To test for Granger causality in the presence of cointegration among the variables, we employ a vector error correction model rather than a vector autoregressive model. Sectoral energy volume and fuel efficiency bias variables are shown to be significant over and above individual prices in explaining individual fuel expenditure shares.
About. Simultaneous equation models are more appropriate since they provide negative price elasticity estimates for the residential, industrial and total electricity samples. Structural changes were found to be of little importance in the 1962–73 period, but of substantial importance in the 1973–1984 period in reducing the aggregate energy intensity of the Ontario industrial sector. Granger causality test based on vector error correction model (VECM) shows bi-directional relationship between energy consumption and economic growth for Gambia, Ghana and Senegal.
It is used, rather, to derive structural insights into the cartel and implied stresses under the assumption that most rivals are driven by short-run factors.Energy and labour productivity in Australia is examined using the notion of vertical integration in an input-output framework. The results indicate that total factor productivity was declining in the lignite mines, it was almost constant in the production and transmission of electricity and it was increasing at a high growth rate in the distribution of electricity. Price elasticities provide useful input to the development of public policy dealing with taxation and polution control. Counter to findings for the U.S. and for Norway, there is little evidence of asymmetric effects on real stock returns of positive and negative oil price shocks for oil importing European countries.Estimating Energy and Oil Demand: a Study of 13 Developing CountriesIn this paper we attempt to identify some of the factors that have determined the level and pattern of energy demand in developing countries during the 1970s and early 1980s.
The results show a strong link between income and aggregate energy demand.
We apply non-parametric regression methods that are more appropriate to our investigation than traditional parametric techniques. Oil products can be rationed, or domestic energy production can affect oil demand. Tests for abrupt change (Chow) and gradual or conservation-like change (Durbin, Brown, Evans and Farley, Hinnich, McGuire) are employed at special break points (1973 embargo, 1979 Iranian crisis, 1980 recession) to check for abrupt changes and across years in general to detect gradual shifts.
More precisely, we focus with a partial equilibrium model (GTM) on three important years for gas industry and show that, while equilibrium can easily qualify 1974, short-term considerations have to be introduced to explain the market in 1978. Papers published in Energy Systems deal with theoretical, computational, and applied aspects of energy systems as well as state of the art review … Input-output techniques are used. The median result from variance decomposition analysis is that oil price shocks account for a statistically significant 6% of the volatility in real stock returns. The productivity slowdown was pronounced in the natural resource sectors, agriculture, food products, and minerals. Estimation methods are described in detail so that anyone with access to better information on any item can substitute it to arrive at a better estimate.The impact of disaggregated energy on productivity : A study of the US manufacturing sector, 1958-1985The issue of the productivity slowdown of the 1970s and 1980s has received considerable analysis in the literature. The relatively higher price elasticity in the post-embargo period is consistent with the hypothesis that consumers sought substitutes and restricted their consumption in response to prices as well as social responsibility. The journal is of interest to professional economists, financial analysts, consultants, policy makers as well as academic researchers concerned with the economic analysis of energy issues, broadly interpreted.Data provided are for informational purposes only.