This paper reviews the state of the art of research and industry practice on demand response and the new methodology of transactive energy. Demand response programs incentivize consumers to align their demand with pow...This paper reviews the state of the art of research and industry practice on demand response and the new methodology of transactive energy. Demand response programs incentivize consumers to align their demand with power supply conditions, enhancing power system reliability and economic operation. The design of demand response programs, performance of pilot projects and programs, consumer behaviors, and barriers are discussed.Transactive energy is a variant and a generalized form of demand response in that it manages both the supply and demand sides. It is intended for a changing environment with an increasing number of distributed resources and intelligent devices. It utilizes the flexibility of various generation/load resources to maintain a dynamic balance of supply and demand. These distributed resources are controlled by their owners. However, the design of transaction mechanisms should align the individual behaviors with the interests of the entire system. Transactive energy features real-time, autonomous, and decentralized decision making.The transition from demand response to transactive energy is also discussed.展开更多
Since 2002,the People's Bank of China has frequently used both quantity-based direct monetary instruments and price-based indirect monetary instruments to promote economic growth and stabilize price level.Specific...Since 2002,the People's Bank of China has frequently used both quantity-based direct monetary instruments and price-based indirect monetary instruments to promote economic growth and stabilize price level.Specifically,this study estimates 13 three-variable factor-augmented vector autoregression (FAVAR) models to explore how two types of monetary instruments affect China's economy and price level.Overall,we find that monetary policy has positive effects on China's economy and price level.Second,this study clearly states that the effectiveness of China's monetary policy on the economy has depended on China's quantity-based direct monetary instruments since 2002.Third,the effectiveness of quantity-based direct monetary instruments on China's economy and price level is dependent on the significant and positive effects of quantity-based direct monetary instruments after the 2008 financial crisis.Fourth,the significant and positive effects of price-based indirect monetary instruments on China's economy and price level before 2008 cannot fundamentally change their current insignificant effects on China's economy and price level.展开更多
基金This work is sponsored by Department of Commerce,State of Washington,and US Department of Energy,USA,through the Transactive Campus Energy Systems project,in collaboration with Pacific Northwest National Lab and University of Washington.
文摘This paper reviews the state of the art of research and industry practice on demand response and the new methodology of transactive energy. Demand response programs incentivize consumers to align their demand with power supply conditions, enhancing power system reliability and economic operation. The design of demand response programs, performance of pilot projects and programs, consumer behaviors, and barriers are discussed.Transactive energy is a variant and a generalized form of demand response in that it manages both the supply and demand sides. It is intended for a changing environment with an increasing number of distributed resources and intelligent devices. It utilizes the flexibility of various generation/load resources to maintain a dynamic balance of supply and demand. These distributed resources are controlled by their owners. However, the design of transaction mechanisms should align the individual behaviors with the interests of the entire system. Transactive energy features real-time, autonomous, and decentralized decision making.The transition from demand response to transactive energy is also discussed.
基金The anthors thank the support from Tianjin Philosophy and Social Science Planning Project(No.TJYYQN19-004)Project of National and Regional Research Center,Ministry of Education(No.ZX20170183)National Natural Science Foundation Youth Project(No.71803089).
文摘Since 2002,the People's Bank of China has frequently used both quantity-based direct monetary instruments and price-based indirect monetary instruments to promote economic growth and stabilize price level.Specifically,this study estimates 13 three-variable factor-augmented vector autoregression (FAVAR) models to explore how two types of monetary instruments affect China's economy and price level.Overall,we find that monetary policy has positive effects on China's economy and price level.Second,this study clearly states that the effectiveness of China's monetary policy on the economy has depended on China's quantity-based direct monetary instruments since 2002.Third,the effectiveness of quantity-based direct monetary instruments on China's economy and price level is dependent on the significant and positive effects of quantity-based direct monetary instruments after the 2008 financial crisis.Fourth,the significant and positive effects of price-based indirect monetary instruments on China's economy and price level before 2008 cannot fundamentally change their current insignificant effects on China's economy and price level.
