Report - December 6, 2022
Empirical findings from the respective literature are inconclusive regarding the causal relationship between energy and growth (over 200 studies present mixed results). This study designs and performs new tests using the latest available statistics in order to empirically validate the role of energy to economic development. The new estimations and empirical results not only allow to better understand the link between the two but also are useful on their own right as they serve to update the respective key elasticities and reconsider substitution possibilities among production factors in both the large scale applied models GEM-E3 and E3ME.
Read the full report at: https://data.europa.eu/doi/10.2833/56663