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Macroeconomic impacts of oil price volatility: mitigation and resilience
Zoheir EBRAHIM, Oliver R. INDERWILDI, David A. KING
Frontiers in Energy. 2014, 8 (1): 9-24.
https://doi.org/10.1007/s11708-014-0303-0
Dependency on oil-derived fuels in various sectors, most notably in mobility, has left the global economy vulnerable to several macroeconomic economic side effects. Numerous studies have addressed the effect of price volatility on specific economic parameters. However, the current literature lacks a comprehensive review of the interactions between global macroeconomic performance and oil price volatility (OPV). Price volatility is intrinsic in commodity markets, but has been advancing at a faster rate in the crude oil market in comparison to other commodities over the past decade, reflecting the status of oil as the most globalised commodity. In this paper, the analytical literature review and analysis of the behavioral responses of macroeconomic agents to OPV shows that such volatility has several damaging and destabilizing macroeconomic impacts that will present a fundamental barrier to future sustainable economic growth if left unchecked. To ensure macroeconomic isolation from OPV, a combination of supply and demand-side policies have been recommended that can help to mitigate and build resilience to the economic uncertainty advanced by OPV.
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Electricity demand, GDP and employment: evidence from Italy
Cosimo MAGAZZINO
Frontiers in Energy. 2014, 8 (1): 31-40.
https://doi.org/10.1007/s11708-014-0296-8
This paper applies time series methodologies to examine the causal relationship among electricity demand, real per capita GDP and total labor force for Italy from 1970 to 2009. After a brief introduction, a survey of the economic literature on this issue is reported, before discussing the data and introducing the econometric techniques used. The results of estimation indicate that one cointegrating relationship exists among these variables. This equilibrium relation implies that, in the long-run, GDP and labor force are correlated negatively, as well as GDP and electricity. Moreover, there is a bi-directional Granger causality flow between real per capita GDP and electricity demand; while labor force does not Granger-cause neither real per capita GDP nor electricity demand. This implies that electricity demand and economic growth are jointly determined at the same time for the Italian case. The forecast error variance decomposition shows that forecast errors in real per capita GDP are mainly caused by the uncertainty in GDP itself, while forecast errors in labor force are mainly resulted from the labor force itself, although aggregate income and electricity are important, too.
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Liquid metal as energy transportation medium or coolant under harsh environment with temperature below zero centigrade
Yunxia GAO, Lei WANG, Haiyan LI, Jing LIU
Frontiers in Energy. 2014, 8 (1): 49-61.
https://doi.org/10.1007/s11708-013-0285-3
The current highly integrated electronics and energy systems are raising a growing demand for more sophisticated thermal management in harsh environments such as in space or some other cryogenic environment. Recently, it was found that room temperature liquid metals (RTLM) such as gallium or its alloys could significantly reduce the electronics temperature compared with the conventional coolant, like water, oil or more organic fluid. However, most of the works were focused on RTLM which may subject to freeze under low temperature. So far, a systematic interpretation on the preparation and thermal properties of liquid metals under low temperature (here defined as lower than 0°C) has not yet been available and related applications in cryogenic field have been scarce. In this paper, to promote the research along this important direction and to overcome the deficiency of RTLM, a comprehensive evaluation was proposed on the concept of liquid metal with a low melting point below zero centigrade, such as mercury, alkali metal and more additional alloy candidates. With many unique virtues, such liquid metal coolants are expected to open a new technical frontier for heat transfer enhancement, especially in low temperature engineering. Some innovative ways for making low melting temperature liquid metal were outlined to provide a clear theoretical guideline and perform further experiments to discover new materials. Further, a few promising applied situations where low melting temperature liquid metals could play irreplaceable roles were detailed. Finally, some main factors for optimization of low temperature coolant were summarized. Overall, with their evident merits to meet various critical requirements in modern advanced energy and power industries, liquid metals with a low melting temperature below zero centigrade are expected to be the next-generation high-performance heat transfer medium in thermal managements, especially in harsh environment in space.
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Application of spectral technology in flame measurement
Jiaxun LIU, Xiaoshu CAI, Zenghao ZHU, Huinan YANG
Frontiers in Energy. 2014, 8 (1): 138-143.
https://doi.org/10.1007/s11708-013-0283-5
Spectral technology has become an important detection method due to its advantages such as non-intrusive measurement and on-line analysis. In this paper, two applications of spectral technology in thermal detection were proposed. First, a novel spectroscopic method based on Planck’s law for measurement of emissivity was introduced. The emissivity, obtained by comparing the radiation intensity of the blackbody which had the same temperature as the flame with the detected intensity of the flames, could be used for on-line measurements and had a relatively higher upper temperature limit. Then, a spectroscopic method for composition detection of blended fuels was proposed based on the emissivity measured. By comparing the spectra of blended fuels and single fuels, the ratio of single fuels of the blended fuel could be calculated. The measurement system proposed in this paper, which consists of a spectrometer and a computer, is very compact.
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