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Energy shocks and the demand for energy

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Listed author(s):
  • Palle S. Andersen
  • Henri Bernard
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    Abstract

    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.

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    Paper provided by Bank for International Settlements in its series BIS Working Papers with number 17.

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    Length: 76 pages
    Date of creation: Jul 1991
    Handle: RePEc:bis:biswps:17
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    1. Rod Cross, 2000. "Hysteresis and Emu," Metroeconomica, Wiley Blackwell, vol. 51(4), pages 367-379, November.
    2. 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.
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    9. Dolado, Juan J & Jenkinson, Tim & Sosvilla-Rivero, Simon, 1990. " Cointegration and Unit Roots," Journal of Economic Surveys, Wiley Blackwell, vol. 4(3), pages 249-273.
    10. 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.
    11. 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.
    12. 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 1-22, Supplemen.
    13. 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.
    14. McDonald, Ian M & Solow, Robert M, 1981. "Wage Bargaining and Employment," American Economic Review, American Economic Association, vol. 71(5), pages 896-908, December.
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