Variable selection in the analysis of energy consumption-growth nexus
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Título
Variable selection in the analysis of energy consumption-growth nexusAutoría
Fecha de publicación
2015-10-30xmlui.dri2xhtml.METS-1.0.item-edition
Versió pre-printEditor
Copyright © 2015 Elsevier B.VCita bibliográfica
CAMARERO, Mariam, et al. Variable selection in the analysis of energy consumption–growth nexus. Energy Economics, 2015, 52: 207-216.Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://www.sciencedirect.com/science/article/pii/S0140988315002893Versión
info:eu-repo/semantics/submittedVersionPalabras clave / Materias
Resumen
There is abundant empirical literature that focuses on whether energy consumption is a critical driver of economic growth. The evolution of this literature has largely consisted of attempts to solve the problems and ... [+]
There is abundant empirical literature that focuses on whether energy consumption is a critical driver of economic growth. The evolution of this literature has largely consisted of attempts to solve the problems and answer the criticisms arising from earlier studies. One of the most common criticisms is that previous work concentrates on the bivariate relationship, energy consumption–economic growth. Many authors try to overcome this critique using control variables. However, the choice of these variables has been ad hoc, made according to the subjective economic rationale of the authors. Our contribution to this literature is to apply a robust probabilistic model to select the explanatory variables from a large set of potential candidates in the case of the US from 1949 to 2010, not only for an aggregate analysis but also for a sector analysis. The results highlight the critical role of public spending and energy intensity in the explanation of growth. Furthermore, since the study reveals different explanatory variables for each sector, it indicates the importance of policy decisions specifically aimed at different sectors. [-]
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Energy Economics, 2015, 52: 207-216Derechos de acceso
Copyright © 2015 Elsevier B.V
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