Renewable and non-renewable energy consumption and economic growth in the US: A Markov-Switching VAR analysis
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Dosyalar
Tarih
2021
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
SAGE Publications Inc.
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
We examine the relationship between renewable and non-renewable energy consumption and economic growth in the United States. While the regime-dependent Granger causality test results for the non-renewable energy consumption and economic growth suggest bi-directional causality in both regimes, we cannot validate any causality between renewable energy consumption and economic growth. The US meets its energy demand from non-renewable sources; as such, renewable energy consumption does not seem to affect economic growth. Given the efficiency and productivity of renewable energy investments, we conclude that it is worthwhile to consider renewable energy inputs to replace fossil fuels given potential benefits in terms of global warming and climate change concerns. In this regard, increasing the R&D investments in the renewable energy sectors, increases in productivity and profitability of renewable energy investments are likely to accrue benefits in the long run. © The Author(s) 2020.
Açıklama
Anahtar Kelimeler
economic growth, energy consumption, Markov-Switching VAR, Renewable energy, Economics, Energy utilization, Fossil fuels, Global warming, Investments, Productivity, Global warming and climate changes, Granger causality test, Non-renewable energy, Potential benefits, Renewable and non-renewable energy consumption, Renewable energy consumption, Renewable energy investments, Renewable energy sector, Economic and social effects, alternative energy, consumption behavior, economic growth, energy market, energy use, investment, Markov chain, nonrenewable resource, United States
Kaynak
Energy and Environment
WoS Q Değeri
Q3
Scopus Q Değeri
Q2
Cilt
32
Sayı
3
