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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)

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

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

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Find related papers by JEL classification:
Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply

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  1. 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.
  2. Muscatelli, Vito Antonio & Hurn, A Stan, 1992. " Cointegration and Dynamic Time Series Models," Journal of Economic Surveys, Blackwell Publishing, vol. 6(1), pages 1-43.
  3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. 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), Department of Economics Discussion Papers (SEEDS) 99, Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey. [Downloadable!]
  2. Lester C Hunt & Guy Judge & Yasushi Ninomiya, 2003. "Modelling Underlying Energy Demand Trends," Surrey Energy Economics Centre (SEEC), Department of Economics Discussion Papers (SEEDS) 105, Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey. [Downloadable!]
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