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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?

Author

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  • 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)

Abstract

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.

Suggested Citation

  • Roger Fouquet, 1996. "The Growth Of The Cointegration Technique In Uk Energy Demand Modelling And Its Relationship To Dynamic Econometrics," World Scientific Book Chapters,in: The Uk Energy Experience A Model or A Warning?, chapter 22, pages 295-308 World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9781848161030_0022
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    Keywords

    Energy Studies; UK Energy; Environmental Economics;

    JEL classification:

    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • N74 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: 1913-
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • N54 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - Europe: 1913-

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