|
|
Six Essays on Meta-Regression Analysis
Havránková, Zuzana ; Dědek, Oldřich (advisor) ; Cahlík, Tomáš (referee) ; Babecký, Jan (referee) ; Fidrmuc, Jarko (referee)
This dissertation thesis consists of six papers on macroeconomics, international economics, and energy economics. All the papers are tied together by the use of meta-regression analysis, which is essential for the derivation of robust policy-relevant conclusions from often conflicting results presented in the empirical literature. I use meta-analysis to quantitatively synthesize the reported research results on a given topic, correct the literature for publication selection bias, and filter out the effect of various misspecifications present in some primary studies. My results can be summarized as follows: 1) The elasticity of intertemporal substitution in consumption, a key input to all dynamic models in finance and macroeconomics, varies significantly across countries. The differences can be explained by the level of stock market participation, when countries with higher participation exhibit larger values of the elasticity; the mean reported elasticity is 0.5. 2) The effect of borders on international trade, which most authors find to be surprisingly large, can be explained away by innovations in methodology introduced in the last decade. When these innovations are taken into account jointly, the border effect disappears for developed countries, and is relatively small for developing countries. 3) When...
|
|
|
Economic Rationale for Damage Functions Entering the Social Cost of Carbon
Hochmann, Lukáš ; Havránek, Tomáš (advisor) ; Rečka, Lukáš (referee)
Climate change studies repeatedly report the present value damage from global warming in the realms of trillion USD. To adopt an efficient climate policy, precise estimates of the costs and damages are essential. This thesis aims to review the most influential social cost of carbon models and to propose for the first time a best practice approach to constructing the damage function. Based on the reliability of the key estimates, two alternative approaches are proposed. The first consists of deriving a highly universal damage function and conse- quent calibration by multiple point estimates. The latter is based on damage disaggregation to different sectors and subsequent single-point calibration of each contribution separately. Both approaches address the current challenges for the damage function - a flexible functional form and treatment of intangible damages. JEL Classification D62, D90, Q51, Q54 Keywords Social cost of carbon, SCC, damage function 1
|
guest ::
