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A New Modeling Framework For Medium-Term Energy-Economy Analysis in Europe

Author

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  • Pantelis Capros Pavlos Karadeloglou
  • Gregory Mentzas
  • Pierre Palette

Abstract

This paper presents the main theoretical and empirical issues concerning the HERMES-MIDAS Linked Systems (HMLS) of models. The systems are very large scale and are intended to perform European-wide medium-term investigations of the energy-economy interactions. The macroeconomic model follows the neo-Keynesian approach to economic modeling while the set of energy demand and supply models follows a mired engineering-econometric one. We facilitate the presentation of the linkage by proposing a typical aggregate neo-Keynesian model into which we introduce energy and proceed by establishing a general framework for energy-economy model linkages. This framework is applied to the coupling ofthe actual large-scale models. Finally, thepolicy analysis capabilities of the HMLS in contrast to the original HERMES model are examined by means of a theoretical and empirical comparison of the two systems' simulation properties and policy responses.

Suggested Citation

  • Pantelis Capros Pavlos Karadeloglou & Gregory Mentzas & Pierre Palette, 1989. "A New Modeling Framework For Medium-Term Energy-Economy Analysis in Europe," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 1-27.
    • Handle: RePEc:aen:journl:1989v10-04-a02
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    Cited by:

    1. Mentzas, Gregory N., 1996. "Team coordination in decision support projects," European Journal of Operational Research, Elsevier, vol. 89(1), pages 70-85, February.

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    JEL classification:

    • F0 - International Economics - - General

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