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This study examines the convergence of energy-related carbon dioxide emissions among a panel of U.S. states between the period 1960-2009. This examination is carried out by means of a two-stage procedure. In the first stage, we conduct a novel regression-based convergence test. Unlike previous studies, this methodology endogenously identifies groups of states with emissions that are converging to a similar steady state growth path over time. In the second stage, we evaluate the rate of convergence (beta-convergence) for the whole sample and for each club based on a panel data, fixed effects model which controls for unobserved, time-invariant heterogeneous effects. More specifically, we examine how structural and non-structural variables affect the rates of convergence. Results from stage one and stage two suggest that two groups of states are converging to similar, relative growth paths: a high-emitting group and a medium-emitting group. Finally, we discuss a differentiated policy approach to mitigating carbon dioxide emissions based on the club convergence hypothesis.

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We study the effects of the property tax base shock caused by natural gas drilling in the Barnett Shale in Texas-a state that taxes oil and gas wells as property. Over the boom and bust in drilling, housing appreciation closely followed the oil and gas property tax base, which expanded the total tax base by 23 percent at its height. The expansion led to a decline in property tax rates while maintaining or increasing revenues to schools. Overall, each $1 per student increase in the oil and gas property tax base increased the value of the typical home by $0.15. Some evidence suggests that the cumulative density of wells nearby may lower housing values, indicating that drilling could reduce local welfare without policies to increase local public revenues.

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Abstract. This study contributes to the literature by using a spillover index method to examine the changing interrelations in volatility among corn and energy future prices. This methodology allows us to account for endogenously determined economic fundamentals and market speculation. After controlling for market trends and seasonality, we find relative large increases in volatility spillovers between corn, crude oil, and ethanol futures prices. Our results suggest that the cross-commodity spillovers provide useful incremental information in determining future price volatility; however, a commodity's own dynamics explain the largest portion of volatility spillovers.