Ratti, Ronald A.; Seol, Youn; Yoon, Kyung Hwan - In: Energy Economics 33 (2011) 5, pp. 721-731
A dynamic model of investment is estimated with data on non-financial firms in 15 European countries across 25 industries over 1991-2006. A rise in real energy price reduces the degree of persistence in the investment adjustment cost function. Panel results suggest that in manufacturing a 1%...
