Arbeitspapier
Modelling evolutionary long-run relationships: An application to the Italian energy market
The paper considers a SUTSE model embedded in a dynamic framework to estimate an energy cost share model for the Italian economy in an evolutionary environment. This is achieved by allowing stochastic seasonal and trend components in the long-run specification and constructing an error correction mechanism to model short-run dynamics. Modelling instability in the structural time series approach has provided some improvement in the estimates of the elasticities of substitutions and of the price elasticities with respect to those obtained using deterministic trend and seasonal components. Tests for instability in the cointegrating regression support the evolutionary specification adopted.
- Sprache
-
Englisch
- Erschienen in
-
Series: Nota di Lavoro ; No. 2.1998
- Klassifikation
-
Wirtschaft
Model Construction and Estimation
Model Evaluation, Validation, and Selection
Energy: Demand and Supply; Prices
- Thema
-
Cointegration
Energy substitution
Structural time series approach
Instability analysis
Energiemarkt
Energiesubstitution
Zeitreihenanalyse
Schätztheorie
Evolutionsökonomik
Theorie
Italien
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Morana, Claudio
- Ereignis
-
Veröffentlichung
- (wer)
-
Fondazione Eni Enrico Mattei (FEEM)
- (wo)
-
Milano
- (wann)
-
1998
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Morana, Claudio
- Fondazione Eni Enrico Mattei (FEEM)
Entstanden
- 1998
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