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Abstract

This paper extends my previous analysis of the causal relationship of GDP and energy use in the USA in the post-war period to a cointegration analysis of that relationship. It is found that the majority of the relevant variables are integrated justifying a cointegration analysis. The results show that cointegration does occur and that energy input cannot be excluded from the cointegration space. The results are plausible in terms of macroeconomic dynamics. The results are similar to my previous Granger Causality results and contradict claims in the literature (based on bivariate models) that there is no cointegration between energy and output.

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Article provided by Elsevier in its journal Energy Economics.

Volume (Year): 22 (2000)
Issue (Month): 2 (April)
Pages: 267-283

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Handle: RePEc:eee:eneeco:v:22:y:2000:i:2:p:267-283

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12. John Burbidge & Alan Harrison, 1982. "Testing for the Effects of Oil-Price Rises Using Vector Autoregressions," School of Economics Working Papers 1982-01, University of Adelaide, School of Economics.
    
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14. Dolado, Juan José & Jenkinson, Tim & Sosvilla-Rivero, Simón, 1990. "Cointegration and Unit Roots," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/3321, Universidad Carlos III de Madrid.
    
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16. Toda, Hiro Y. & Phillips, Peter C. B., 1993. "The spurious effect of unit roots on vector autoregressions : An analytical study," Journal of Econometrics, Elsevier, vol. 59(3), pages 229-255, October.
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22. Kaufmann, Robert K., 1994. "The relation between marginal product and price in US energy markets : Implications for climate change policy," Energy Economics, Elsevier, vol. 16(2), pages 145-158, April.
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25. Dale W. Jorgenson, 1984. "The Role of Energy in Productivity Growth," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 11-26.

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