Elasticidades de demanda por electricidad e impactos macroeconómicos del precio de la energía eléctrica en Colombia

This study analyzes the elasticities of demand and income from electricity for domestic and industrial use, for Colombia (2000-2011), by estimating demand equations by OLS. The impacts on macroeconomic variables, which generate changes in the price of electricity, are also estimated by using a VARX Frequentist and a Bayesian VARX (BVARX) and by using the a priori methodology of Sims and Zha (1998). It is concluded that electricity is a normal good for the industry and a necessary good for the domestic demand. Furthermore, when energy prices increase approximately 20 %, the quarterly GDP growth falls to 1 % and it is stabilized one year and a half after the positive shock.