Short and long-run elasticities in US residential electricity demand: a co-integration approach

Co-integration techniques show promise in the analysis of short- and long-run effects of economic variables on energy use. We use these techniques to develop an error correction model of annual US residential electricity demand. We construct equipment stock indices and estimate the model for 1949–19...

Full description

Saved in:
Bibliographic Details
Published in:Energy economics 1997-10, Vol.19 (4), p.493-513
Main Authors: Silk, Julian I., Joutz, Frederick L.
Format: Article
Language:English
Subjects:
Applied sciences
Economic data
Electric energy
Electricity
Energy
Energy consumption
Energy economics
Error correction models
Exact sciences and technology
General, economic and professional studies
Methodology. Modelling
Power demand
Residential areas
Residential electricity
Short- and long-run elasticities
U.S.A
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Co-integration techniques show promise in the analysis of short- and long-run effects of economic variables on energy use. We use these techniques to develop an error correction model of annual US residential electricity demand. We construct equipment stock indices and estimate the model for 1949–1993. Our analysis suggests a structural shift in consumption during the 1960s. We discuss reasons for this shift, report the short- and long-run elasticities, provide forecasts for 1994–1995, and compare the model's forecasts with other published forecasts.
ISSN:0140-9883
1873-6181
DOI:10.1016/S0140-9883(97)01027-X