Elasticity of interfuel substitution between renewable and non-renewable energy is a key to establish effective climate change policy.This is the first study estimating the elasticity of substitution between different fossil fuels and renewable resources. We use twelve manufacturing industry level data for the OECD countries over 1995 to 2009. We find complementally relationship from non-renewa...

Abstract: Central banks have long been interested in obtaining precise estimations of money demand given the fact that the evolution of money demand plays a key role over several monetary variables. One implication of currency substitution is that the exchange rate could serve as another determinant of the demand for money. Due to the recent currency crisis in Iran, it would be important to inv...

In this section, I will apply plant-level input price variation and materials usage to provide an alternate set of estimates of εQ. To do so, I pursue the following two-part strategy. For each industry, I estimate how easily individual plants substitute across their factors of production, by relating plants’ materials purchases to their materials prices. Then, I apply the methods developed in O...