Dynamic energy-demand models: a comparison
نویسنده
چکیده
This paper compares two second-generation dynamic energy demand models, a translog Ž . Ž . TL and a general Leontief GL , in the study of price elasticities and factor substitutions of nine Swedish manufacturing industries: food, textiles, wood, paper, printing, chemicals, non-metallic minerals, base metals and machinery. Several model specifications are tested with likelihood ratio test. There is a disagreement on short-run adjustments; the TL model accepts putty]putty production technology of immediate adjustments, implying equal shortand long-run price elasticities of factors, while the GL model rejects immediate adjustments, giving out short-run elasticities quite different from the long-run. The two models also disagree in substitutability in many cases. Q 2000 Elsevier Science B.V. All rights reserved. JEL classifications: D21; D24; D29
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