Recent findings on the term structure of equity and bond yields pose serious challenges to existing models of equilibrium asset pricing. This paper presents a new equilibrium model of subjective expectations to explain the joint historical dynamics of equity and bond yields (and their yield...

As the coupling relationship between electricity and carbon markets has become increasingly close, it has an important impact on the low-carbon economic operation of integrated energy systems (IESs). Therefore, demand response and carbon trading mechanisms are introduced into the operation and...