Senior Lecturer


Contact Details

work +44 (0)1224 272204


Prior to his appointment as Senior Lecturer at the University of Aberdeen in September 2013, Marc held an appointment 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, Applied Econometrics, Public Economics

Current Research

Marc's current research focuses on empirical analyses of climate change related commodity prices, in particular crude oil prices and carbon prices in the European Union Emissions Trading Scheme. He attempts to understand the statistical behavior of these price series and to elaborate how certain price patterns relate to existing economic theories and how they affect economic decisions. Recently, Marc also got interested in the economics of Bitcoins and the economics of mass media.

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)




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