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Comment on "Optimal Oil Producer Behavior Considering Macrofeedbacks"

Knut Anton Mork

Year: 1983
Volume: Volume 4
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No4-2
View Abstract

Abstract:
Harry Saunders's paper on the above subject in this issue of the Journal raises a very interesting point. As is well known, oil-exporting countries now hold major assets in the Western economies. Furthermore, the sensitivity of these economies to abrupt changes in oil prices seems widely accepted. It then seems reasonable to expect oil exporters' pricing decisions to be influenced by concerns about the rate of return on their assets. In particular, Saunders argues that oil exporters would want to avoid abrupt price changes because the ensuing shock effects would tend to reduce the rate of return on capital.



Energy Prices, Capital Formation, and Potential GNP

David F. Burgess

Year: 1984
Volume: Volume 5
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No2-1
View Abstract

Abstract:
A common theme of the rapidly developing literature on energy-economy interaction is that higher energy prices-initiated by external events such as OPEC-will permanently reduce the growth potential of net energy-importing economies even if full-employment conditions are maintained. According to this literature, in the absence of government measures to encourage saving and investment any initial adverse effect on the economy's real income at full employment (hereafter referred to as potential GNP) resulting from the need to pay a higher real price for imported energy will be compounded by secondary effects that reduce the rate of capital formation. This secondary or reverse feedback effect through capital may be the largest component of the overall impact on potential GNP.



Capital-Energy Substitutionin the Long Run

Joel Gibbons

Year: 1984
Volume: Volume 5
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No2-7
View Abstract

Abstract:
Econometric modeling of production relationships, especially those of manufacturing industries, entered a period of intense activity with the dramatic energy price shocks of the past ten years. This work has called attention to possibilities for substitution between energy and other factors, but it has not yet led to consensus on all the important issues.' One open issue has to do with the relative substitutability of fixed capital for energy, compared with the substitutability of other factors for energy. One set of studies, generally those based on international cross-section data, finds capital and energy to be Hicksian substitutes. Other studies, based on time series data, find them to be Hicksian complements.



Capital Tax Distortions in the Petroleum Industry

Robert Crum Fry, Jr.

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-13
No Abstract



Modeling Energy Demand: The Choice Between Input and Output Energy Measures

E. R. Berndt and G. C. Watkins

Year: 1986
Volume: Volume 7
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No2-5
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Abstract:
Analysis of factors affecting various types of energy demand has been the focus of a large number of studies in the last decade. One common point of agreement is that the demand for any fuel is tied closely to the technical, engineering, and thermodynamic characteristics of the energy-using capital or appliance stock.



The Impact of Nuclear Power Plant Construction Activity on the Electric Utility Industry's Cost of Capital

Keith Berry and Samuel Loudenslager

Year: 1987
Volume: Volume 8
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No2-5
View Abstract

Abstract:
All across the United States, electric utilities are now faced with the prospect of prematurely abandoning partially completed nuclear units. While there are many reasons for this dilemma,[ the ratemaking implications are profound. They force regulators to make the unsavory decision as to the appropriate allocation of the fixed costs sunk in the abandoned projects between ratepayers and stockholders.' If a significant number of these plants are abandoned, the dollars at stake (estimated to be as large as $66 billion') in any ratemaking division of accountability are staggering.



Energy and Capital: Further Exploration of E-K Interactions and Economic Performance

Catherine Morrison

Year: 1993
Volume: Volume 14
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol14-No1-9
View Abstract

Abstract:
This paper explores some interactions between energy and capital that affect firms' productive performance through indirect effects of energy price changes. Different capital stocks (including high-tech capital) and different U.S. manufacturing industries (including high and low energy- and capital-intensive industries) are examined. This allows evaluation of cross-effects, expressed as the impact of changing capital composition on energy conservation (computer induced energy conservation) and energy price effects on capital returns (including composition, utilization and scale). The resulting effects on productivity growth are then considered, through the impact of energy price changes both on the demand and cost share of energy, and on the measured returns to different types of capital.



Emissions Trading, Capital Flows and the Kyoto Protocol

Warwick J. McKibbin, Martin T. Ross, Robert Shackleton and Peter J. Wilcoxen

Year: 1999
Volume: Volume 20
Number: Special Issue - The Cost of the Kyoto Protocol: A Multi-Model Evaluation
DOI: 10.5547/ISSN0195-6574-EJ-Vol20-NoSI-12
View Abstract

Abstract:
We use an econometrically estimated multi-region, multi-sector general equilibrium model of the world economy to examine the effects of the tradable emissions permit system proposed in the 1997 Kyoto Protocol, under various assumptions about the extent of international permit trading. We focus, in particular, on the effects of the system on international trade and capital flows. Our results suggest that consideration of these flows significantly affects estimates of the domestic effects of the emissions mitigation policy, compared with analyses that ignore international capital flows.



The Capital-Energy Controversy: An Artifact of Cost Shares?

Manuel Frondel and Christoph M. Schmidt

Year: 2002
Volume: Volume23
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol23-No3-3
View Abstract

Abstract:
Any serious empirical study of factor substitutability has to allow the data to display complementarity as well as substitutability. The standard approach reflecting this idea is a translog specification-this is also the approach used by the majority of studies analyzing the substitutability of energy and capital. Yet, the substitutability between capital and energy and the source of discrepancies in the results still remain controversial. This paper offers a straightforward explanation for at least the divergent results provided by the translog studies: Using a translog approach reduces the issue of factor substitutability to a question of cost shares. Our review of translog studies demonstrates that this argument is empirically far more relevant than the distinction between time-series and panel studies being favored in the literature. More generally, we provide ample empirical evidence for our argument that the magnitudes of cross price elasticity estimates of two factors gleaned from static approaches like the translog functional form are mainly driven by the cost shares of these factors.



Capital-Energy Relationships: An Analysis when Disaggregating by Industry and Different Types of Capital

Miguel A. Tovar and Emma M. Iglesias

Year: 2013
Volume: Volume 34
Number: Number 4
DOI: 10.5547/01956574.34.4.7
View Abstract

Abstract:
In this paper we analyze the relationship between capital and energy through cross price elasticities. First, we extend Thomsen's (2000) methodology in order to link the short and long run in a panel data setting, by including an equation for the motion of capital. Then, by using an expansive industry-level data set and two functional forms, we show clear evidence of long run complementarity in all the analyzed industries, and with respect to the different types of capital that we consider (buildings and machinery). We identify the industries with the greatest degree of dependence between energy and capital. These are therefore, the industries in which a policy of increasing energy prices via taxes to reduce energy consumption may have a serious effect, reducing their investment levels. Hence we recommend that a better governmental policy would be to encourage technological diffusion.




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