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Energy consumption, technological progress and economic policy

  • Théophile, AZOMAHOU

    (BETA, Université Louis Pasteur, Srasbourg)

  • Raouf, BOUCEKKINE

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES) and UNIVERSITE CATHOLIQUE DE LOUVAIN, Center for Operations Research and Econometrics (CORE))

  • Phu, NUYEN VAN

    (BETA, Université Louis Pasteur, Strasbourg)

We first provide an empirical sstudy of the energy-saving technological progress on the ENERDATA database. Energy intensity is shown to decrease over the period 1971-1999 in OECD countries, indicating a significant energy-saving technical progress trend. We also show via semiparametric partially linear estimations that : (i) this trend is positively correlated with the investment rate, and (ii) the marginal productivity of investment has accelerated in the sub-period 1985-1999 compared to 1971-1984. Second, we build a general equilibrium vintage capital model with embodied energy-saving technical progress to formalize these findings. In this set-up, we study to which extent a steady increase in the marginal productivity of investment and/or scrapping subsidies could compensate the output loss due to a cut in energy use. The latter fiscal policy is shown to be particularly inefficient in this respect, even under rapid energy-saving technical progress. In the end, our model predicts that the implementation of Kyoto-like protocols in the computers age is much less painful than what it could have been two decades ago.

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 2003025.

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Length: 39
Date of creation: 01 Nov 2003
Date of revision:
Handle: RePEc:ctl:louvir:2003025
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  1. Smulders, J.A. & Bretschger, L., 2000. "Explaining Environmental Kuznets Curves : How Pollution Induces Policy and New Technologies," Discussion Paper 2000-95, Tilburg University, Center for Economic Research.
  2. Adam Jaffe & Richard Newell & Robert Stavins, 2002. "Environmental Policy and Technological Change," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 22(1), pages 41-70, June.
  3. Malcomson, James M., 1975. "Replacement and the rental value of capital equipment subject to obsolescence," Journal of Economic Theory, Elsevier, vol. 10(1), pages 24-41, February.
  4. Xepapadeas, A. & de Zeeuw, A.J., 1998. "Environmental Policy and Competitiveness : The Porter Hypothesis and the Composition of Capital," Discussion Paper 1998-38, Tilburg University, Center for Economic Research.
  5. Dixit, Avinash K & Stiglitz, Joseph E, 1975. "Monopolistic Competition and Optimum Product Diversity," The Warwick Economics Research Paper Series (TWERPS) 64, University of Warwick, Department of Economics.
  6. Stefan Ambec & Philippe Barla, 2001. "A Theoretical Foundation of the Porter Hypothesis," CSEF Working Papers 54, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  7. Boucekkine, Raouf & Pommeret, Aude, 2004. "Energy saving technical progress and optimal capital stock: the role of embodiment," Economic Modelling, Elsevier, vol. 21(3), pages 429-444, May.
  8. Löschel, Andreas, 2001. "Technological change in economic models of environmental policy: a survey," ZEW Discussion Papers 01-62, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  9. Raouf Boucekkine & David de la Croix & Omar Licandro, 2006. "Vintage Capital," Economics Working Papers ECO2006/8, European University Institute.
  10. Smulders, Sjak & de Nooij, Michiel, 2003. "The impact of energy conservation on technology and economic growth," Resource and Energy Economics, Elsevier, vol. 25(1), pages 59-79, February.
  11. Stephen D. Oliner & Daniel E. Sichel, 2000. "The resurgence of growth in the late 1990s: is information technology the story?," Finance and Economics Discussion Series 2000-20, Board of Governors of the Federal Reserve System (U.S.).
  12. Boucekkine, Raouf & Germain, Marc & Licandro, Omar, 1997. "Replacement Echoes in the Vintage Capital Growth Model," Journal of Economic Theory, Elsevier, vol. 74(2), pages 333-348, June.
  13. repec:dgr:kubcen:200095 is not listed on IDEAS
  14. Baltagi, Badi H. & Hidalgo, Javier & Li, Qi, 1996. "A nonparametric test for poolability using panel data," Journal of Econometrics, Elsevier, vol. 75(2), pages 345-367, December.
  15. Théophile AZOMAHOU & Phu NGUYEN VAN & Marcus WAGNER, 2001. "Determinants of Environmental and Economic Performance of Firms: An Empirical Analysis of the European Paper Industry," Working Papers of BETA 2001-22, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
  16. BOUCEKKINE, Raouf & GERMAIN, Marc & LICANDRO, Omar & MAGNUS, Alphonse, . "Creative destruction, investment volatility, and the average age of capital," CORE Discussion Papers RP -1376, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  17. Christoph Böhringer & Carsten Vogt, 2003. "Economic and environmental impacts of the Kyoto Protocol," Canadian Journal of Economics, Canadian Economics Association, vol. 36(2), pages 475-496, May.
  18. Paul Beaudry & Michel Poitevin, 1995. "Contract Renegotiation: A Simple Framework and Implications for Organization Theory," Canadian Journal of Economics, Canadian Economics Association, vol. 28(2), pages 302-35, May.
  19. Sappington, David, 1983. "Limited liability contracts between principal and agent," Journal of Economic Theory, Elsevier, vol. 29(1), pages 1-21, February.
  20. repec:ner:tilbur:urn:nbn:nl:ui:12-123121 is not listed on IDEAS
  21. repec:ner:tilbur:urn:nbn:nl:ui:12-80402 is not listed on IDEAS
  22. BOUCEKKINE, Raouf & GERMAIN, Marc & LICANDRO, Omar, 1996. "General Equilibrium Vintage Capital Growth Models Displaying Periodic Solutions : A Theoretical Example," CORE Discussion Papers 1996032, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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