Arbeitspapier
Energy Consumption and Economic Growth – New Insights into the Cointegration Relationship
This paper examines the long-run relationship between energy consumption and real GDP, including energy prices, for 25 OECD countries from 1981 to 2007. The distinction between common factors and idiosyncratic components using principal component analysis allows to distinguish between developments on an international and a national level as drivers of the long-run relationship. Indeed, cointegration between the common components of the underlying variables indicates that international developments dominate the long-run relationship between energy consumption and real GDP. Furthermore, the results suggest that energy consumption is price-inelastic. Causality tests indicate the presence of a bi-directional causal relationship between energy consumption and economic growth.
- ISBN
-
978-3-86788-214-9
- Sprache
-
Englisch
- Erschienen in
-
Series: Ruhr Economic Papers ; No. 190
- Klassifikation
-
Wirtschaft
Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models
Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary Products
Energy and the Macroeconomy
- Thema
-
Energy consumption
panel unit roots
panel cointegration
vector errorcorrection models
Granger causality
Energiekonsum
Wirtschaftswachstum
Kointegration
Kausalanalyse
Energiepreis
Preiselastizität
Schätzung
OECD-Staaten
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Belke, Ansgar
Dreger, Christian
de Haan, Frauke
- Ereignis
-
Veröffentlichung
- (wer)
-
Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
- (wo)
-
Essen
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Belke, Ansgar
- Dreger, Christian
- de Haan, Frauke
- Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
Entstanden
- 2010
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