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Energy Price- and Income-Elasticities of Demand: Some Estimates for the UK Using the Cointegration Procedure


  • Hunt, Lester
  • Manning, Neil


The aim of this paper is to reexamine aggregate energy demand in the United Kingdom using the relatively recent procedure of cointegration. It shows energy consumption, the real price of energy, and real GDP cointegrate, which implies the existence of a long-run equilibrium. The associated long-run price-elasticity estimate is about -0.3 and the long-run income-elasticity estimate is about 0.5. The associated dynamic error-correction model yields short-run price- and income-elasticities of -0.1 and 0.6, respectively. Copyright 1989 by Scottish Economic Society.

Suggested Citation

  • 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 183-193, May.
  • Handle: RePEc:bla:scotjp:v:36:y:1989:i:2:p:183-93

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    References listed on IDEAS

    1. Balassa, Bela, 1986. "Intra-Industry specialization : A cross-country analysis," European Economic Review, Elsevier, vol. 30(1), pages 27-42, February.
    2. Broll, Udo & Gilroy, Bernard Michael, 1985. "International Division of Labour and Intra-Trade," MPRA Paper 18042, University Library of Munich, Germany.
    3. Economides, Nicholas, 1984. "Do increases in preference similarity (across countries) induce increases in trade? : An affirmative example," Journal of International Economics, Elsevier, vol. 17(3-4), pages 375-381, November.
    4. Helpman, Elhanan, 1984. "A Simple Theory of International Trade with Multinational Corporations," Journal of Political Economy, University of Chicago Press, vol. 92(3), pages 451-471, June.
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