Abstract
The price elasticity of energy demand has a profound influence on the calculated effects of energy supply and price shocks upon the macroeconomy. Depending on the assumed long-run magnitude of this elasticity, policy prescriptions for energy conservation and management may differ markedly. An accurate measure of the long-run energy demand price elasticity is difficult to obtain. On this issue we are faced with a complicated issues of production factor and energy substitution possibilities over dynamic long-run horizons stretching far beyond data currently available for extimation. This study investigates the long-run dynamic adjustment of total primary energy demand to energy prices and the distribution of these effects through disaggregated energy demand sectors which aloow for interfuel substitution possibilities within a singular equation system of energy share equations.
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