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Energy shocks and the demand for energy

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  • Palle S. Andersen
  • Henri Bernard
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    Abstract

    This paper discusses developments in energy consumption and oil markets since the early 1970s, highlighting the fall in energy and oil consumption per unit of output and the accompanying reduction in industrialised countries' exposure and vulnerability to energy shocks. In an attempt to analyse the determinants of aggregate output, a very simple model is subsequently presented to discuss the major transmission channels of energy price shocks and the related risk of disturbances to long-term equilibrium growth. The focus is then turned on investment and the capital stock and their role in the determination of energy demand. Energy demand equations are empirically derived for seven major countries, distinguishing in each case between demand for energy in industry, transportation and the commercial and residential sectors.

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    File URL: http://www.bis.org/publ/work17.pdf
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    Bibliographic Info

    Paper provided by Bank for International Settlements in its series BIS Working Papers with number 17.

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    Length: 76 pages
    Date of creation: Jul 1991
    Date of revision:
    Handle: RePEc:bis:biswps:17

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    1. Lawrence F. Katz, 1986. "Efficiency Wage Theories: A Partial Evaluation," NBER Chapters, in: NBER Macroeconomics Annual 1986, Volume 1, pages 235-290 National Bureau of Economic Research, Inc.
    2. Bean, C R & Layard, P R G & Nickell, S J, 1986. "The Rise in Unemployment: A Multi-country Study," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages S1-22, Supplemen.
    3. Dolado, Juan J & Jenkinson, Tim & Sosvilla-Rivero, Simon, 1990. " Cointegration and Unit Roots," Journal of Economic Surveys, Wiley Blackwell, vol. 4(3), pages 249-73.
    4. Engle, Robert F. & Yoo, Byung Sam, 1987. "Forecasting and testing in co-integrated systems," Journal of Econometrics, Elsevier, vol. 35(1), pages 143-159, May.
    5. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February.
    6. Hubbard, R Glenn, 1986. "Supply Shocks and Price Adjustment in the World Oil Market," The Quarterly Journal of Economics, MIT Press, vol. 101(1), pages 85-102, February.
    7. William C. Hunter & Mary S. Rosenbaum, 1991. "Supply shocks and household demand for motor fuel," Economic Review, Federal Reserve Bank of Atlanta, issue Mar, pages 1-11.
    8. McDonald, Ian M & Solow, Robert M, 1981. "Wage Bargaining and Employment," American Economic Review, American Economic Association, vol. 71(5), pages 896-908, December.
    9. Bean, C. & Gavosto, A., 1989. "Outsiders, Capacity Shortages And Unemployment In The United Kingdom," Papers 332, London School of Economics - Centre for Labour Economics.
    10. Peter Jarrett & Raymond Torres, 1987. "A Revised Supply Block for the Major Seven Countries in INTERLINK," OECD Economics Department Working Papers 41, OECD Publishing.
    11. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
    12. Malinvaud, Edmond, 1982. "Wages and Unemployment," Economic Journal, Royal Economic Society, vol. 92(365), pages 1-12, March.
    13. Rod Cross, 2000. "Hysteresis and Emu," Metroeconomica, Wiley Blackwell, vol. 51(4), pages 367-379, November.
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