Energy consumption at business cycle horizons: The case of the United States

被引：16

作者：

Narayan, Paresh Kumar ^{[1
]}

Narayan, Seema ^{[2
]}

Smyth, Russell ^{[3
]}

机构：

[1] Deakin Univ, Sch Accounting Econ & Finance, Fac Business & Law, Burwood, Vic 3125, Australia

[2] RMIT Univ, Sch Econ Finance & Mkt, Melbourne, Vic, Australia

[3] Monash Univ, Dept Econ, Clayton, Vic 3800, Australia

来源：

ENERGY ECONOMICS | 2011年 / 33卷 / 02期

关键词：

Macro model; Energy consumption; Business cycle; Output; Common trend; Common cycle; OIL PRICE SHOCKS; ELECTRICITY CONSUMPTION; TRANSITORY SHOCKS; ECONOMIC-GROWTH; TIME-SERIES; GREAT CRASH; CRUDE-OIL; COINTEGRATION ANALYSIS; CAUSAL RELATIONSHIP; AGGREGATE DEMAND;

D O I：

10.1016/j.eneco.2010.06.007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, we propose a simple extension to a Keynesian type macro model by augmenting it with energy consumption. We show the relationship between energy consumption and output in a macroeconomic setting and ask the question: Do permanent shocks dominate changes in energy consumption and output at business cycle horizons for the United States? To achieve the goal of this paper, we undertake a variance decomposition analysis of shocks based on a common trend and common cycle framework within a vector error correction model. Our main finding is that permanent shocks explain the bulk of the variations in energy consumption and output at business cycle horizons for the United States. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：161 / 167

页数：7

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