Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. On the stationarity of per capita carbon dioxide emissions over a century Abstract This paper examines the stationarity of carbon dioxide (CO 2 ) emissions per capita for a set of 36 countries covering the period 1870-2006. We employ recently developed unit root and stationarity tests that allow for the mean reverting process to be nonlinear and take into account cross sectional dependence. By grouping countries according to their geographical proximity the importance of cross sectional dependence in panel unit root and stationarity tests is revealed. Using a recently developed nonlinear panel unit root test, we find strong evidence that the per capita carbon dioxide emissions over the last one hundred and fifty years are stationary. Our nonlinear specification captures the dynamics of the emissions time series data more effectively and we obtain evidence supporting stationarity for all country groups under study. Terms of use: Documents inJEL Codes:C32, C33, Q28, Q54

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in

Housing is distinct from other financial assets, since it is a durable consumer good for households. Due to the irreversible nature of housing investment, uncertainty should be an important determinant of housing investment. From a theoretical point of view, though, this impact is ambiguous. This paper extends previous empirical work by employing the techniques of bivariate Generalized Autoregressive Conditional Heteroskedasticity (GARCH) models in a group of forty-eight US states. In particular, we use data on housing permits as a proxy for housing investment and the house price index for the forty-eight contiguous US states and estimate bivariate GARCH models (BEKK) for each state, in order to obtain proxies of housing investment and house price uncertainty. Moreover, we use the Economic Policy Uncertainty index as an alternative measure of uncertainty. This setup allows us to test for the impact of uncertainty on housing investment growth and house price inflation and examine whether the effects differ across the different states. In general, we find that in most states uncertainty tends to increase housing investment growth and to decrease house price inflation. The cross-state differences in results may be due to variation in the degree of speculation in housing markets.

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Summary Forest biomass is used to produce bioenergy that comes from many sources such as trees of harvestable age or killed trees by disturbances, material from stand thinning, harvest residues, and by‐products of industrial forest processes. The Region of Western Macedonia in Greece has a considerable potential of forest biomass but lacks in wood resources management and exploitation. This lack constitutes a deterrent for potential bioenergy investments. The present study identifies five pilot concepts based upon regional needs to be developed in order to raise awareness and to attract the attention of stakeholders. These pilot plans aim to identify concrete measures for wood mobilization and to explain their applicability under different conditions. As a result, decision‐makers from administrations, industry, and forestry practitioners will be helped to make sound choices and implement appropriate actions with respect to all aspects of sustainable wood mobilization, while ensuring sustainable forest management. These five pilot applications are described as follows: biomass investor's toolkit; development of a traceability procedure for biomass energy chain; guide for educating personnel in timber harvesting, safety, and precaution measures; development of a guide/toolkit for the next generation forest management plans; and overview of options for utilization of biomass ashes. Copyright © 2015 John Wiley & Sons, Ltd.