Energy shocks and the demand for energy
This paper discusses developments in energy consumption and oil markets since the early 1970s, highlighting the fall in energy and oil consumption per unit of output and the accompanying reduction in industrialised countries' exposure and vulnerability to energy shocks. In an attempt to analyse the determinants of aggregate output, a very simple model is subsequently presented to discuss the major transmission channels of energy price shocks and the related risk of disturbances to long-term equilibrium growth. The focus is then turned on investment and the capital stock and their role in the determination of energy demand. Energy demand equations are empirically derived for seven major countries, distinguishing in each case between demand for energy in industry, transportation and the commercial and residential sectors.
|Date of creation:||Jul 1991|
|Date of revision:|
|Contact details of provider:|| Postal: Centralbahnplatz 2, CH - 4002 Basel|
Phone: (41) 61 - 280 80 80
Fax: (41) 61 - 280 91 00
Web page: http://www.bis.org/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Coe, David T, 1990. "Insider-Outsider Influences on Industry Wages: Evidence from Fourteen Industrialized Countries," Empirical Economics, Springer, vol. 15(2), pages 163-83.
- Engle, Robert F & Granger, Clive W J, 1987.
"Co-integration and Error Correction: Representation, Estimation, and Testing,"
Econometric Society, vol. 55(2), pages 251-76, March.
- Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
- Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February.
- Peter Jarrett & Raymond Torres, 1987. "A Revised Supply Block for the Major Seven Countries in INTERLINK," OECD Economics Department Working Papers 41, OECD Publishing.
- McDonald, Ian M & Solow, Robert M, 1981. "Wage Bargaining and Employment," American Economic Review, American Economic Association, vol. 71(5), pages 896-908, December.
- Malinvaud, Edmond, 1982. "Wages and Unemployment," Economic Journal, Royal Economic Society, vol. 92(365), pages 1-12, March.
- Rod Cross, 2000. "Hysteresis and Emu," Metroeconomica, Wiley Blackwell, vol. 51(4), pages 367-379, November.
- Engle, Robert F. & Yoo, Byung Sam, 1987. "Forecasting and testing in co-integrated systems," Journal of Econometrics, Elsevier, vol. 35(1), pages 143-159, May.
- R. Glenn Hubbard, 1986. "Supply Shocks and Price Adjustment in the World Oil Market," The Quarterly Journal of Economics, Oxford University Press, vol. 101(1), pages 85-102.
- Dolado, Juan J & Jenkinson, Tim & Sosvilla-Rivero, Simon, 1990. " Cointegration and Unit Roots," Journal of Economic Surveys, Wiley Blackwell, vol. 4(3), pages 249-73.
- Bean, C R & Layard, P R G & Nickell, S J, 1986. "The Rise in Unemployment: A Multi-country Study," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages S1-22, Supplemen.
- Lawrence F. Katz, 1986.
"Efficiency Wage Theories: A Partial Evaluation,"
NBER Working Papers
1906, National Bureau of Economic Research, Inc.
- Bean, C. & Gavosto, A., 1989. "Outsiders, Capacity Shortages And Unemployment In The United Kingdom," Papers 332, London School of Economics - Centre for Labour Economics.
- William C. Hunter & Mary S. Rosenbaum, 1991. "Supply shocks and household demand for motor fuel," Economic Review, Federal Reserve Bank of Atlanta, issue Mar, pages 1-11.
When requesting a correction, please mention this item's handle: RePEc:bis:biswps:17. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christian Beslmeisl)
If references are entirely missing, you can add them using this form.