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Estimating the Demand for Energy in Jordan: A Stock-Watson Dynamic OLS (DOLS) Approach

Listed author(s):
  • Ahmed Al-Azzam

    (Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey)

  • David Hawdon


    (Surrey Energy Economics Centre (SEEC), University of Surrey)

Registered author(s):

    Recent developments in econometrics provide robust estimators for cointegrated series where sample sizes are small. We estimate the demand for energy in Jordan over the period 1968-1997 using the dynamic OLS method developed by Stock and Watson, and compare the results with conventional forms of cointegration and error correction estimation. Results are found to be robust to various departures from standard regression assumptions and to be stable of the rapid structural changes in the Jordanian economy over the period of the study. Income, construction activity, and political instability are found to impact significantly on consumption, while real price has only a neutral or weak effect. Changes to energy prices on their own are unlikely to achieve current goals for energy conversation.

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    Paper provided by Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey in its series Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) with number 97.

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    Length: 24 pages
    Date of creation: Jul 1999
    Handle: RePEc:sur:seedps:97
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