Assessing Energy Price Induced Improvements in Efficiency of Capital in OECD Manufacturing Industries
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World Bank, Washington, DC
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To assess how capital stocks adapt to
energy price changes, it is necessary to account for the
impacts on different vintages of capital and to account
separately for price-induced and autonomous improvements in
the energy efficiency of capital stock. The results of
econometric analysis for five manufacturing industries in 19
OECD countries between 1990 and 2005 indicate that higher
energy prices resulted in smaller energy use due to both
improved energy efficiency of capital stock and reduced
demand for the energy input. The investment response to
energy prices varied considerably across manufacturing
industries, being more significant in energy-intensive
sectors. The results of policy simulations indicate that a
carbon tax can deliver significant reductions in energy
consumption in the medium run with modest declines in
energy-using capital stock.
Palabras clave
AGRICULTURE, APPROACH, ASSETS, AVAILABILITY, AVERAGE PRICE, BARRIERS TO ENERGY EFFICIENCY, BASE YEAR, BOILER, CAPITAL ADJUSTMENT, CAPITAL SERVICES, CAPITAL STOCKS, CAPITAL STRUCTURE, CARBON DIOXIDE, CARBON DIOXIDE EMISSIONS, CARBON PRICE, CARBON TAX, CLIMATE, CLIMATE CHANGE, CLIMATE CHANGE MITIGATION, CLIMATE CHANGE POLICIES, CLIMATE POLICIES, CLIMATE POLICY, COAL, COMMERCE, COMMODITY PRICES, COMPETITIVE PRODUCT, COMPETITIVENESS, CONSUMERS, CONSUMPTION OF ENERGY, CRUDE OIL, CRUDE OIL PRICE, DEFLATORS, DEMAND ANALYSIS, DEMAND ELASTICITY, DEMAND FOR ENERGY, DEMAND RESPONSE, DERIVED DEMAND, DEVELOPMENT POLICY, DIESEL, DISCOUNT RATE, ECONOMETRIC ANALYSIS, ECONOMETRIC MODELS, ECONOMETRICS, ECONOMIC ANALYSIS, ECONOMIC GROWTH, ECONOMIC IMPLICATIONS, ECONOMIC MODELS, ECONOMIC THEORY, ECONOMICS, ECONOMICS LITERATURE, ECONOMY POLICY, EFFICIENCY IMPROVEMENT, EFFICIENCY IMPROVEMENTS, ELECTRICITY, EMISSION, ENDOGENOUS VARIABLES, ENERGY CARRIER, ENERGY CARRIERS, ENERGY CONSUMPTION, ENERGY COSTS, ENERGY DEMAND, ENERGY DEMAND MODEL, ENERGY ECONOMICS, ENERGY EFFICIENCY, ENERGY EFFICIENCY GAP, ENERGY EFFICIENCY IMPROVEMENTS, ENERGY EXPENDITURE, ENERGY INPUT, ENERGY INTENSITY, ENERGY POLICY, ENERGY PRICE, ENERGY PRODUCTS, ENERGY SAVINGS, ENERGY USE, ENERGY-SAVING TECHNOLOGIES, ENVIRONMENTAL ECONOMICS, EQUATIONS, EXCHANGE RATES, EXPECTED RETURNS, EXPECTED VALUE, EXPENDITURES, EXTERNALITIES, FACTOR DEMAND, FACTOR PRICES, FACTORS OF PRODUCTION, FINANCIAL SUPPORT, FIXED INPUTS, FOSSIL, FOSSIL FUEL, FOSSIL FUEL CONSUMPTION, FOSSIL FUEL EMISSIONS, FUEL DEMAND, FUEL OIL, FUEL PRODUCTS, FUELS, FUNCTIONAL FORMS, GASOLINE, GASOLINE PRICES, GASOLINE TAX, GOVERNMENT PURCHASES, GREENHOUSE GAS, GREENHOUSE GAS EMISSIONS, GREENHOUSE GASES, HEATING SYSTEM, HIGHER ENERGY PRICES, HUMAN CAPITAL, IMPROVEMENTS IN ENERGY EFFICIENCY, INCOME, INPUT PRICES, INTEREST RATE, INTERNATIONAL COMPETITIVENESS, INTERNATIONAL TRADE, INVESTMENT DECISIONS, INVESTMENT OPPORTUNITIES, LABOR MARKETS, LIKELIHOOD FUNCTION, MARKET BARRIERS, MARKET STRUCTURE, MONETARY ECONOMICS, NATURAL GAS, NOMINAL INTEREST RATE, OBSOLESCENCE, OIL, OIL DEMAND, OIL EQUIVALENT, OPTIMIZATION, PATERNALISM, PETROCHEMICAL INDUSTRY, PETROLEUM, PETROLEUM PRODUCTS, POLICY MAKERS, POLITICAL ECONOMY, PORTFOLIO, POWER, POWER PLANT, PRICE CHANGE, PRICE CHANGES, PRICE ELASTICITY, PRICE INCREASE, PRICE INCREASES, PRICE POLICIES, PRODUCT MARKETS, PRODUCTION FUNCTION, PRODUCTION FUNCTIONS, PRODUCTION INPUTS, PRODUCTIVITY, PROFIT MAXIMIZATION, PURCHASING, PURCHASING POWER, RANDOM WALK, REGULATORY POLICIES, RELATIVE PRICES, REPUBLIC, RESIDENTIAL ENERGY, RETURNS TO SCALE, SCENARIOS, SUBSTITUTE, SUBSTITUTES, SUBSTITUTION, TAX POLICIES, THERMAL EFFICIENCY, THERMAL SYSTEM, TOTAL OUTPUT, USE OF CAPITAL, VARIABLE COST, VARIABLE INPUTS, WAGES