Research Papers: A New Modeling Framework For Medium-Term Energy-Economy Analysis in Europe

Pantelis Capros, Pavlos Karadeloglou, Gregory Mentzas and Pierre Valette

The Energy Journal, 1989, vol. 10, issue 4, 1-28

Abstract: This paper presents the main theoretical and empirical issues concerning the HERMES-MIDAS Linked Systems (HMLS) of models. The systems are very large scale and are intended to perform European-wide medium-term investigations of the energy-economy interactions. The macroeconomic model follows the neo-Keynesian approach to economic modeling while the set of energy demand and supply models follows a mixed engineering-econometric one. We facilitate the presentation of the linkage by proposing a typical aggregate neo-Keynesian model into which we introduce energy ‘ and proceed by establishing a general framework for energy-economy model linkages. This framework is applied to the coupling of the actual large-scale models. Finally, the policy analysis capabilities of the HMLS in contrast to the original HERMES model are examined by means of a theoretical and empirical comparison of the two systems ‘ simulation properties and policy responses.

Keywords: Energy-Economy analysis; Europe; HERMES-MIDAS model (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:sae:enejou:v:10:y:1989:i:4:p:1-28

DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No4-2

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