Dr Marc Gronwald

Dr Marc Gronwald

Senior Lecturer

Dr Marc Gronwald
Dr Marc Gronwald

Contact Details

work +44 (0)1224 272204
The University of Aberdeen University of Aberdeen Business School
Edward Wright Building Block B
Room S72
Dunbar Street
AB24 3QY


Prior to his appointment as Senior Lecturer at the University of Aberdeen in September 2013, Marc held an appointment as Economist at the ifo Institute, Munich. He obtained a diploma (master equivalent) degree in Economics from the University of Bielefeld, and his PhD. from the University of Hamburg. Marc is member (fellow) of the CESifo Research Network and Research Associate of the ifo Center for Energy, Climate and Exhaustible Resources.



Research Interests

Energy Economics, Environmental Economics, Resource Economics, Financial Economics, Public Economics

Current Research

Marc's current research focuses on empirical analyses of energy markets, in particular crude oil markets and the European Union Emissions Trading Scheme. In his research, Marc attempts to model prices observed in these markets and to learn how this is related to general economic discussions, concepts, and theories. He is also interested in economic decision making, in particular in the context of offshore decommissioning. Finally, Marc is also interested in the economics of cryptocurrencies and the economics of mass media. Recent publications include papers on the link between the EU ETS and Kyoto markets as well as a discussion of whether or not Bitcoin is a commodity.

Further Info

Working Papers

Gronwald, M. (2014), "Economics of Bitcoins", CESifo Working Paper 5121

Gronwald, M. (2013), "Explosive Oil Prices", CESifo Working Paper 4376

Gronwald, M. (2013), "Simultaneous Supplies of Dirty and Green Fuels with Capacity Constraint: Is there a Green Paradox?" (with Ngo Van Long and Luise Roepke), CESifo Working Paper 4360

Gronwald, M. (2011), "A Characterization of Oil Price Behavior – Evidence from Jump Models", CESifo Working Paper 3644

Gronwald, M. (2011), "The Dependence Structure between Carbon Emission Allowances and Financial Markets – a Copula Analysis" (with J.Ketterer and S, Trück), CESifo Working Paper 3418

Gronwald, M. (2009), "Evaluating Emission Allowances as Policy Tool - Evidence from Conditional Jump Models" (with J. Ketterer), CESifo Working Paper 2682

Gronwald, M. (2009), "Jumps in Oil Prices - Evidence and Implications", ifo Working Paper 75

Gronwald, M. (2009), "Estimating the Effects of Oil Price Shocks on the Kazakh Economy" (with J.Mayr und S.Orazbayev), ifo Working Paper 81

Gronwald, M. (2009), "Investigating the U.S. Oil-Macroeconomy Nexus using Rolling Impulse Responses". CESifo Working Paper 2702

Gronwald, M. (2009), "A Convex Hull Approach to Counterfactual Analysis of Trade Openness and Growth" (with M. Funke), CESifo Working Paper 2692


Work in Progress

Gronwald, M. (2015), "Mass Media, Information, and Environmental Policy"

Gronwald, M. (2014), “Cycles in Natural-Resource Commodity Prices – a Reinvestigation using Rolling Sample Windows"

Gronwald, M. (2015), "How relevant is the Green Paradox?"

Gronwald, M. (2015), "The Relationship between the Carbon Market and Financial Markets – a Frequency Domain Analysis" (joint with S. Trück)

Gronwald, M. (2015), "Explaining the CER-EUA Spread" (joint with B.Hintermann)

Gronwald, M. (2015), "How efficient is the EU ETS?" (joint with C.Sattarhoff)

Gronwald, M. (2015), "Oil Market Efficiency during the Financialization of Oil Futures Markets – a Multifractal Perspective" (joint with C.Sattarhoff)