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U.S. Energy Policy and Economic Growth, 1975-2000

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  • Edward A. Hudson
  • Dale W. Jorgenson

Abstract

This paper presents a new approach to the quantitative analysis of U.S. energy policy, based on an integration of econometric modeling and input-output analysis. It incorporates a new methodology for assessing the impact of economic policy on both demand and supply for energy within a complete econometric model of the U.S. economy. The model consists of production models for nine industrial sectors, a model of consumer demand, and a macro-econometric growth model for the U.S. economy. The model is first used to project economic activity and energy utilization for the period 1975 to 2000 under the assumption of no change in energy policy. The model is then employed to design a tax program for stimulating energy conservation and reducing dependence on imported sources of energy. The overall conclusion of the analysis of tax policy is that substantial reductions in energy use can be achieved without economic cost.

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Bibliographic Info

Article provided by The RAND Corporation in its journal Bell Journal of Economics.

Volume (Year): 5 (1974)
Issue (Month): 2 (Autumn)
Pages: 461-514

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Handle: RePEc:rje:bellje:v:5:y:1974:i:autumn:p:461-514

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Cited by:
  1. Gao, Jing & Nelson, Robert & Zhang, Lei, 2013. "Substitution in the electric power industry: An interregional comparison in the eastern US," Energy Economics, Elsevier, vol. 40(C), pages 316-325.
  2. Alicia H. Munnell, 1990. "Why has productivity growth declined? Productivity and public investment," New England Economic Review, Federal Reserve Bank of Boston, issue Jan, pages 3-22.
  3. Horridge, Mark & Meeraus, Alex & Pearson, Ken & Rutherford, Thomas F., 2013. "Solution Software for Computable General Equilibrium Modeling," Handbook of Computable General Equilibrium Modeling, Elsevier.
  4. Hodjat Ghadimi, 2006. "An Optimal Depletion CGE Model: A Systematic Framework for Energy-Economy Analysis in Resource-based Economies," Working Papers 200611, Regional Research Institute, West Virginia University.
  5. Dixon, Peter B. & Koopman, Robert B. & Rimmer, Maureen T., 2013. "The MONASH Style of Computable General Equilibrium Modeling: A Framework for Practical Policy Analysis," Handbook of Computable General Equilibrium Modeling, Elsevier.
  6. Solaymani, Saeed & Kari, Fatimah, 2014. "Impacts of energy subsidy reform on the Malaysian economy and transportation sector," Energy Policy, Elsevier, vol. 70(C), pages 115-125.
  7. Sharify, Nooraddin, 2013. "Input–output modelling of the effect of implicit subsidies on general prices," Economic Modelling, Elsevier, vol. 33(C), pages 913-917.
  8. Salamaliki, Paraskevi K. & Venetis, Ioannis A., 2013. "Energy consumption and real GDP in G-7: Multi-horizon causality testing in the presence of capital stock," Energy Economics, Elsevier, vol. 39(C), pages 108-121.
  9. Adams, Philip D. & Parmenter, Brian R., 2013. "Computable General Equilibrium Modeling of Environmental Issues in Australia," Handbook of Computable General Equilibrium Modeling, Elsevier.
  10. Ayres, Robert U. & van den Bergh, Jeroen C.J.M. & Lindenberger, Dietmar & Warr, Benjamin, 2013. "The underestimated contribution of energy to economic growth," Structural Change and Economic Dynamics, Elsevier, vol. 27(C), pages 79-88.
  11. Kostas Bithas, 2008. "Tracing operational conditions for the Ecologically Sustainable Economic Development: the Pareto optimality and the preservation of the biological crucial levels," Environment, Development and Sustainability, Springer, vol. 10(3), pages 373-390, June.
  12. Philip D. Adams & Brian R. Parmenter & George Verikios, 2014. "An Emissions Trading Scheme for Australia: National and Regional Impacts," Centre of Policy Studies/IMPACT Centre Working Papers g-243, Victoria University, Centre of Policy Studies/IMPACT Centre.

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