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Real Energy Cost

In: Energy Productivity and Economic Growth

Author

Listed:
  • Koji Nomura

    (Keio University)

Abstract

This chapter assesses the economic resilience of the Japanese economy to rising energy prices by measuring the real unit energy cost (RUEC). The Japan-U.S. level comparison shows that the RUEC gap has been widening since the U.S. shale revolution and, in recent years, has increased to a level 39% higher than the U.S., approaching the peak in the 1960s. The factors behind this are the narrowing of the energy productivity gap (Japan’s advantage has been halved over the past two decades) and the widening of the real energy price gap. The turning point when Japan’s RUEC started to rise was in the mid-1990s. Since then, real energy price growth has increased from 0.8% on average in 1973–1995, which included two oil shocks, to 1.7% in 1995–2019. During this period, the biggest factor in the acceleration of real energy prices was the 15-year-long decline in nominal wages from 1997.

Suggested Citation

  • Koji Nomura, 2022. "Real Energy Cost," Springer Books, in: Energy Productivity and Economic Growth, chapter 0, pages 81-120, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-6494-7_3
    DOI: 10.1007/978-981-19-6494-7_3
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