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PurposeThis survey of the literature on the convergence of carbon dioxide (CO2) emissions informs researchers on areas for future research by summarizing the countries examined, the types of convergence tested and the methodological approaches undertaken.Design/methodology/approachThis survey examines peer-reviewed empirical studies of CO2 emissions convergence with respect to country coverage and alternative approaches to test for various types of convergence.FindingsFor large multicountry studies, the support for convergence is quite limited. However, studies focused exclusively on a subset of countries defined by income classification, geographic region or institutional structure reveal the finding of convergence is more prevalent. Studies at the subnational level have primarily been in the cases of the US and China with the exception of two studies across industry sectors in Portugal and Sweden.Research limitations/implicationsThis study focuses exclusively on peer-reviewed published studies.Practical implicationsThis study is relevant to the design of mitigation strategies to reduce CO2 emissions and the assumption of convergence underlying climate change models.Social implicationsAs a major component of greenhouse gas emissions, CO2 emissions is of global importance in its impact on the environment and climate change.Originality/valueThis study provides the most recent and comprehensive survey of the empirical literature on the convergence of CO2 emissions.

PurposeThe purpose of this paper is to survey the empirical literature on the causal relationship between energy consumption and economic growth.Design/methodology/approachThe four major hypotheses (growth, conservation, neutrality, and feedback) are briefly outlined with respect to the energy consumption‐growth nexus and corresponding policy implications of each. The survey focuses on country coverage, variables selected and model specification, econometric approaches, various methodological issues, and empirical results.FindingsThough there is no clear consensus on the results for a specific country or groups of countries, directions for future research are discussed.Research limitations/implicationsThe research surveyed may be dated by the time of publication given the ongoing research in this area.Originality/valueThis paper serves as a reference for researchers on the causal relationship between energy consumption and economic growth.

PurposeThe purpose of this paper is to extend the literature on the relationship between inflation and inflation uncertainty by examining three Caribbean countries: the Bahamas, Barbados, and Jamaica.Design/methodology/approachARMA‐GARCH models are used to estimate inflation uncertainty along with Granger‐causality tests to infer the relationship between inflation and inflation uncertainty.FindingsThe results reveal that both the Bahamas and Jamaica exhibit a high degree of volatility persistence in response to inflationary shocks, while Barbados has a much lower persistence measure. Granger‐causality tests indicate that an increase in inflation has been a positive impact on inflation uncertainty for each country. However, an increase in inflation uncertainty yields a decrease in inflation in the case of Jamaica. In summary, the results for the Bahamas and Barbados support the Friedman‐Ball hypothesis, whereas the results for Jamaica support Holland's stabilization‐motive hypothesis.Research limitations/implicationsFuture research on inflation and inflation uncertainty can be extended to incorporate possible regime shifts associated with fiscal and monetary policy.Originality/valueThe study fills a void in the literature with respect to the inflation‐inflation uncertainty nexus for Caribbean countries. The results of the paper may be useful to policymakers in the formulation of fiscal and monetary policy.

This paper examines the effects of the variability of yields on financial and other assets upon M1 velocity. The empirical results present some evidence that the variability in the yields on financial assets Granger-cause velocity.

Purpose
The purpose of this paper is to examine the short-run monetary policy response to five different types of natural disasters (geophysical, meteorological, hydrological, climatological and biological) with respect to developed and developing countries, respectively.


Design/methodology/approach
An augmented Taylor rule monetary policy model is estimated using systems generalized method of moments panel estimation over the period 2000–2018 for a panel of 40 developed and 77 developing countries, respectively.


Findings
In the case of developed countries, the greatest nominal interest rate response originates from geophysical, meteorological, hydrological and climatological disasters, whereas for developing countries the nominal interest rate response is the greatest for geophysical and meteorological disasters. For both developed and developing countries, the results suggest the monetary authorities will pursue expansionary monetary policies in the short-run to lower nominal interest rates; however, the magnitude of the monetary response varies across the type of natural disaster.


Originality/value
First, unlike previous studies, which focused on a specific type of natural disaster, this study examines whether the short-run monetary policy response differs across the type of natural disaster. Second, in relation to previous studies, the analysis encompasses a much larger panel data set to include 117 countries differentiated between developed and developing countries.

AbstractThis study extends the literature on modeling the volatility of housing returns to the case of condominium returns for five major U.S. metropolitan areas (Boston, Chicago, Los Angeles, New York, and San Francisco). Through the estimation of ARMA models for the respective condominium returns, we find volatility clustering of the residuals. The results from an ARMA‐TGARCH‐M model reveal the absence of asymmetry in the conditional variance. Dummy variables associated with the housing market collapse unique to each metropolitan area were statistically insignificant in the conditional variance equation, but negative and statistically significant in the mean equation. Condominium markets in Los Angeles and San Francisco exhibit the greatest persistence to volatility shocks.

AbstractThis study explores the role of monetary policy rules and central bank actions originating from such rules that directly affects the equity risk premium. The results indicate that monetary policy rules have a direct impact on the equity risk premium through investors' appetite for risk and greater uncertainty faced by market participants. The analysis includes the pre‐ and post‐2008 financial crisis periods in finding that monetary policy actions had a much greater impact on the equity risk premium in the post‐2008 crisis period due in part to the funding conditions of banking intermediaries, thus exerting a greater impact on credit conditions during this period.