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

Author

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  • 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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    2. Ando, Albert K, et al, 1974. "On the Role of Expectations of Price and Technological Change in an Investment Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(2), pages 384-414, June.
    3. Michael Bruno & Jeffrey D. Sachs, 1985. "Economics of Worldwide Stagflation," NBER Books, National Bureau of Economic Research, Inc, number brun85-1, July.
    4. Knut Anton Mork & Robert E. Hall, 1980. "Energy Prices, Inflation, and Recession, 1974-1975," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 31-64.
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