HOW DEPENDENT IS GROWTH FROM PRIMARY ENERGY? AN ASSESMENT FOR OECD COUNTRIES

摘要

Primary energy consumption is a key explanatory factor of growth in OECD countries, whose long-run output elasticity is approximately 0.6. Such findings provide a firm empirical ground for the rejection of the conventional calibration of energy output elasticity according to the energy cost-share theorem. They amply confirm and complement, on a wider set of countries, similar findings obtained by Stern (2010, 2011a), and with a different econometric strategy.