 16 3 289 326 we empirically analyzed the long run relationship among the variables in the aggregate gasoline demand function over the period 1978 2005 our study confirms the existence of a co integrating relationship the estimated price and income elasticities of 0 47 and 0 36 imply that gasoline demand in south africa is price and income inelastic

whether and to what extent consumers demand fair pricing behavior for its own sake this article contributes to scholarly understanding of the significance of procedural fairness in pricing contexts it has been widely recognized that price fairness judgments concern both the outcome fair price and the procedure leading to the outcome fair pricing however extant research has traditionally viewed procedural fairness as a means to outcome fairness according to this instrumental view procedural fairness is a component or antecedent of outcome fairness but has no direct effects on consumers responses to prices building on the relational perspective on fairness we develop and test a model of price procedural fairness as an end in itself in three lab studies we show that 1 when information regarding outcome an unfavorable price difference and procedure the pricing practice underlying the price difference is available simultaneously and unambiguously procedural fairness has direct and stronger effects than outcome fairness on consumers responses and 2 procedural fairness mediates the effects of pricing practices on these responses in all three studies adding procedural fairness as a direct predictor of consumers responses increases the explanatory power of a model of price fairness significantly our model can explain peculiar real world cases in which consumers reacted very strongly over relatively small price differences the research findings point to the significance of the non instrumental aspect of consumer s demand for ethical fair pricing behavior and the need for companies to assess the fairness of their pricing practices from the consumer perspective

retracted factors affecting commercial energy consumption in pakistan progress in energy the purpose of this study is to identify major macroeconomic factors that enhance energy consumption for pakistan through the cointegration error correction model and granger causality tests over a 32 year time period i e between 1980 and 2011 the study employed the bivariate cointegration technique to estimate the long run relationship between the variables an error correction model was used to determine the short run dynamics of the system while granger causality test was used to find the directions between these variables the study investigates the relation between four energy consumption variables i e oil petroleum consumption gas consumption electricity consumption and coal consumption and four macroeconomic factors which have further sub classifications i e balance of payment bop factors i e exports imports trade deficit worker s remittances and current account balance fuel factors i e carbon dioxide emissions natural resource depletion and net forest depletion agricultural crops yield per hectare i e wheat rice sugarcane maize and cotton and industrial production items i e beverages cigarettes motor tyres motor tubes cycle tyres and cycle tubes in order to manage robust data analysis the result confirms the long run relationship between total commercial energy consumption and macroeconomic factors in pakistan as oil petroleum consumption increases exports fuel factors agricultural crops yield per hectare and industrial items however the intensity of these factors are different in nature carbon dioxide emissions net forest depletion beverages motor tyres and motor tubes are more elastic with oil petroleum consumption however oil petroleum consumption decreases trade deficit and workers remittances in pakistan gas electricity and coal consumption increases agricultural crops yield per hectare and industrial production which shows that as agriculture and industry modernizes energy demand increases energizing the food production chain is an essential feature of agricultural development which is a prime factor in helping to achieve food security in pakistan the empirical results only moderately support the conventional view that energy consumption has significant long run casual effect on macroeconomic variables in pakistan the present study finds evident of unidirectional causality between the commercial energy consumption factors and macroeconomic factors in pakistan however there is some bidirectional causality exist which is running between electricity consumption ec and exports ec to imports ec to carbon emissions ec to natural resource depletion nrd and ec to wheat the results conclude that macroeconomic variables tend to positively respond to total primary energy consumption this indicates that increasing total commercial energy consumption may cause growth variables which show that pakistan is an input driven economy

disaggregated industrial energy consumption and gdp the case of shanghai 1952 1999 abstract this paper investigates the causal relationship between various kinds of industrial energy consumption and gdp in shanghai for the period 1952 1999 using a modified version of the granger 1969 causality test proposed by toda and yamamoto j econ 66 1995 225 the empirical evidence from disaggregated energy series seems to suggest that there was a uni directional granger causality running from coal coke electricity and total energy consumption to real gdp but no granger causality running in any direction between oil consumption and real gdp

changes in the federal reserve s inflation target causes and consequences this paper estimates a new keynesian model to draw inferences about the behavior of the federal reserve s unobserved inflation target the results indicate that the target rose from 1 1 4 percent in 1959 to over 8 percent in the mid to late 1970s before falling back below 2 1 2 percent in 2004 the results also provide some support for the hypothesis that over the entire postwar period federal reserve policy has systematically translated short run price pressures set off by supply side shocks into more persistent movements in inflation itself although considerable uncertainty remains about the true source of shifts in the inflation target jel e31 e32 e52

carbon emissions energy consumption and economic growth an aggregate and disaggregate analysis of the indian economy abstract this study investigates the long and short run relationships among carbon emissions energy consumption and economic growth in india at the aggregated and disaggregated levels during 1971 2014 the autoregressive distributed lag model is employed for the cointegration analyses and the vector error correction model is applied to determine the direction of causality between variables results show that a long run cointegration relationship exists and that the environmental kuznets curve is validated at the aggregated and disaggregated levels furthermore energy total energy gas oil electricity and coal consumption has a positive relationship with carbon emissions and a feedback effect exists between economic growth and carbon emissions thus energy efficient technologies should be used in domestic production to mitigate carbon emissions at the aggregated and disaggregated levels the present study provides policy makers with new directions in drafting comprehensive policies with lasting impacts on the economy energy consumption and environment towards sustainable development

a multivariate cointegration analysis of the role of energy in the us macroeconomy abstract this paper extends my previous analysis of the causal relationship of gdp and energy use in the usa in the post war period a majority of the relevant variables are integrated justifying a cointegration analysis the results show that cointegration does occur and that energy input cannot be excluded from the cointegration space the results are plausible in terms of macroeconomic dynamics the results are similar to my previous granger causality results and contradict claims in the literature based on bivariate models that there is no cointegration between energy and output

energy use for economic growth a trivariate analysis from tunisian agriculture sector abstract following the importance of energy in the agrarian economies the investigation of the causal relationship between energy consumption in agriculture sector and economic growth has a fundamental role in implementing suitable policies this paper examines the causal relationship between energy consumption and agricultural value added controlling for trade openness in tunisia from 1980 to 2007 the relationship is investigated at aggregated as well as disaggregated components of energy consumption including oil and electricity using granger s technique it is shown that various results are obtained regarding the direction of causality between competing variables nevertheless the most common finding suggest that trade openness and both aggregated and disaggregated energy consumption granger causes agricultural value added therefore the energy led growth and trade led growth hypotheses are supported in the tunisian agriculture sector an important policy implication resulting from this study is that energy can be considered as a limiting factor to agriculture value added and therefore shocks to energy supply would have a negative impact onto agriculture performance furthermore trade liberalization seems to be a stimulus factor to the tunisian agriculture development

uncertainty financial frictions and nominal rigidities a quantitative investigation are uncertainty shocks a major source of business cycle fluctuations this paper studies the effect of a mean preserving shock to the variance of aggregate total factor productivity macro uncertainty and to the dispersion of entrepreneurs idiosyncratic productivity micro uncertainty in a financial accelerator dynamic stochastic general equilibrium model with sticky prices it explores the different mechanisms through which uncertainty shocks are propagated and amplified the time series properties of macro and micro uncertainty are estimated using u s aggregate and firm level data respectively while surprise increases in micro uncertainty have a larger impact on total output than macro uncertainty these can only account for a small but nontrivial share of output volatility

cointegration and causality between electricity consumption and gdp empirical evidence from malawi abstract the granger causality gc and error correction ecm techniques were applied on 1970 1999 data for malawi to examine cointegration and causality between electricity consumption kwh and respectively overall gdp agricultural gdp agdp and non agricultural gdp ngdp cointegration was established between kwh and respectively gdp and ngdp but not with agdp the gc results detect bi directional causality between kwh and gdp suggesting that kwh and gdp are jointly determined but one way causality running from ngdp to kwh the ecm results detect causality running one way from gdp also from ngdp to kwh suggesting that a permanent rise in gdp may cause a permanent growth in electricity consumption

causal relationships between energy consumption foreign direct investment and economic growth fresh evidence from dynamic simultaneous equations models this paper examines the interrelationships between energy consumption foreign direct investment and economic growth using dynamic panel data models in simultaneous equations for a global panel consisting of 65 countries the time component of our dataset is 1990 2011 inclusive to make the panel data analysis more homogenous we also investigate this interrelationship for a number of sub panels which are constructed based on the income level of countries in this way we end up with three income panels namely high income middle income and low income panels in the empirical part we draw on the growth theory and augment the classical growth model which consists of capital stock labor force and inflation with foreign direct investment and energy generally we show mixed results about the interrelationship between energy consumption fdi and economic growth

procedural and distributive fairness determinants of overall price fairness the present research isolates the fairness assessment of the process used by the retailer to set a price as well as the distributive fairness of the price compared to the price that others are offered and examines the combined effect of procedural fairness and distributive fairness on overall price fairness two experimental studies examine procedural and distributive fairness effects on overall price fairness in study 1 procedural fairness and distributive fairness are manipulated and found to interact to bring about overall price fairness in study 2 suspicion toward the seller is found to mediate the relationship between procedural fairness and overall price fairness when the price is disadvantageous

price fairness good and service differences and the role of vendor costs prior research suggests that consumers are forgiving of a price increase that is commensurate with increased vendor costs we argue that the perceived fairness of the price increase will also depend on the alignability of the cost and price increases such that alignable increases will be perceived as more acceptable than nonalignable increases moreover we predict that when a cost increase is nonalignable consumers will be more receptive to a service price increase than a goods price increase evidence from a series of experiments supports both predictions

industry level production functions and energy use in 12 eu countries abstract in the eu context industrial sectors have significantly reduced their energy consumption in the last decade despite significant disparities existing across industry branches comparative studies focused on the effect of energy use in the production growth of the different industry branches are limited and not related to the eu countries this study undertakes a production growth approach to analyze the effect of energy use in different industry branches through the estimation of translog production functions based on data from 12 eu countries during the 2000 2014 period in addition two sub periods are studied to evaluate if industrial energy efficiency has been improving through time specifically from 2007 findings confirm the existence of different behavior patterns with respect to energy use in the considered sectors and from one sub period to another as a result policy measures should be sector specific since no general production energy use patterns can be obtained

the role of natural gas consumption in saudi arabia s output and its implication for trade and environmental quality abstract in this paper we examines the contribution of natural gas consumption in the real gdp of saudi arabia using long span and recent time series data over the period 1968 2016 in a multivariate framework which incorporates total trade as additional variable by using the autoregressive distributed lag method of cointegration we find long run a cointegration equilibrium relationship between ngc total trade and real gdp with a positive significant relationship among the variables by applying the toda and yamamoto method to granger causality testing we find a one sided causality running from ngc to real gdp while between real gdp and trade ngc and total trade total trade and real gdp are without a feedback from our empirical results we suggest that natural gas conservation policy would hurt the demand for natural gas hinder total trade and thus retard domestic output however in the near future it is possible for the saudi arabian government to meet energy needs and enhance total trade by adopting renewable energy alternatives to natural gas results however upon which the policy implications are inferred should be applied with caution as they may not be feasible enough to justify the adoption of unappealing energy policy choice for saudi arabia

a new model of inflation trend inflation and long run inflation expectations a knowledge of the level of trend inflation is key to many current policy decisions and several methods of estimating trend inflation exist this paper adds to the growing literature which uses survey based long run forecasts of inflation to estimate trend inflation we develop a bivariate model of inflation and long run forecasts of inflation which allows for the estimation of the link between trend inflation and the long run forecast thus our model allows for the possibilities that long run forecasts taken from surveys can be equated with trend inflation that the two are completely unrelated or anything in between by including stochastic volatility and time variation in coefficients it extends existing methods in empirically important ways we use our model with a variety of inflation measures and survey based forecasts for several countries we find that long run forecasts can provide substantial help in refining estimates and fitting and forecasting inflation the same evidence indicates it is less helpful to simply equate trend inflation with the long run forecasts

literature survey on the relationships between energy environment and economic growth abstract the aim of this study is to exhibit an exhaustive survey which is related to the great flight of the literature of energy environment growth nexus at the individual and regional scale studies covering the period from 1978 to 2014 the survey takes into consideration the sample country region etc periods covering econometric strategies and conclusions our survey is based on the causality direction among i the energy use variables electricity nuclear renewable and non renewable and output growth ii between economic growth and environment and between the three variables at the same time globally these surveys provide paradoxical and not conclusive results which energy consumption can boost economic growth through the productivity enhancement and it can boost also the environmental damages through the enhancement of pollutant emissions our survey sheds more the lights on the energy environment growth literature by giving an extensive listing 1978 2014 of these causal linkages among the energy use variables environment and economic growth for both individual and collective cases there is a unanimous consensus about the importance of dealing with such dynamic relationship which is seems to be a cornerstone element in setting any ambition strategies energy ecological and economics

energy consumption and economic growth the experience of african countries revisited abstract the aim of this paper is to re examine the causal relationship between energy consumption and economic growth for seventeen african countries in a multivariate framework by including labor and capital as additional variables we apply the variance decomposition analysis due to pesaran and shin pesaran m h and shin y generalised impulse response analysis in linear multivariate models economics letters 1998 58 17 29 to evaluate how important is the causal impact of energy consumption on economic growth relative to labor and capital the results of our multivariate modified granger causality analysis due to toda and yamamoto toda h y and yamamoto t statistical inference in vector autoregressions with possibly integrated process journal of econometrics 1995 66 225 250 tend to reject the neutrality hypothesis for the energy income relationship in fifteen out of the seventeen countries in contrast results of our variance decomposition analyses show that in eleven out of the seventeen countries energy is no more than a contributing factor to output growth and not an important one when compared to capital and labor labor and capital are the most important factors in output growth in fifteen out of the seventeen countries however these results should be interpreted with care as they may not be sufficiently robust enough to support the inference that energy consumption plays a minor role in the economic growth of african countries

the importance of energy quality in energy intensive manufacturing evidence from panel cointegration and panel fmols this paper expands on the panel gdp energy cointegration modeling literature it does so by using data disaggregated along sectoral lines and adjusting energy consumption for the quality of the energy source e g electricity is of higher quality than oil which is of higher quality than coal in order to examine the role of energy quality in the five most energy intensive manufacturing sectors iron and steel non ferrous metals non metallic minerals chemicals and pulp and paper the database was constructed by combing energy consumption and energy price data to construct the energy quality index from the iea with economic data value added labor employed and physical capital from the oecd s structural analysis database in addition to finding the variables analyzed are panel i 1 and cointegrated for each sector based panel the long run elasticity estimates from panel fmols indicate the importance of energy quality primarily the shift toward the use of high quality electricity in these energy intensive manufacturing sectors in each case the elasticity for energy quality is greater than that for conventionally measured energy consumption sometimes orders of magnitude greater indeed the elasticity of conventionally measured energy consumption is insignificant to very small for three of the five sectors also when using the energy quality measure the importance of energy consumption relative to the other production factors stands out such results are useful for both energy gdp cointegration causality modelers and cge modelers who may need to estimate elasticities

a meta analysis investigation of the direction of the energy gdp causal relationship implications for the growth degrowth dialogue abstract the complex relation between energy use and the economic process has long attracted attention issues such as the scarcity of energy resources energy theory of value degrowth and a growth approaches are closely related to the relationship between energy and development the present study traces the implications of the energy gdp causality dialogue for the context of the growth degrowth debate where the energy development link plays a decisive role in that context the present research investigates the possible existence of a fundamental macro direction of causality between energy use and economic growth that is not influenced by study specific characteristics and events towards this objective we perform a meta analysis that takes into account 158 studies on causality between energy and gdp covering the period 1978 2011 this is the first time to our knowledge that meta analysis has been applied to investigate the direction of the energy and gdp causal relationship the meta analysis results neither support the existence of a fundamental macro direction nor the so called neutrality hypothesis e gdp in the causal relationship between energy consumption and economic growth

trend inflation indexation and inflation persistence in the new keynesian phillips curve purely forward looking versions of the new keynesian phillips curve nkpc generate too little inflation persistence some authors add ad hoc backward looking terms to address this shortcoming we hypothesize that inflation per sistence results mainly from variation in the long run trend component of inflation which we attribute to shifts in monetary policy we derive a version of the nkpc that incorporates a time varying inflation trend and examine whether it explains the dynamics of inflation when drift in trend inflation is taken into account a purely forward looking version of the model fits the data well and there is no need for backward looking components jel e12 e31 e52 in this paper we consider the extent to which guillermo calvo s 1983 model of nominal price rigidities can explain inflation dynamics without relying on arbitrary backward looking terms in its baseline formulation the calvo model leads to a purely forward looking new keynesian

disinflationary shocks and inflation target uncertainty abstract in new keynesian models favourable cost push shocks lower inflation and increase output yet when the central bank s inflation target is not perfectly observed these shocks turn contractionary as agents erroneously perceive a temporary reduction in the target this effect is amplified when monetary policy is constrained by the effective lower bound on the policy rate

corporate governance and codes of ethics as a result of recent corporate scandals several rules have focused on the role played by boards of directors on the planning and monitoring of corporate codes of ethics in theory outside directors are in a better position than insiders to protect and further the interests of all stakeholders because of their experience and their sense of moral and legal obligations female directors also tend to be more sensitive to ethics according to several past studies which explain this affirmation by early gender socialization the fact that women are thought to place a greater emphasis on harmonious relations and the fact that men and women use different ethical frameworks in their judgments the goal of this paper is to determine the influence of these characteristics of the board in terms of promoting and hindering the creation of a code of ethics our findings show that a greater number of female directors does not necessarily lead to more ethical companies moreover within europe as a continent board ownership leads to an entrenchment of upper level management generating a divergence between the ethical interests of owners and managers in light of this situation the presence of independent directors is necessary to reduce such conflicts

the saving and investment nexus for china evidence from cointegration tests the saving and investment nexus as postulated by feldstein and horioka fh 1980 is revisited the saving investment correlation for china is estimated over the periods 1952 1998 and 1952 1994 the latter culminating in a period of fixed exchange rate regime amongst the key results it is found that saving and investment are correlated for china for both the period of the fixed exchange rate and the entire sample period with high saving investment correlation the results suggest that the chinese economy is in conformity with the fh hypothesis this is a valid outcome for in china capital mobility was fairly restricted over the 1952 1994 period as indicated by the relatively low foreign direct investment

reframing the moral limits of markets debate social domains values allocation methods what should and what should not be for sale in a society this is the central question in the moral limits of markets mlm debate which is conducted by a group of business ethicists and liberal egalitarian political theorists these mlm theorists which we will dub market moralists all put forward a specific version of the argument that while the market is well suited to allocate some categories of goods and services it is undesirable for the allocation of other such categories we argue that the current mlm debate is too much framed in terms of a market non market dichotomy moreover authors tend to distinguish insufficiently between values such as freedom equality and efficiency and allocation methods such as the market the queue and rationing we introduce a new conceptual scheme consisting of societal domains values and allocation methods to provide a better structure for this debate the argument is illustrated from the education and healthcare domains

the relationship between disaggregate energy consumption and industrial production in the united states an ardl approach abstract we re examine the relationship between disaggregate energy consumption and industrial output as well as employment in the united states using the autoregressive distributed lag ardl approach developed by pesaran and pesaran pesaran m h pesaran b 1997 working with microfit 4 0 camfit data ltd cambridge and pesaran shin and smith pesaran m h shin y smith r j 2001 bounds testing approaches to the analysis of level relationships journal of applied econometrics 16 289 326 in particular we focus attention on the following energy consumption variables coal fossil fuels conventional hydroelectric power solar energy wind energy natural gas wood and waste the sample period covers 2001 1 2005 6 our results imply that real output and employment are long run forcing variables for nearly all measures of disaggregate energy consumption

perhaps the 1970s fomc did what it said it did briefing forecasts prepared for the federal open market committee fomc are used to estimate changes in the design of us monetary policy and in the implied policy target for inflation from 1970 through 1997 both estimated policy rate responses and fomc transcripts are consistent with intermediate targeting of monetary aggregates throughout the great inflation of the 1970s the unpublished fomc targets for m1 growth are tabulated empirical results support an effective inflation target of roughly 7 in the 1970s and 3 thereafter a notable difference in the 1970s monetary policies of the us and germany is the absence of explicit public objectives for us long run inflation

the electricity consumption and gdp nexus for the fiji islands fiji is a small open island economy dependent on energy for its growth and development hence the relationship between energy consumption and economic growth is crucial for fiji s development in this paper we investigate the nexus between electricity consumption and economic growth for fiji within a multivariate framework through including the labour force variable we use the bounds testing approach to cointegration and find that electricity consumption gdp and labour force are only cointegrated when gdp is the endogenous variable we use the granger causality f test and find that in the long run causality runs from electricity consumption and labour force to gdp implying that fiji is an energy dependent country and thus energy conservation policies will have an adverse effect on fiji s economic growth

the residential demand for electricity in australia an application of the bounds testing approach to cointegration this paper reports estimates of the long and short run elasticities of residential demand for electricity in australia using the bounds testing procedure to cointegration within an autoregressive distributive lag framework in the long run we find that income and own price are the most important determinants of residential electricity demand while temperature is significant some of the time and gas prices are insignificant our estimates of long run income elasticity and price elasticity of demand are consistent with previous studies although they are towards the lower end of existing estimates as expected the short run elasticities are much smaller than the long run elasticities and the coefficients on the error correction coefficients are small consistent with the fact that in the short run energy appliances are fixed

term structure views of monetary policy under alternative models of agent expectations abstract term structure models and many descriptions of the transmission of monetary policy rest on the empirical relevance of the expectations hypothesis small differences in the perceived policy reaction function in var models of agent expectations strongly influence the relevance in the transmission mechanism of the expected short rate component of bond yields mean reverting or difference stationary characterizations of interest rates require large and volatile term premiums to match the observable term structure however short rate descriptions that capture shifting perceptions of long horizon inflation evident in survey data support a more substantial term structure role for short rate expectations

disaggregate energy consumption and industrial production in south africa abstract this paper tries to assess the relationship between disaggregate energy consumption and industrial output in south africa by undertaking a cointegration analysis using annual data from 1980 to 2005 we also investigate the causal relationships between the various disaggregate forms of energy consumption and industrial production our results imply that industrial production and employment are long run forcing variables for electricity consumption applying the toda h y yamamoto t 1995 statistical inference in vector autoregressions with possibly integrated processes journal of econometrics 66 225 250 technique to granger causality we find bi directional causality between oil consumption and industrial production for the other forms of energy consumption there is evidence in support of the energy neutrality hypothesis there is also evidence of causality between employment and electricity consumption as well as coal consumption causing employment

suspicion and perceptions of price fairness in times of crisis times of crisis bring about increased demands on businesses as shortages or unexpected but significant business costs are encountered passing on such costs to consumers is a challenge when faced with a retail price increase consumers may rely on cues as to the motive behind the increase such cues can raise suspicion of alternative motive e g taking advantage of the consumer affecting consumers judgments of price fairness this research investigates two triggers of suspicion salience of alternative motives and behavior judged to be out of character for the business results of the two studies within crisis contexts indicate that suspicion is created when alternative motives are salient and when a retailer acts out of character multiple group analyses revealed that suspicion induced negative affect and subsequent perceptions of price fairness when suspicion was present more negative feelings toward the retailer and judgments of price unfairness resulted