Business cycles, fossil energy and air pollutants: U.S. “stylized facts”
This paper, in its exploratory nature, develops a descriptive empirical analysis which tries to capture the “regularities” underlying the relationship between the economy, fossil energy use and anthropogenic air pollutants at business cycle frequency. The analysis uses as framework the economy of th...
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| Format: | Article |
| Language: | English |
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Elsevier
2022-12-01
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| Series: | Cleaner and Responsible Consumption |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2666784322000444 |
| _version_ | 1811314680936792064 |
|---|---|
| author | Massimiliano Calvia |
| author_facet | Massimiliano Calvia |
| author_sort | Massimiliano Calvia |
| collection | DOAJ |
| description | This paper, in its exploratory nature, develops a descriptive empirical analysis which tries to capture the “regularities” underlying the relationship between the economy, fossil energy use and anthropogenic air pollutants at business cycle frequency. The analysis uses as framework the economy of the United States in the period 1990–2019. The results are organized in terms of “stylized facts” which, in their essential nature, provide a rough idea of the cyclical interactions between the variables of interest. In addition to this, they also act as a benchmark to assess how well theoretical macroeconomic models are able to mimic the reality. A first result is the relatively high volatility characterizing both fossil energy use and air pollutants with respect to the business cycle. A second result is the moderately high procyclicality between fossil energy use, in particular oil, and the business cycle. Among air pollutants, CO2 and CO share a moderately high level of procyclicality. With few exceptions, the other pollutants are only weakly associated with the business cycle. |
| first_indexed | 2024-04-13T11:16:46Z |
| format | Article |
| id | doaj.art-920083acf04a4c8ca9488c7e2a98bdd3 |
| institution | Directory Open Access Journal |
| issn | 2666-7843 |
| language | English |
| last_indexed | 2024-04-13T11:16:46Z |
| publishDate | 2022-12-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Cleaner and Responsible Consumption |
| spelling | doaj.art-920083acf04a4c8ca9488c7e2a98bdd32022-12-22T02:48:57ZengElsevierCleaner and Responsible Consumption2666-78432022-12-017100090Business cycles, fossil energy and air pollutants: U.S. “stylized facts”Massimiliano Calvia0Department of Economics, University of Bologna, Bologna, ItalyThis paper, in its exploratory nature, develops a descriptive empirical analysis which tries to capture the “regularities” underlying the relationship between the economy, fossil energy use and anthropogenic air pollutants at business cycle frequency. The analysis uses as framework the economy of the United States in the period 1990–2019. The results are organized in terms of “stylized facts” which, in their essential nature, provide a rough idea of the cyclical interactions between the variables of interest. In addition to this, they also act as a benchmark to assess how well theoretical macroeconomic models are able to mimic the reality. A first result is the relatively high volatility characterizing both fossil energy use and air pollutants with respect to the business cycle. A second result is the moderately high procyclicality between fossil energy use, in particular oil, and the business cycle. Among air pollutants, CO2 and CO share a moderately high level of procyclicality. With few exceptions, the other pollutants are only weakly associated with the business cycle.http://www.sciencedirect.com/science/article/pii/S2666784322000444Business cyclesAtmospheric pollutantsStylized factsClimate changeUS EconomyESG Framework |
| spellingShingle | Massimiliano Calvia Business cycles, fossil energy and air pollutants: U.S. “stylized facts” Cleaner and Responsible Consumption Business cycles Atmospheric pollutants Stylized facts Climate change US Economy ESG Framework |
| title | Business cycles, fossil energy and air pollutants: U.S. “stylized facts” |
| title_full | Business cycles, fossil energy and air pollutants: U.S. “stylized facts” |
| title_fullStr | Business cycles, fossil energy and air pollutants: U.S. “stylized facts” |
| title_full_unstemmed | Business cycles, fossil energy and air pollutants: U.S. “stylized facts” |
| title_short | Business cycles, fossil energy and air pollutants: U.S. “stylized facts” |
| title_sort | business cycles fossil energy and air pollutants u s stylized facts |
| topic | Business cycles Atmospheric pollutants Stylized facts Climate change US Economy ESG Framework |
| url | http://www.sciencedirect.com/science/article/pii/S2666784322000444 |
| work_keys_str_mv | AT massimilianocalvia businesscyclesfossilenergyandairpollutantsusstylizedfacts |