The identification of the forces that drive stock returns and the dynamics of their associated volatilities is a major concern in empirical economics and finance. This analysis is particularly relevant for determining optimal hedging strategies based on whether shocks to the volatilities of...

In this paper we aim to trace the roots of the ongoing economic mayhem and to unmask the chorus of the tragedy which plays on the world stage. The main thesis of our work is that, despite the triumphant rhetoric praising the merits of perfect competition, the global fields of the dysfunctional...

This paper provides an analysis of the link between the oil market and the U.S. stock market returns at the aggregate as well as industry levels. We empirically model oil price changes as driven by speculative demand shocks along with consumption demand and supply shocks in the oil market. We...

What is the role of financial speculation in determining the real oil price? We find that while macroeconomic shocks have been the major upward driver of the real oil price since the mid 1980s, also financial shocks have sizably contributed since the early 2000s, and at a much larger extent...

The economy-wide implications of sea level rise in 2050 are estimated using a static computable general equilibrium model. Overall, general equilibrium effects increase the costs of sea level rise, but not necessarily in every sector or region. In the absence of coastal protection, economies...

This paper studies the economic implications of climate-change-induced variations in tourism demand, using a world CGE model. The model is first re-calibrated at some future years, obtaining hypothetical benchmark equilibria, which are subsequently perturbed by shocks, simulating the effects of...

This paper analyzes the economic impacts of changes in water availability due to climate change. We develop a new modeling approach as an alternative to include water as a production factor within a global CGE model. We tailor the structure of the ICES model to characterize the key features of...

The paper explores the implications of achieving the EU27 Resource Efficiency target by 2030 for the future sustainability of the area. The target involves increasing by well over 30% within 2030 EU27 Resource Productivity, which would correspond to nearly double the annual growth rate of the...

The present research has been developed within the EU FP7 VECTORS project (http://www.marine-vectors.eu/). The main scope of the project (2011 - 2015) has been to evaluate, from a multilateral perspective, drivers, pressures and vectors of changes in marine life of three main European seas...

In order to assess climate mitigation agreements, we propose an iterative procedure linking TIAM-WORLD, a global technology-rich optimization model, and GEMINI-E3, a global general equilibrium model. The coupling methodology combines the precise representation of energy and technology choices...