Energy consumption and economic activity in industrialized countries. The dynamic aggregate time series relationship

  • Beenstock M
  • Willcocks P
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Most econometric studies suggest that the income elasticity of demand for energy is approximately unity. For the developed market economies it is shown that over the period 1950-1978 the long-run income elasticity is substantially higher than unity in terms of a CES energy demand function. This result reflects the application of a generalized dynamic estimation methodology where serial correlation is regarded as a diagnostic guide to distributed lag fitting. Price elasticities are also estimated but these are in line with conventional estimates. © 1981.

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  • M. Beenstock

  • P. Willcocks

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