Substitution between Clean and Dirty Energy Inputs: A Macroeconomic Perspective
Chris Papageorgiou (),
Marianne Saam and
Patrick Schulte ()
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Marianne Saam: Centre for European Economic Research
The Review of Economics and Statistics, 2017, vol. 99, issue 2, 281-290
In macroeconomic models, the elasticity of substitution between clean and dirty energy inputs within the energy aggregate is a central parameter in assessing the necessary conditions for long-run green growth. Using new sectoral data in a panel of 26 countries, we formulate specifications of nested constant elasticity of substitution production functions that allow estimating this parameter for the first time. We present evidence that it significantly exceeds unity, a favorable condition for promoting green growth.
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