Substitution between Clean and Dirty Energy Inputs: A Macroeconomic Perspective
利用26国面板数据，首次估计了能源组合中清洁与肮脏能源之间的替代弹性，发现其显著大于1，这有利于长期绿色增长。
In macroeconomic models, the elasticity of substitution between clean and dirty energy inputs within the energy aggregate is a central parameter in assessing the necessary conditions for long-run green growth. Using new sectoral data in a panel of 26 countries, we formulate specifications of nested constant elasticity of substitution production functions that allow estimating this parameter for the first time. We present evidence that it significantly exceeds unity, a favorable condition for promoting green growth.