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On The Robustness Of Robustness Checks Of The Environmental Kuznets Curve, Marzio Galeotti, Matteo Manera, Alessandro Lanza
On The Robustness Of Robustness Checks Of The Environmental Kuznets Curve, Marzio Galeotti, Matteo Manera, Alessandro Lanza
Matteo Manera
Since its first inception in the debate on the relationship between environment and growth in 1992, the Environmental Kuznets Curve has been subject of continuous and intense scrutiny. The literature can be roughly divided in two historical phases. Initially, after the seminal contributions, additional work aimed to extend the investigation to new pollutants and to verify the existence of an inverted-U shape as well as assessing the value of the turning point. The following phase focused instead on the robustness of the empirical relationship, particularly with respect to the omission of relevant explanatory variables other than GDP, alternative datasets, functional …
The Asymmetric Effects Of Oil Shocks On Output Growth: A Markov-Switching Analysis For The G-7 Countries, Alessandro Cologni, Matteo Manera
The Asymmetric Effects Of Oil Shocks On Output Growth: A Markov-Switching Analysis For The G-7 Countries, Alessandro Cologni, Matteo Manera
Matteo Manera
In this paper we specify and estimate different Markov-switching (MS) regime autoregressive models. The empirical performance of the univariate MS models used to describe the switches between different economic regimes for the G-7 countries is in general not satisfactory. We extend these models to verify if the inclusion of asymmetric oil shocks as an exogenous variable improves the ability of each specification to identify the different phases of the business cycle for each country under scrutiny. Following the wide literature on this topic, we have considered six different definitions of oil shocks: oil price changes, asymmetric transformations of oil price …