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An Analysis of UK Energy Demand Using Multivariate Cointegration

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Author Info

  • Lester C. Hunt

    (Department of Economics, University of Portsmouth)

  • Robert Witt

    (Department of Economics, University of Surrey)

Abstract

In this paper we estimate an aggregate energy demand equation by a maximum likelihood procedure proposed by Johansen (1988) for the UK using annual data from 1967 to 1994. The influence of the price of energy, income and temperature on energy consumption is examined. A unique long-run equilibrium relationship between energy demand, income and price is found to exist for the period, with temperature affecting demand only in the short-run. The resultant estimated elasticities are robust to different specifications and corroborates the findings of Hunt and Manning (1989) although a weaker long-run effect of income on energy demand was observed.

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File URL: http://www.seec.surrey.ac.uk/research/SEEDS/SEEDS86.pdf
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Bibliographic Info

Paper provided by Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey in its series Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) with number 86.

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Length: 28 pages
Date of creation: Dec 1995
Date of revision:
Handle: RePEc:sur:seedps:86

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References

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  1. Muscatelli, Vito Antonio & Hurn, A Stan, 1992. " Cointegration and Dynamic Time Series Models," Journal of Economic Surveys, Wiley Blackwell, vol. 6(1), pages 1-43.
  2. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  3. Hunt, Lester & Manning, Neil, 1989. "Energy Price- and Income-Elasticities of Demand: Some Estimates for the UK Using the Cointegration Procedure," Scottish Journal of Political Economy, Scottish Economic Society, vol. 36(2), pages 183-93, May.
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Cited by:
  1. Xavier Labandeira & Baltazar Manzano, 2012. "Some Economic Aspects of Energy Security," European Research Studies Journal, European Research Studies Journal, vol. 0(Special I), pages 47-64.
  2. Erdogdu, Erkan, 2007. "Electricity Demand Analysis Using Cointegration and ARIMA Modelling: A case study of Turkey," MPRA Paper 19099, University Library of Munich, Germany.
  3. Lester C Hunt & Guy Judge & Yasushi Ninomiya, 2003. "Modelling Underlying Energy Demand Trends," Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) 105, Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey.
  4. Lester C. Hunt & Guy Judge & Yashushi Ninomiya, 2000. "Modelling Technical Progress: An Application of the Stochastic Trend Model to UK Energy Demand," Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) 99, Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey.

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