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Energy consumption at business cycle horizons: The case of the United States

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  • Narayan, Paresh Kumar
  • Narayan, Seema
  • Smyth, Russell

Abstract

In this paper, we propose a simple extension to a Keynesian type macro model by augmenting it with energy consumption. We show the relationship between energy consumption and output in a macroeconomic setting and ask the question: Do permanent shocks dominate changes in energy consumption and output at business cycle horizons for the United States? To achieve the goal of this paper, we undertake a variance decomposition analysis of shocks based on a common trend and common cycle framework within a vector error correction model. Our main finding is that permanent shocks explain the bulk of the variations in energy consumption and output at business cycle horizons for the United States.

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  • Narayan, Paresh Kumar & Narayan, Seema & Smyth, Russell, 2011. "Energy consumption at business cycle horizons: The case of the United States," Energy Economics, Elsevier, vol. 33(2), pages 161-167, March.
    • Handle: RePEc:eee:eneeco:v:33:y:2011:i:2:p:161-167
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