Do energy prices affect employment? Decomposed international evidence

This paper analyzes the energy price-employment nexus and contributes to the literature by showing that it is important to decompose the regulatory effect into demand, cost, and factor-shift effects. This is done by means of a cross-country multi-sectoral dataset. The results show that both rising energy prices and shadow prices of energy have no significant effect on net employment when the manufacturing sectors only are analyzed. While finding significant variations across countries, the average employment effects become significantly positive once jobs in the economy as a whole are considered. This change is driven mainly by larger positive cost effects, which more than offset the negative demand effects and reductions in the positive factor-shift effects. Moreover, the paper reveals that the often implemented approach of using a simple regulation regressor, instead of decomposing the employment effect, can result in biased estimates.     

Cumulative carbon emissions and economic policy: In search of general principles

We exploit recent advances in climate science to develop a physically consistent, yet surprisingly simple, model of climate policy. It seems that key economic models have greatly overestimated the delay between carbon emissions and warming, and ignored the saturation of carbon sinks that takes place when the atmospheric concentration of carbon dioxide rises. This has important implications for climate policy. If carbon emissions are abated, damages are avoided almost immediately. Therefore it is optimal to reduce emissions significantly in the near term and bring about a slow transition to optimal peak warming, even if optimal steady-state/peak warming is high. The optimal carbon price should start relatively high and grow relatively fast.     

Tell the truth or not? The montero mechanism for emissions control at work

We experimentally test the truth-telling mechanism proposed by Montero (2008) for eliciting firms' abatement costs. We compare this mechanism with two well-known alternative allocation mechanisms, free and costly allocation of permits at the Pigouvian price. Controlling for the number of firms and the firms' maximal emissions, we find that, in line with the theoretical predictions, firms over-report their maximal emissions under free allocation of permits and under-report these under costly allocation of permits. Under Montero's mechanism, by contrast, firms almost always report their maximal emissions truthfully. However, in terms of efficiency, the difference between Montero's mechanism and costly allocation disappears with industries including more than one firm.     

Economic growth,international trade,and the depletion or conservation of renewable natural resources

Conservation of renewable natural resources and promotion of economic growth are both sustainable development goals. Here, we study the interdependency between economic growth, international trade, and the use of renewable natural resources—under alternative institutional settings of either open access or full property rights—in an endogenous growth model. We find that if the resource is depleted over time, consumption growth is reduced. Economic growth and international trade only impact resource use when the resource is harvested under full property rights. Then, widening international trade can lead countries to shift from conservation to depletion. Changes in the institutional setting of resource use in one country may have repercussions on trading partners. Our results indicate potential trade-offs between the sustainable development goals and imply that policies focusing on resource use or trade (e.g., international trade bans or certified trade) are not sufficient to prevent resource depletion.     

Discounting in the presence of scarce ecosystem services

The discount rate for cost-benefit analysis has to take account of future scarcity of ecosystem services in consumption and production. Previous literature focuses on the first aspect and shows the importance of the relative price effect, for given growth rates of consumption and ecosystem services. This paper focuses on intermediate ecosystem services in production and shows that for limited substitutability and a low growth rate of these ecosystem services, the growth rate of consumption, and thus the discount rate, declines towards a low value. Using a Ramsey growth model, the paper distinguishes three cases. If ecosystem services can be easily substituted, the discount rate converges to the usual value in the long term. Secondly, if ecosystem services can be easily substituted in production but not in consumption, the relative price effect is important. Finally, and most interestingly, if ecosystem services cannot be easily substituted in production, the discount rate declines towards a low value and the relative price effect is less important. Another part of the previous literature has shown that a declining discount rate is the result of introducing several forms of uncertainty, but this paper reaches that conclusion from an endogenous effect on the growth rate of the economy.     

Cost pass-through to higher ethanol blends at the pump: Evidence from Minnesota gas station data

We examine the pass-through of wholesale prices to retail prices in the market for E85, which contains 51%–83% ethanol, and in the much larger market for E10, which contains 10% ethanol. We use a panel dataset consisting of monthly observations from 2007 to March 2015 on wholesale and retail prices for 274 Minnesota gas stations that sell both E10 and E85. Consistent with prior research, the cumulative pass-through coefficient for E10 is 1.00 after one month. In contrast, the E85 market is sparse, and although pass-through increased over time, we estimate it to be only 0.53 statewide from 2012 to 2015. Pass-through is higher at stations with more local E85 competitors. In the Twin Cities, which has a high density of E85 stations, pass-through is nearly complete, but outside the Twin Cities slightly less than half the wholesale discount of E85, relative to E10, is passed on to the consumer.     

Good news for environmental self-regulation? Finding the right link

We investigate the stock market response to firm disclosure of positive environmental information and the link from that information to environmental outcomes. We classify environmental media releases by informational content and value relevance, and assess the abnormal stock returns of each type of event. While announcements of future environmental activities lead to the largest favorable stock market reactions, there is no guaranteed link from this type of information to environmental outcomes. Further analysis of the abnormal returns shows that the magnitude of the stock market reaction depends on firm financial characteristics across all event types rather than on firm environmental performance. Our results indicate that the ability for voluntary environmental information disclosure to induce environmental self-regulation is limited to the extent that firms are able to follow through with their announcements of planned environmental activities.     

Emission reduction and profit-neutral permit allocations

The present paper addresses two policy objectives: to implement a market for pollution permits and to make regulation acceptable for businesses. Profit-neutral permit allocations are defined as the number of permits that the regulator should give for free so that post-regulation profits (i.e. a firm's profits in the products market plus the value of the allowances granted for free) are equal to pre-regulation profits. The proposed model is developed by assuming that firms use polluting technologies and compete “à la Cournot”. The paper demonstrates that a low number of free allowances is sufficient to meet these two goals. Moreover, the regulator can fully offset losses, even when the reduction in emissions is high, provided that the sectors concerned are not monopolies, both for isoelastic and linear demand functions.     

华西雨屏区不同密度巨桉人工林土壤呼吸特征

从2008-03至2009-02,采用闭合动态法(LI-6400-09)对华西雨屏区不同密度中龄巨桉人工林土壤呼吸进行了研究。结果表明:①该林分土壤呼吸具有明显的季节动态,各密度林分土壤呼吸速率最高值均出现在7月份,最低出现在1月,且密度为883株·hm^-2(1.5 m×8 m)的巨桉林土壤呼吸速率最大,2 222株·hm^-2(1.5 m×3 m)的最小;②2008年4、7、10月土壤呼吸速率24 h平均值均表现为883株·hm^-2> 1 333株·hm^-2> 2 222株·hm^-2,且7月>4月>10月;③土壤微生物生物量碳氮、土壤有机质含量和10 cm根系生物量都表现出相同的趋势,即林分密度越小,土壤微生物生物量碳氮越高,草本植物越多,根系生物量越大,有机质含量越多;④温度是巨桉林土壤呼吸变异的主导因子,土壤呼吸速率与土壤温度和湿度的双因素模型优于单因素模型,两者共同解释了土壤呼吸速率月动态的78.3%~91.5%;⑤各密度林分土壤呼吸Q₁₀值随巨桉林分密度增大而降低,大小顺序为3.65(883株·hm^-2)>2.60(1 333株·hm^-2)>2.55(2 222株·hm^-2)。     

2株苯胺降解的分离鉴定及其降解特性研究

从处理印染废水的活性污泥中分离得到2株苯胺降解菌,从菌落、细胞形态、生理生化及16S rRNA基因扩增测序等方面对2株菌进行了鉴定,并比较分析2株菌在好氧与缺氧条件下的苯胺降解、偶氮染料脱色及苯胺脱氨氧化酶基因tdnQ和黄素还原酶基因(fre)的携带情况.结果表明,2株菌属于Pseudomonas属和Shewanella属,分别命名为Pseudomonas sp.AN30和Shewanella sp.DN425.AN30菌株在振荡好氧条件下72h内对250mg/L苯胺的降解率为96.1%,DN425菌株的降解率为13.8%;在静置缺氧条件下AN30菌株的苯胺降解率为39.6%,DN425菌株的降解率仅为8.6%.DN425菌株在静置缺氧条件下4h内可将初始浓度为50 mg/L的偶氮染料酸性大红彻底脱色,而AN30菌株对酸性大红不具有脱色能力.以总DNA为模板,分别用tdnQ基因和fre基因特异性引物进行扩增,2株菌均能扩增出大小分别为380bp和630bp左右的目标条带,显示2菌株均携带有苯胺脱氨氧化酶基因和黄素还原酶基因.