Energy and carbon prices: a comparison of interactions in the European Union Emissions Trading Scheme and the Western Climate Initiative market

We provide a comparative analysis of how short-run variations in carbon and energy prices relate to each other in the emerging greenhouse gas market in California (Western Climate Initiative [WCI], and the European Union Emission Trading Scheme [EU ETS]). We characterize the relationship between carbon, gas, coal, electricity and gasoline prices and an indicator for economic activity, and present a first analysis of carbon prices in the WCI. We also provide a comparative analysis of the structures of the two markets. We estimate a vector autoregressive model and the impulse--response functions. Our main findings show a positive impact from a carbon shock toward electricity, in both markets, but larger in the WCI electricity price, indicating more efficiency. We propose that the widening of carbon market sectors, namely fuels transport and electricity imports, may contribute to this result. To conclude, the research shows significant and coherent relations between variables in WCI, which demonstrate some degree of success for a first year in operation. Reversely, the EU ETS should complete its intended market reform, to allow for more impact of the carbon price. Finally, in both markets, there is no evidence of carbon pricing depleting economic activity.

Global and local coordinates

This chapter described the global and local coordinate systems utilized in the formulation of spatial multibody systems. Global coordinate system is considered in the present work to denote the inertia frame. Additionally, body-fixed coordinate systems, also called local coordinate systems, are utilized to describe local properties of points that belong to a particular body. Furthermore, the process of transforming local coordinates into global coordinates is characterized by considering a transformation matrix. In the present work, Cartesian coordinates are utilized to locate the center of mass of each rigid body, as well as the location of any point that belongs to a body.

Experimental analysis of Maritime pine and Iroko single shear dowel-type connections

"Available online 21 March 2016"