the 1973 oil shock, and the lessons learned from subsequent experience, both in terms of the issues which were thought to …

The EU faces challenges in reforming the Gas and Electricity Directives to implement the single market in electricity … and gas. The Paper argues that there is unfinished business in the areas of regulation, restructuring, encouraging proper …

electricity nevertheless remains cheaper. Comparisons with coal, natural gas and wind power are carried out to the advantage of … electricity program allowing us to compute a levelized cost. We identify a modest escalation of capital cost and a larger than …

presented and the diversity of implied price and income elasticities is emphasized. Both gas and electricity are found to be …The paper is concerned with the empirical modelling of domestic demand for energy in the United Kingdom at the level of …-stage budgeting model of the household's demand for energy conditional on its ownership of durables. Preferences at both stages of the …

-shock specification, we identify, using sign restrictions, two non-policy shocks, demand and supply, and two policy shocks, monetary and … fiscal. We obtain the following results. (ii) Both supply and demand shocks are important sources of fluctuations; supply … prevails for GDP, while demand prevails for employment and inflation. (ii) Policy matters: Both monetary and fiscal policy …

to the speculative demand for oil as well as shocks to the flow demand and flow supply. The forward-looking element of … find that this surge was caused by fluctuations in the flow demand for oil driven by the global business cycle. There is … evidence, however, that speculative demand shifts played an important role during earlier oil price shock episodes including …

do not occur ceteris paribus. This makes it necessary to explicitly account for the demand and supply shocks underlying …Research on oil markets conducted during the last decade has challenged long-held beliefs about the causes and … consequences of oil price shocks. As the empirical and theoretical models used by economists have evolved, so has our understanding …

trade, energy demand, and welfare. For this, we develop a structural Eaton-Kortum type general equilibrium model of …. The model helps understanding the interplay between country-specific energy productivity, energy demand, and trade. The … general import tariffs can be an effective instrument to reduce energy demand. For small open economies, taxing imports as an …