| ID | 125874 |
| Title Proper | Energy consumption and energy R and D in OECD |
| Other Title Information | perspectives from oil prices and economic growth |
| Language | ENG |
| Author | Wong, Siang Leng ; Chia, Wai-Mun ; Chang, Youngho |
| Publication | 2013. |
| Summary / Abstract (Note) | We estimate the short-run and long-run elasticities of various types of energy consumption and energy R&D to changes in oil prices and income of the 20 OECD countries over the period of 1980-2010 using the Nerlove partial adjustment model (NPAM). We find negative income elasticity for coal consumption but positive income elasticity for oil and gas consumption suggesting the importance of economic growth in encouraging the usage of cleaner energy from coal to oil and gas. By introducing time dummies into the regressions, we show that climatic mitigation policies are able to promote the usage of cleaner energies. Through the dynamic linkages between energy consumption and energy R&D, we find that fossil fuel consumption promotes fossil fuel R&D and fossil fuel R&D in turn drives its own consumption. Renewable energy R&D which is more responsive to economic growth reduces fossil fuel consumption and hence fossil fuel R&D. |
| `In' analytical Note | Energy Policy Vol.62; Nov 2013: p.1581-1590 |
| Journal Source | Energy Policy Vol.62; Nov 2013: p.1581-1590 |
| Key Words | Renewable Energy Consumption ; Renewable Energy R and D ; Fossil Fuels |