TY  - GEN
AB  - We have constructed a RBC model where energy is endogenously minded. It is generated
within the model from fossil intermediate and renewable energy resources
and consumed by final good production and households. Furthermore, households
can invest in a durable good to avoid exaggerated disruptive investment dynamics.
By estimating the model using Bayesian techniques and with data from the German
economy, we find a complementary relationship between durable goods and energy
consumption in the household sector as well as between physical capital and energy
consumption in the final good sector.
Furthermore, a TFP shock in the (final and intermediate) energy sectors has a
larger effect on durable good purchases than on capital investments in the final
good production. Nevertheless, even with endogenous price determination of energy,
TFP in final good production is still the major contributor to business cycle
formation in a classical framework. In an extension, we show that despite of allowing
the replenish the constrained fossil stock, the dynamic responds of the variables
do not deviate from the baseline model.
DA  - 2018
DO  - 10.4119/unibi/2932816
LA  - eng
PY  - 2018
SN  - 2196−2723
TI  - Durable Goods and Energy in RBC. An Endogenous Multisectoral Model
UR  - https://nbn-resolving.org/urn:nbn:de:0070-pub-29328166
Y2  - 2024-11-22T13:16:35
ER  -