European emissions trading systems. Installing heat pumps in the building stock will require high investments and thus make any …

The German residential building stock is only insufficiently retrofitted in terms of energy efficiency; heating is very …

from an aggregation of country-specific forecasts. Factor models in particular prove rather accurate, where the factors …

forecasts (bottom-up approaches). Overall, all methods perform better than a simple benchmark for short horizons (up to three … out-perform bottom-up ones for real variables, but not for prices. Finally, when country-specific forecasts are adjusted … to match direct forecasts at the aggregate levels (top-down approaches), the forecast accuracy is neither improved nor …