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The Growth Of The Cointegration Technique In Uk Energy Demand Modelling And Its Relationship To Dynamic Econometrics

In: The Uk Energy Experience A Model or A Warning?

Listed author(s):
  • ROGER FOUQUET

    (Centre for Environmental Technology, Imperial College of Science, Technology & Medicine, 48 Prince's Gardens, London SW7 2PE, UK and Surrey Energy Economics Centre, Department of Economics, University of Surrey, UK)

AbstractThe cointegration technique has grown in the UK from a little noticed model fifteen years ago to a mainstream tool for energy demand modellers. This paper places its growth within the context of developments in dynamic econometric methods. As a result of these theoretical and practical improvements, economists have found that the technique is well-suited for analysing energy demand and its short and long run relationships with its determinants. The use of cointegration has led to improvements in the explanation of past and the prediction of future behaviour, as well as in the assessment of the effects of related policies. The paper suggests that its suitability, popularity and on-going refinements are likely to mean cointegration will continue to grow in importance as a tool for energy demand modelling.

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This chapter was published in:
  • G MacKerron & P Pearson (ed.), 1996. "The UK Energy Experience:A Model or A Warning?," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number p016, November.
  • This item is provided by World Scientific Publishing Co. Pte. Ltd. in its series World Scientific Book Chapters with number 9781848161030_0022.
    Handle: RePEc:wsi:wschap:9781848161030_0022
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