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

Author

Listed:
  • Pantelis Capros
  • Pavlos Karadeloglou
  • Gregory Mentzas
  • Pierre Valette

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 mixed 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 of the actual large-scale models. Finally, the policy 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 Valette, 1989. "Research Papers: A New Modeling Framework For Medium-Term Energy-Economy Analysis in Europe," The Energy Journal, , vol. 10(4), pages 1-28, October.
    • Handle: RePEc:sae:enejou:v:10:y:1989:i:4:p:1-28
    DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No4-2
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    References listed on IDEAS

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    3. Helliwell, John F. & MacGregor, Mary E. & McRae, Robert N. & Plourde, Andre & Chung, Alan, 1987. "Supply oriented macroeconomics : The MACE model of Canada," Economic Modelling, Elsevier, vol. 4(3), pages 318-340, July.
    4. Michael Bruno & Jeffrey D. Sachs, 1985. "Economics of Worldwide Stagflation," NBER Books, National Bureau of Economic Research, Inc, number brun85-1, March.
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