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Models that treat innovations to the price of energy as predetermined with respect to U.S. macroeconomic aggregates are widely used in the literature. For example, it is common to order energy prices first in recursively identified VAR models of the transmission of energy price shocks. Because exactly identifying assumptions are inherently untestable, this approach in practice has required an act of faith in the empirical plausibility of the delay restriction used for identification. An alternative view that would invalidate such models is that energy prices respond instantaneously to macroeconomic news, implying that energy prices should be ordered last in recursively identified VAR models. In this paper, we propose...
Some forms of renewable energy have long contributed to electricity generation, whereas others are just emerging. For example, large-scale hydropower is a mature technology generating about 16% of global electricity, and many smaller scale systems are also being installed worldwide. Future opportunities to improve the technology are limited but include upgrading of existing plants to gain greater performance efficiencies and reduced maintenance. Geothermal energy, widely used for power generation and direct heat applications, is also mature, but new technologies could improve plant designs, extend their lifetimes, and improve reliability. By contrast, ocean energy is an emerging renewable energy technology. Design,...