Applied econometrics and implications for energy economics research

Smyth, Russell and Narayan, Paresh Kumar 2015, Applied econometrics and implications for energy economics research, Energy economics, vol. 50, pp. 351-358, doi: 10.1016/j.eneco.2014.07.023.

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Title Applied econometrics and implications for energy economics research
Author(s) Smyth, Russell
Narayan, Paresh KumarORCID iD for Narayan, Paresh Kumar
Journal name Energy economics
Volume number 50
Start page 351
End page 358
Total pages 8
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2015-07
ISSN 0140-9883
Keyword(s) Cointegration
Granger causality
Unit root
Summary Developments in applied econometrics, particularly with regard to unit root tests and cointegration tests, have motivated a rich empirical literature on energy economics over the last decade. This study reviews recent developments in time series econometrics applications in the energy economics literature. We first consider the literature on the integration properties of energy variables. We begin with a discussion of the implications of whether energy variables contain a unit root and proceed to examine how results differ according to the specific unit root or stationarity test employed. We then proceed to examine recent developments in the literature on cointegration, Granger causality and long-run estimates between (disaggregated) energy consumption and economic growth. We review both single country and panel studies and pay particular attention to studies which have expanded the literature through adding variables such as financial development and trade, in addition to energy consumption to the augmented production function, as well as studies which have extended the literature through examining disaggregated energy consumption by type. In each case we highlight best practice in the literature, point to limitations in the literature, including econometric modeling challenges, and suggest recommendations for future research. A key message of our survey is that the profession needs to guard against 'overload' of research in these areas as most applied studies are no longer adding anything more to what is already known. © 2014 Elsevier B.V. All rights reserved.
Language eng
DOI 10.1016/j.eneco.2014.07.023
Field of Research 150202 Financial Econometrics
Socio Economic Objective 910204 Industry Costs and Structure
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2014, Elsevier
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Document type: Journal Article
Collections: Faculty of Business and Law
School of Economics
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