TY - JOUR
T1 - What If Energy Time Series Are Not Independent? Implications For Energy-GDP Causality Analysis
AU - Bruns, Stephan B.
AU - Gross, C
PY - 2013/11
Y1 - 2013/11
N2 - Time series of electricity, petroleum products, and renewables are found to be highly correlated with total energy consumption. Applying this insight to the huge literature on energy-GDP causality explains that the results of total energy-GDP causality tests frequently coincide with the results of energy type-GDP tests. Using the test by Toda-Yamamoto in combination with a cointegration-based testing approach, we detect such cases of concordance for 92% of the countries in our sample of 65 countries. We infer that drawing specific economic conclusions with regard to single types of energy from bivariate causality analysis is difficult.
AB - Time series of electricity, petroleum products, and renewables are found to be highly correlated with total energy consumption. Applying this insight to the huge literature on energy-GDP causality explains that the results of total energy-GDP causality tests frequently coincide with the results of energy type-GDP tests. Using the test by Toda-Yamamoto in combination with a cointegration-based testing approach, we detect such cases of concordance for 92% of the countries in our sample of 65 countries. We infer that drawing specific economic conclusions with regard to single types of energy from bivariate causality analysis is difficult.
UR - http://www.scopus.com/inward/record.url?scp=84885459157&partnerID=8YFLogxK
UR - http://dx.doi.org/10.1016/j.eneco.2013.08.020
U2 - 10.1016/j.eneco.2013.08.020
DO - 10.1016/j.eneco.2013.08.020
M3 - Article
VL - 40
SP - 753
EP - 759
JO - Energy Economics
JF - Energy Economics
SN - 0140-9883
ER -
