Substitution between Clean and Dirty Energy Inputs: A Macroeconomic Perspective

• 成果类型: Article
• 署名作者: Papageorgiou, Chris; Saam, Marianne; Schulte, Patrick
• 署名单位: International Monetary Fund; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW)
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00592
• 发表日期: 2017-05
• 页码: 281-290
• 关键词: directed technical change; inter-fuel substitution; technological-change; structural-change; power-generation; fossil-fuel; POLICY; equilibrium; INEQUALITY; elasticity

摘要

In macroeconomic models, the elasticity of substitution between clean and dirty energy inputs within the energy aggregate is a central parameter in assessing the necessary conditions for long-run green growth. Using new sectoral data in a panel of 26 countries, we formulate specifications of nested constant elasticity of substitution production functions that allow estimating this parameter for the first time. We present evidence that it significantly exceeds unity, a favorable condition for promoting green growth.