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Substitution between Clean and Dirty Energy Inputs: A Macroeconomic Perspective

Author

Listed:
  • Chris Papageorgiou

    (International Monetary Fund)

  • Marianne Saam

    (Centre for European Economic Research)

  • Patrick Schulte

    (Centre for European Economic Research)

Abstract

In macroeconomic models, the elasticity of substitution between clean and dirty energy inputs within the energy aggregate is a central parameter in assessing the necessary conditions for long-run green growth. Using new sectoral data in a panel of 26 countries, we formulate specifications of nested constant elasticity of substitution production functions that allow estimating this parameter for the first time. We present evidence that it significantly exceeds unity, a favorable condition for promoting green growth.

Suggested Citation

  • Chris Papageorgiou & Marianne Saam & Patrick Schulte, 2017. "Substitution between Clean and Dirty Energy Inputs: A Macroeconomic Perspective," The Review of Economics and Statistics, MIT Press, vol. 99(2), pages 281-290, May.
    • Handle: RePEc:tpr:restat:v:99:y:2017:i:2:p:281-290
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