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Unraveling the drivers of energy-saving technical change

카테고리
국외자료
개인저자
Diego R. Känzig, Charles Williamson
발행기관
European Central Bank
발행년월
2024.10
페이지수
68p
URL
요약
We explore the increasing divergence between economic growth and energy consumption through energy-saving technical progress. Proposing a new measure of energy-saving technology, we study the underlying drivers in as emi-structural model of the U.S. economy. Our analysis shows that energy price shocks reduce consumption and stimulate energy-saving innovation, but also cause economic downturns and crowd out other innovations. Only energy-saving technology shocks can explain the negative co-movement between output and energy use. These sudden efficiency gains emerge as the primary driver of energy-saving technical change. Our findings highlight the importance of fostering energy-saving innovations in ransitioning to a low carbon economy