The effects of electricity and fuel prices on Swedish industry: A panel VAR approach
利用2004-2022年瑞典制造业企业数据，通过面板VAR模型分析电价和燃料价格变化对要素需求的影响，发现能源需求在短期和五年内均缺乏弹性，且能源价格冲击对劳动力需求无显著影响，也未发现燃料间替代证据。
In this paper, we empirically examine the dynamic effects of electricity and fuel price changes on factor demand, utilizing detailed firm-level data from the Swedish manufacturing industry spanning 2004–2022. We employ a panel vector autoregressive model to analyze factor inputs and their associated prices. Our findings indicate that the demand for electricity and fuel is inelastic both immediately following a price change and over the following five years. Additionally, our results show that energy price shocks generally do not have statistically significant effects on labor demand, nor do they indicate any significant inter-fuel substitution. • Panel VAR model used on 2004–2022 Swedish firm-level data. • Energy demand is inelastic short- and long-term. • No significant impact on labor demand from energy price shocks. • No evidence of inter-fuel substitution.