Search

Begin New Search
Proceed to Checkout

Search Results for All:
(Showing results 1 to 4 of 4)



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.



Output and Energy: An International Analysis

John R. Moroney

Year: 1989
Volume: Volume 10
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No3-1
View Abstract

Abstract:
This paper analyzes the relationship between GNP per capita and energy consumption per capita for 43 market economies during the years 1978, 1979, and 1980. Several functional forms are analyzed. Specification tests establish that a double logarithmic equation is preferable to all others. Statistical estimates further indicate a distinct pattern of diminishing real income response to greater per capita energy consumption. Advanced economies with relatively low-cost energy (Canada, Norway, the U.S.A.) exhibit practically identical per capita incomes as industrialized nations with higher-cost energy (Sweden, France, and the Federal Republic of Germany).



Estimating the International GNP-Energy Relation: A Further Note

J.R. Moroney, Terry G. Seaks, and Donna P. Vines

Year: 1990
Volume: Volume 11
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol11-No1-14
View Abstract

Abstract:
Energy enhances the productivity of capital, labor, and other factors of production, and generally promotes higher living standards. International cross-sectional studies of aggregate output per capita are often hampered by the absence of qualitatively comparable capital and labor services. And numerical measures of cross-country differences in technology are notoriously scarce, primarily because technological differences (at a macro level) are a pretty vague concept. Thus, it is often desirable to draw a simple relationship between broad international aggregates such as GNP and energy per capita.



Oil Shocks and the Macroeconomy: The Role of Price Variability

Kiseok Lee, Shawn Ni, and Ronald A. Ratti

Year: 1995
Volume: Volume16
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol16-No4-2
View Abstract

Abstract:
In this paper we argue that an oil price change is likely to have greater impact on real GNP in an environment where oil prices have been stable, than in an environment where oil price movement has been frequent and erratic. An oil price shock variable reflecting both the unanticipated component and the time-varying conditional variance of oil price change (forecasts) is constructed and found to be highly significant in explaining economic growth across different sample periods, even when matched against various economic variables and other functions of oil price. We find that positive normalized shocks have a powerful effect on growth while negative normalized shocks do not.





Begin New Search
Proceed to Checkout

 

© 2024 International Association for Energy Economics | Privacy Policy | Return Policy