Let me inform you of the following research seminar.

Date: November 22 (Fri.)  , 2024
Time:5:20PM -6:50PM
Venue: 11th Floor, Bldg.No.2 Meeting Room B & ZOOM (HyFlex)
Speaker: Julian Salg (Goethe University Frankfurt)
Organizer: Yuki Higuchi & Matthias Schlegl
Language: English

Title: Energy substitution, biased technical change and the economy-wide energy rebound: A comparison of Japan and the United States (with Rainer Klump)
Abstract:
There are two key challenges to a decoupling of economic growth from energy demand: long-term decelerating energy savings in technical progress and a significant economy-wide rebound effect. The latter comprises a feedback mechanism of energy into the economic system (substitution- and output effects) triggered by energy-augmenting technical progress and relative price changes of energy. We investigate both phenomena by identifying the unobservable long-term supply side characteristics in the U.S. and Japan’s aggregate economy between 1978 and 2019. We estimate a normalized and energy-extended gross output production function of CES type that incorporates capital and labor as a composite input of primary factors and final energy as an intermediate factor of gross output production. Making use of the Klump et al. (2007a) normalized “supply-side-system approach” we simultaneously identify the energy substitution elasticity and time-varying (Box-Cox-transformed) factor augmenting technical progress.  

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