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The underlying drivers of economy-wide energy efficiency and asymmetric energy price responses
Energy Economics ( IF 12.8 ) Pub Date : 2021-03-10 , DOI: 10.1016/j.eneco.2021.105222
Ibrahim A. Tajudeen

A good understanding of energy efficiency trend and its potential underlying drivers is required when considering policies for energy conservation and environmental sustainability. In light of this, we estimate energy efficiency trends using index decomposition analysis, data envelopment analysis and stochastic frontier analysis as robust methods. The driving factors (including asymmetric price responses) are examined using a dynamic panel model estimated by Arellano and Bond (1991) GMM estimator. The application for 32 OECD countries found that none of the three methods leads to a consistent ranking between energy efficiency estimates and energy intensity – corroborating the criticism that energy intensity is not a good proxy for energy efficiency. The panel-data regressions using the energy efficiency estimates from the three methods show similarities in the impacts of the drivers (including energy price, foreign direct inflows, trade openness, population growth, temperature etc.) on energy efficiency. Although the results of asymmetric price responses of energy efficiency estimates vary slightly, we found insignificant evidence of asymmetric effects of total energy price but there are asymmetric responses with energy-specific prices. Thus, using energy-specific prices as well as allowing for asymmetric price effects in analysing drivers of energy efficiency is apt and informative in formulating energy policies.



中文翻译:

整个经济领域的能源效率和能源价格响应不对称的根本驱动力

在考虑节能和环境可持续性政策时,需要对能效趋势及其潜在的潜在驱动因素有充分的了解。有鉴于此,我们使用指数分解分析,数据包络分析和随机前沿分析作为可靠的方法来估算能效趋势。使用由Arellano和Bond(1991)GMM估计器估计的动态面板模型检查驱动因素(包括不对称价格响应)。针对32个经合组织国家的申请发现,这三种方法均无法在能效估算和能效之间得出一致的排名,从而证实了批评,即能效不能很好地代表能效。使用这三种方法的能效估算得出的面板数据回归表明,驱动因素(包括能源价格,外国直接流入,贸易开放度,人口增长,温度等)对能效的影响具有相似性。尽管能源效率估算的不对称价格响应结果略有不同,但我们发现总能源价格不对称影响的证据不多,但特定能源价格存在不对称响应。因此,在制定能源政策时,使用特定于能源的价格以及在分析能源效率的驱动因素时考虑到不对称的价格效应,是恰当而有益的。尽管能源效率估算的不对称价格响应结果略有不同,但我们发现总能源价格不对称影响的证据不多,但特定能源价格存在不对称响应。因此,在制定能源政策时,使用特定于能源的价格以及在分析能源效率的驱动因素时考虑到不对称的价格效应,是恰当而有益的。尽管能源效率估算的不对称价格响应结果略有不同,但我们发现总能源价格不对称影响的证据不多,但特定能源价格存在不对称响应。因此,在制定能源政策时,使用特定于能源的价格以及在分析能源效率的驱动因素时考虑到不对称的价格效应,是恰当而有益的。

更新日期:2021-03-27
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