Forward commodity markets allow more efficient risk-sharing and information aggregation, but there is little evidence that this reduces the cost of producing the commodity. We develop a measure of the extent to which forward and spot prices agree in commodity markets with transaction costs and...

This paper documents the evolution of US carbon emissions and discusses the main factors that contributed to the historical carbon emissions rollercoaster. We divide the discussion into four periods - up to 1920, 1920-1960, 1960-2005 and after 2005. For each period, we discuss the main drivers...