Resilience, coal and the macroeconomy

Lynette Molyneaux, Colin Brown, John Foster () and Liam Wagner

MPRA Paper from University Library of Munich, Germany

Abstract: There remains a debate about ‘oil and the macroeconomy’ despite James Hamilton’s claims. Manufacturing in 1970s US was, however, reliant on natural gas and electricity generated from coal, not oil. Whilst coal and electricity prices also rose in the 1970s their descent to pre-1974 levels was slower than the decline in oil prices. This research considers energy resilience during the 1970s. Spare capacity, natural gas and renewable energy are key resilience characteristics that predict improved manufacturing employment. The conclusion reached is that the rise in coal prices played a role, separate to oil price, in the macro-economies of US states.

Keywords: Energy resilience; Energy security; Macroeconomics; Oil (search for similar items in EconPapers)
JEL-codes: E30 Q43 (search for similar items in EconPapers)
Date: 2016-10-12
New Economics Papers: this item is included in nep-ene, nep-his and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:74516

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