Short run and long run dynamics of residential electricity consumption: Homogeneous and heterogeneous panel estimations for OECD

The purpose of this paper is to reveal the short run and long run dynamics of residential electricity consumption for 11 OECD countries within annual period 1979-2006. To this end, this paper first explores the findings from related literature evidence and, later, follows panel cointegration equations (CEs) and panel error correction models (ECMs). CEs give long run relations of the variables in residential electricity demand function. ECMs include both long run and short run parameter estimates of the per capita residential electricity demand in terms of residential electricity price, residential light fuel oil price, residential natural gas price and per capita income. For both ECs and ECMs, the techniques of panel OLS, panel adjusted OLS and panel dynamic OLS are utilized. Finally, this paper yields short term and long term elasticities of residential electricity consumption together with error correction terms through homogeneous and heterogeneous variance structures.electricity consumption, elasticities, homogeneous and heterogeneous variance structures, panel error correction model, panel dynamic ordinary least squares

Short run and long run dynamics of residential electricity consumption: Homogeneous and heterogeneous panel estimations for OECD

The purpose of this paper is to reveal the short run and long run dynamics of residential electricity consumption for 11 OECD countries within annual period 1979-2006. To this end, this paper first explores the findings from related literature evidence and, later, follows panel cointegration equations (CEs) and panel error correction models (ECMs). CEs give long run relations of the variables in residential electricity demand function. ECMs include both long run and short run parameter estimates of the per capita residential electricity demand in terms of residential electricity price, residential light fuel oil price, residential natural gas price and per capita income. For both ECs and ECMs, the techniques of panel OLS, panel adjusted OLS and panel dynamic OLS are utilized. Finally, this paper yields short term and long term elasticities of residential electricity consumption together with error correction terms through homogeneous and heterogeneous variance structures

Klasik üretim fonksiyonu bağlamında RTS ve EOS ilişkisi: Saf teorik bir analiz

Ölçeğe göre getiriler (RTS) ve ölçek ekonomileri (EOS) kavramları genellikle birbiri ile karıştırılmaktadır. Bu kavramlar, birçok kaynakta eşdeğer ve hatta eşanlamlı olarak kullanılmaktadır. RTS ve EOS terimlerinin eşanlamlı olmadıkları açıktır, fakat bu kavramların eşdeğerliği konusunda aynı ölçüde netlik yoktur. RTS ve EOS’nin eşdeğer olup-olmadıkları ancak bir üretim fonksiyonu bağlamında analiz edilebilir. Kaynaklarda RTS ve EOS arasındaki ilişki genellikle homojen üretim fonksiyonları temelinde incelenmektedir. Buna karşılık, çağdaş iktisat biliminde yaygın olarak kullanılan klasik üretim fonksiyonu bağlamındaki çalışmaların yetersiz olduğu gözlenmektedir. Bu çalışma, literatürdeki söz konusu araştırma eksikliğinden doğmuştur. Homotetik klasik üretim fonksiyonu bağlamında RTS ve EOS kavramları eşdeğerdir önermesi matematiksel ve analitik olarak ispatlanmıştır.Publisher's Versio

Finansal Sisteme ve Reel Kesime Yönelik Düzenleme Politikaları: Uygulama Nedenleri, Yöntemleri, Maliyetleri ve Avrupa Birliği ile Türkiye Üzerine Bir Değerlendirme

D&uuml;zenleme politikaları bir ekonomide hem finans piyasalarında hem de reel sekt&ouml;rde uygulanmaktadır. Bunlardan finansal d&uuml;zenleme politikaları 1980&rsquo;li ve 1990&rsquo;lı yıllarda yaşanan krizlerden sonra &ouml;nemli bir konu haline gelmiştir. Diğer yandan reel sekt&ouml;re y&ouml;nelik d&uuml;zenleme politikaları piyasa başarısızlıklarının &ouml;nlenmesi adına &ouml;nemlidir. Belirtilen bağlamda, bu &ccedil;alışma d&uuml;zenleme politikalarını T&uuml;rkiye ve Avrupa Birliği a&ccedil;ısından değerlendirmektedir. &Ccedil;alışmanın amacı ise, T&uuml;rkiye ve Avrupa Birliği&rsquo;nde uygulanan d&uuml;zenleme politikalarını karşılaştırmaktır. &Ccedil;alışmanın ulaştığı temel sonu&ccedil; ise, T&uuml;rkiye Avrupa Birliği&rsquo;ne uyum s&uuml;recinde d&uuml;zenleme politikalarını daha ileri boyutta uygulaması gerektiğidir.&nbsp;Regulation policies have been implemented both financial market and real sector in the economy. Financial regulation policies have been important issues after the crises of the 1980s and 1990s. On the other hand, regulation policies for the real sector are important for the prevention of market failures. In this context, this paper investigates regulation policies which applied in Turkey and European Union. This paper aims to compare applied the regulation policies in Turkey and European Union. The main conclusion of this paper is that regulation policies must be applied during the process of adaptation to the European Union in the Turkish economy.</p

The influence of biomass energy consumption on CO2 emissions: a wavelet coherence approach

In terms of today, one may argue, throughout observations from energy literature papers, that (i) one of the main contributors of the global warming is carbon dioxide emissions, (ii) the fossil fuel energy usage greatly contributes to the carbon dioxide emissions, and (iii) the simulations from energy models attract the attention of policy makers to renewable energy as alternative energy source to mitigate the carbon dioxide emissions. Although there appears to be intensive renewable energy works in the related literature regarding renewables' efficiency/impact on environmental quality, a researcher might still need to follow further studies to review the significance of renewables in the environment since (i) the existing seminal papers employ time series models and/or panel data models or some other statistical observation to detect the role of renewables in the environment and (ii) existing papers consider mostly aggregated renewable energy source rather than examining the major component(s) of aggregated renewables. This paper attempted to examine clearly the impact of biomass on carbon dioxide emissions in detail through time series and frequency analyses. Hence, the paper follows wavelet coherence analyses. The data covers the US monthly observations ranging from 1984:1 to 2015 for the variables of total energy carbon dioxide emissions, biomass energy consumption, coal consumption, petroleum consumption, and natural gas consumption. The paper thus, throughout wavelet coherence and wavelet partial coherence analyses, observes frequency properties as well as time series properties of relevant variables to reveal the possible significant influence of biomass usage on the emissions in the USA in both the short-term and the long-term cycles. The paper also reveals, finally, that the biomass consumption mitigates CO2 emissions in the long run cycles after the year 2005 in the USA