An Empirical Analysis of Macro-wide and Sectoral Responses to Brown Energy Price Shocks in EU Economies
构建了欧盟经济体的棕色能源价格指数，并利用面板向量自回归模型分析价格冲击对经济活动、能源结构的影响，发现冲击引发棕色与绿色能源的部分替代，但替代不足导致经济收缩，且部门反应强度与其棕色能源强度相关。
We build a Brown Energy Price Index (BEPI) for EU economies and sectors. The index is then incorporated in PVAR models to analyse the reaction to price shock, the impact on economic activity and the change in the energy mix. The panel dimension comes from the thirteen EU economies and it is declined across five economic sectors. At the macroeconomic level, a positive shock to BEPI triggers some substitution between brown and green energy. Since the substitution falls short of the needs, activity contracts; nonetheless, part of the energy substitution is maintained after the shock is absorbed. At the sector level, our results confirm the substitution effect and the adverse impact on activity. Moreover, the magnitude of the responses are shown to be correlated with the sectors brown energy intensity of production.