The capital-energy complementarity debate revisited
指出,资本与能源是互补还是替代的实证分歧难以通过总量数据解决,因为产出构成的价格诱导变化即使在没有技术替代的情况下也能导致两种结果,消费者替代和相对收入变化是关键因素。
This paper argues that the empirical disagreement as to whether capital and energy are complements or substitutes is not likely to be reconciled with aggregate data. It demonstrates that price-induced changes in the composition of output can cause either outcome in the aggregate, even if no technical substitution is possible. Substitution by consumers and changes in the relative incomes of consumers and foreigners are identified as key factors in determining which outcome arises. Copyright 1987 by American Economic Association.