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  4. The response of CO2 emissions to the business cycle: New evidence for the U.S.
 
Zitierlink DOI
10.26092/elib/207

The response of CO2 emissions to the business cycle: New evidence for the U.S.

Veröffentlichungsdatum
2019
Autoren
Klarl, Torben  
Zusammenfassung
This paper investigates the response of CO2 emissions to the business cycle for the U.S. on a monthly basis between 1973-2015. Using a rolling-regression approach, we find that the emissions elasticity with respect to GDP is not constant over time, irrespective which filtering method, such as the Hodrick-Prescott, the Baxter-King, the Christiano-Fitzgerald or the Butterworth filter has been employed. In order to check whether or not emissions react differently during normal and recession times, next, we employ a Markov-switching approach. We find, first, that emissions are significantly more elastic during recessions, than in normal times. Second, depending on the filtering method, we also obtain parameter estimates of the emissions elasticity above one in recession times and below one in normal times. Thus, environmental policy instruments not turning out to be sub-optimal should account for this asymmetric response of emissions due to changes in GDP.
Schlagwörter
Business cycle

; 

CO2 emissions

; 

Rolling-regression

; 

Markov-switching
Institution
Universität Bremen  
Fachbereich
Fachbereich 07: Wirtschaftswissenschaft (FB 07)  
Institute
IERP - Institute for Economic Research and Policy  
Dokumenttyp
Artikel/Aufsatz
Zeitschrift/Sammelwerk
Bremen Papers on Economics & Innovation  
Seitenzahl
25
Zweitveröffentlichung
Nein
Sprache
Deutsch
Dateien
Lade...
Vorschaubild
Name

00107732-1.pdf

Size

1.23 MB

Format

Adobe PDF

Checksum

(MD5):5ad4efb8c187a9c05c77ef9e73c6a462

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