Publication:
Revisiting Granger Causality of CO2 on Global Warming: a Quantile Factor Approach

dc.affiliation.dptoUC3M. Departamento de Estadísticaes
dc.contributor.authorChen, Liang
dc.contributor.authorDolado, Juan José
dc.contributor.authorGonzalo, Jesús
dc.contributor.authorRamos Ramirez, Andrey David
dc.contributor.editorUniversidad Carlos III de Madrid. Departamento de Estadísticaes
dc.contributor.funderMinisterio de Economía y Competitividad (España)es
dc.contributor.funderComunidad de Madrides
dc.date.accessioned2022-07-22T11:44:14Z
dc.date.available2022-07-22T11:44:14Z
dc.date.issued2013-07-22
dc.description.abstractThe relationship between global warming and CO2 is a long-standing question in theclimate change literature. In this paper we revisit this topic through the lenses of a new class of factor models for high-dimensional panel data, labeled Quantile Factor Models (QFM). This technique allows us to extract quantile-dependent factors from the distributions of changes in temperatures across a wide range of stable weather stations in the Northern and Southern Hemispheres over a century (1917-2018). In particular, we test whether CO2 emissions/concentrations Granger-cause the underlying factors of the di erent quantiles of the distribution of changes in temperature, and find that they exhibit much higher predictivepower on large negative and medium (lower and middle quantiles) than on large positive changes (upper quantiles). These findings are novel in this literature and complement recent results by Gadea and Gonzalo (2020) who document the existence of steeper trends in lower temperature levels than in other parts of the distribution.en
dc.description.sponsorshipWe are indebted to Lola Gadea for helpful comments. Financial support from the National Natural Science Foundation of China (Grant No.71703089), the Spanish Ministerio de Econom a y Competitividad (grant PID2019-104960GB-100), and MadEco-CM (grant S205/HUM-3444) is gratefully acknowledged.en
dc.identifier.issn2340-5031
dc.identifier.urihttps://hdl.handle.net/10016/35531
dc.identifier.uxxiDT/0000002018es
dc.language.isoengen
dc.relation.ispartofseriesWorking paper. Economicsen
dc.relation.ispartofseries22-13es
dc.relation.projectIDGobierno de España. PID2019-104960GB-I00es
dc.relation.projectIDComunidad de Madrid. S205/HUM-3444es
dc.rightsAtribución-NoComercial-SinDerivadas 3.0 España*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/*
dc.subject.ecienciaEconomíaes
dc.subject.jelC31
dc.subject.jelC33
dc.subject.jelQ54
dc.subject.otherGlobal Warmingen
dc.subject.otherCo2 Emissionsen
dc.subject.otherQuantile Factor Modelsen
dc.subject.otherGranger Causalityen
dc.titleRevisiting Granger Causality of CO2 on Global Warming: a Quantile Factor Approachen
dc.typeworking paper*
dspace.entity.typePublication
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