The findings in the recent energy economic literature that energy economic variables are non-stationary, heve led to an implicit or explicit dismissal of the standard autoregressive distributed lag (ARDL) model in estimating energy demand relationships. However, Pesaran and Shin (1997) show that the ARDL model remains valid when the underlying variables are non-stationary, provided the variables are cointegrated. In this paper we use the ARDL approach to estimated a demand relationship for Danish residential energy consumption, and the ARDL estimates are compared to the estimates obtained using cointegration techniques and error-correction models (ECMs). It turns out that both quantitavely and qualitatively, the ARDL approach and the cointegration/ECM approach give very similar results.
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Paper provided by Aarhus School of Business - Department of Economics in its series Papers with number
99-7.
Length: 15 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:aascbu:99-7
Contact details of provider: Postal: Department of Economics, Faculty of Business Administration. The Aarhus School of Business. Fuglesangs Alle 4. DK- 8210 Aarhus V - Denmark Phone: +45 89 486396 Fax: +45 8615 5175 Web page: http://www.asb.dk/about/departments/nat.aspx More information through EDIRC
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Find related papers by JEL classification: C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply
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