Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/113867
Authors: 
Espinosa Acuña, Óscar A.
Vaca González, Paola, A.
Ávila Forero, Raúl, A.
Year of Publication: 
2013
Citation: 
[Journal:] Revista de Métodos Cuantitativos para la Economía y la Empresa [ISSN:] 1886-516X [Volume:] 16 [Year:] 2013 [Pages:] 216-249
Abstract (Translated): 
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.
Subjects: 
electric power
elasticities
demand equation
macroeconomic impacts
GLS
BVARX
JEL: 
C11
C32
Q41
Q43
Document Type: 
Article

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