Fossil energy consumption, carbon emission and agriculture plants are three critical poles of global environmental protection. Thus, the prices of crude oil, carbon emission allowance and agriculture commodity futures should be closely connected for their inherent fundamental nexus and...

In existing literature, economic uncertainty may have positive, negative, or insignificant effect on crude oil prices. Based on our newly proposed two-stage tests and empirical analysis, we show that such disagreement is often caused by the conventional assumption on time-invariant market...