An Analysis of UK Energy Demand Using Multivariate Cointegration

Lester Hunt and Robert Witt

No 86, Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) from Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey

Abstract: In this paper we estimate an aggregate energy demand equation by a maximum likelihood procedure proposed by Johansen (1988) for the UK using annual data from 1967 to 1994. The influence of the price of energy, income and temperature on energy consumption is examined. A unique long-run equilibrium relationship between energy demand, income and price is found to exist for the period, with temperature affecting demand only in the short-run. The resultant estimated elasticities are robust to different specifications and corroborates the findings of Hunt and Manning (1989) although a weaker long-run effect of income on energy demand was observed.

JEL-codes: Q41 (search for similar items in EconPapers)
Pages: 28 pages
Date: 1995-12
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:sur:seedps:86

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