Methane hydrate is considered an excellent way of transporting and storing natural gas in large quantities. However, when methane hydrate is formed artificially, water/gas ratio is relatively low due to a slow reaction rate between water and methane gas. The major objective of this study is to...

The paper proposes a consistent estimator of time-varying risk aversion in consumption-based CAPM. Based on the Epstein–Zin–Weil (Epstein and Zin, 1989, 1991; Weil, 1989) recursive utility, we derive the Euler equation in which risk aversion is a non-parametric function of time. The proxy...

In this paper, the revised expectations model (REM) is developed to incorporate economic agents’ price expectation formation effects. With this incorporation, two models, an aggregate one sector model and a disaggregated multi-sector model, are estimated and used in density forecasting of the...

This article provides inference of the pollution and income relationship, typically known as the Environmental Kuznets Curve (EKC). We construct the Uniform Confidence Band (UCB) of the nonparametric component in the semiparametric EKC and test the hypothesis of an inverted U-shaped pattern.

In this paper, the revised expectations model (REM) is developed to incorporate economic agents' price expectation formation effects. With this incorporation, two models, an aggregate one sector model and a disaggregated multi-sector model, are estimated and used in density forecasting of the US...

This paper explores a transmission mechanism of an exogenous shock to domestic financial markets by investigating the potential signaling role of the Monetary Stabilization Bond (MSB) spread together with several financial variables in Korea. The MSB spread widened and became more volatile...