Marc Gronwald Dr. (PhD)

Senior Associate Professor in Economics

Marc is a Senior Associate Professor in Economics.

He obtained a diploma (master equivalent) degree in Economics from the University of Bielefeld, and his PhD in Economics from the University of Hamburg.

Prior to his appointment at IBSS, Marc held appointments as Senior Lecturer in Economics at the University of Aberdeen, and as Economist at the ifo Institute for Economic Research, Munich. Marc is member (fellow) of the CESifo Research Network and Research Associate of the ifo Center for Energy, Climate and Exhaustible Resources.

Marc’s research focuses on identifying, describing, and explaining patterns in univariate and multivariate time series data. He is particularly interested in large price movements, and he attempts to understand whether or not these movements can be explained by market fundamentals. In addition, he is interested in co-movement between time series.

He works on a number of commodity and financial markets, in particular crude oil markets, emissions trading schemes such as the EU ETS, and markets for cryptocurrencies such as Bitcoin. Recently, Marc also began working in the area of climate econometrics.

In addition to these specific research areas, Marc has a general interest in economics of climate change, energy transition, and evaluation of environmental economic policies.

Marc actively publishes in journals such as Energy Economics (ABS:3, ABDC:A*), Journal of International Money and Finance (ABS:3,ABDC:A), and Environmental and Resource Economics (ABS:3,ABDC:A).


  • Dr. rer. pol. (PhD Economics) University of Hamburg, 2008
  • Diploma (Masters equivalent) in Economics, University of Bielefeld, 2004


  • Senior Associate Professor in Economics, International Business School Suzhou, Xi'an Jiaotong-Liverpool University, since 2021
  • Senior Lecturer in Economics, University of Aberdeen, 2013-2020
  • Economist, ifo Institute for Economic Research, Munich, 2008-2013
  • Research and Teaching Assistant, University of Hamburg, 2004-2008
  • Member (Fellow) of CESifo Research Netword, since 2015
  • Research Associate of ifo Centre for Energy, Climate and Resources, since 2014


  • Evaluation of Environmental Policies
  • Economics of Financial and Commodity Markets
  • Economics of Climate Change and Energy Transition
  • Applied Time Series Analysis
  • Economics of Cryptocurrencies
  • Climate Econometrics


  • Gronwald, M. and X.Jin (2024), "Measuring World Oil Market Integration with a Thick Pen", Energy Economics, forthcoming
  • Gronwald, M., M.Ilbasmis, and Y.Zhao (2024), "The Impact of Dividend Payout Policies on Real Estate Market Diversification", International Journal of Finance and Economics, forthcoming
  • Gronwald, M., S. Wadud, R.Durand and S.Lee (2023), "Co-Movement between Commodity and Equity Markets Revisited - an Application of the Thick Pen Method", International Review of Financial Analysis, forthcoming
  • Sattarhoff, C. and M. Gronwald (2022), "How to Measure Financial Market Efficiency? A quantitative evaluation of higher order dependencies - the case of the European carbon market", International Review of Financial Analysis, https://doi.org/10.1016/j.irfa.2022.102403
  • Gronwald, M. (2020), “How Explosive are Cryptocurrency Prices?”, Finance Research Letters, in press, https://doi.org/10.1016/j.frl.2020.101603
  • Gronwald, M. (2019), “Is Bitcoin a Commodity? On Price Jumps, Demand Shocks and Certainty of Supply”, Journal of International Money and Finance, 97, 86-92
  • Hintermann, B. and M. Gronwald (2019) “Linking with Uncertainty: The Relationship between EU ETS Pollution Permits and Kyoto Offsets”, Environmental and Resource Economics, 74, 761-784
  • Gronwald, M., N.V.Long and L.Roepke (2017), “Simultaneous Supplies of Dirty and Green Fuels with Capacity Constraint: Is there a Green Paradox?”, Environmental and Resource Economics, 68, 47-64
  • Gronwald, M. (2016), “Explosive Oil Prices”, Energy Economics, 60, 1-5
  • Gronwald, M. (2012), “A Characterization of Oil Price Behavior – Evidence from Jump Models”, Energy Economics, 34, 1310-1317
  • Gronwald, M. (2012), “Oil and the US Economy – a Reinvestigation using Rolling Impulse Responses”, Energy Journal 33(4), 143-160
  • Gronwald, M., J.Ketterer and S.Trück (2011), “The Relationship between Carbon, Commodity and Financial Markets – A Copula Analysis”, Economic Record, 87, Issue Supplement s1, 105-124
  • Gronwald, M. (2009), “Reconsidering the Macroeconomics of the Oil Price for Germany: Testing for Causality in the Frequency Domain”, Empirical Economics, 36:2, 441-453
  • Funke, M. and M. Gronwald (2008), “The undisclosed Renminbi Basket: are the markets telling us something about where the Renminbi – US Dollar Exchange Rate is going?”, World Economy, 31:12, 1581-1598
  • Gronwald, M. (2008), “Large Oil Shocks and the US Economy: Infrequent Incidents with Large Effects”, The Energy Journal, 29:1, 151-171


  • Gronwald, M. and B.Hintermann (eds), Emissions Trading Systems as a Policy Instrument: Evaluation and Prospects, CESifo Conference Series, Cambridge, MA: MIT Press


  • Hintermann, B. and M. Gronwald (2015), “The EU ETS”, in Emissions Trading Systems as a Policy Instrument: Evaluation and Prospects, edited by M.Gronwald and B.Hintermann, p15-23, Cambridge, MA: MIT Press


  • 2021 -2022 AAERE Annual Conference, Econometric Society European Winter Meeting, Econometric Society Asian Meeting, Workshop on Environmental Time Series, IAEE International Conference
  • 2020 - 2021 Cryptocurrency Research Conference, CESifo Area Conference for Economics of Digitization
  • 2018-2019 IAEE International Conference, Montreal; EAERE Annual Meeting, Manchester, Louis-Andre Gerard-Varet Conference on Public Economics , Aix-en-Provence
  • 2017-2018 Society for Computational Economics, Milan
  • 2016-2017 Econometric Society Asian Meeting, Hong Kong
  • 2015 - 2016 IAEE International Conference, Bergen; Royal Economic Society, Brighton; Southern Economic Association, New Orleans; Society for Computational Economics, Bordeaux, CESifo Area Conference for Energy and Climate
  • 2014 - 2015 IAEE International Conference, Antalya
  • 2013-2014 IAEE International Conference, New York; Southern Economic Association; Tampa
  • 2011-2012 IAEE European Conference, Venice; AERE Summer Conference, Asheville, CESifo Area Conference for Energy and Climate; CESifo Area Conference for Macro, Money, and International Finance
  • 2010-2011 IAEE North American Conference, Washington DC; AERE Summer Conference, Seattle; EAERE Annual Meeting, Rome


  • Reviewer for the following selected journals: Journal of Environmental Economics and Management, The Energy Journal, Energy Economics, Environmental and Resource Economics, Journal of Commodity Markets, Journal of Agricultural Economics, Journal of Economic Surveys
Marc Gronwald