Long-run multipliers

Gregori Tullio

Chapter 81 in Elgar Encyclopedia of Energy Economics, 2025, pp 311-313 from Edward Elgar Publishing

Abstract: Long-run analysis, dating back to Marshall, has been a focus of applied energy economics, mostly in recent decades. A plethora of studies centered on the connection between energy and economic growth but found no definitive results regarding causality direction and elasticity values. Recently, practitioners have often modeled long-run relationships via Auto-Regressive Distributed Lag or Distributed Lag models. This framework simply assumes that a steady solution of a rational expectation production model exists and it is stable and unique. Furthermore, it can be extended to incorporate non-linearities via positive and negative partial sum decompositions of the explanatory variables, depicting various forms of asymmetries in the adjustment mechanism from initial shocks to short- and long-run effects.

Keywords: Long-Run Equilibria; Causality; Energy; Energy–Growth Nexus; Production Function; Non-Linearity (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035310364
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