ARE SHOCKS TO ENERGY CONSUMPTION IN USA PERMANENT OR TEMPORARY?: SECTORAL ANALYSIS

Öz

Energy is one of the most important strategic factors for sustainable economic growth. Energy consumption is investigated within the framework of four sectors, i. e. residential sector, commercial sector, industrial sector and transport sector. The energy consumption levels of these sectors, long term consumption amounts and the sustainability of this consumption as well as whether these shocks are temporary or permanent play a role in the development of energy policies for countries. The energy consumption of the US, listed under the developed country category, has been increasing steadily in connection with its economic growth. In this respect, the purpose of this study is to analyze at the sectoral level whether the shocks in the USA’s sectoral energy consumption are temporary or permanent. The annual data over the period 1949 – 2014 are analyzed using the RALS LM unit root test method in this study investigating whether the shocks in total energy consumption in the US economy are temporary or permanent as per sectors. The study introduced two basic contributions to literature. The first contribution is that it is the first study in literature investigating the situation at the sectoral level in the US. The second contribution is the methodology used. The RALS LM unit root test offers two basic advantages. Firstly, the RALS LM test does not depend on the nuisance parameter and secondly, the RALS LM test utilizes information on non-normal errors. According to the analyses made, the shocks in energy consumption in the transport sector of the US have got a permanent impact.

Anahtar Kelimeler

• U.S. Energy Consumption
• U.S. Energy Shocks
• Sectoral Energy Consumption
• RALS Unit Root Test

Are Shocks to Energy Consumption in USA Permanent or Temporary? Sectoral Analysis

Öz

Energy is one of the most important strategic factors for sustainable economic growth. Energy consumption is investigated within the framework of four sectors, i. e. residential sector, commercial sector, industrial sector and transport sector. The energy consumption levels of these sectors, long term consumption amounts and the sustainability of this consumption as well as whether these shocks are temporary or permanent play a role in the development of energy policies for countries. The energy consumption of the US, listed under the developed country category, has been increasing steadily in connection with its economic growth. In this respect, the purpose of this study is to analyze at the sectoral level whether the shocks in the USA’s sectoral energy consumption are temporary or permanent. The annual data over the period 1949 – 2014 are analyzed using the RALS LM unit root test method in this study investigating whether the shocks in total energy consumption in the US economy are temporary or permanent as per sectors. The study introduced two basic contributions to literature. The first contribution is that it is the first study in literature investigating the situation at the sectoral level in the US. The second contribution is the methodology used. The RALS LM unit root test offers two basic advantages. Firstly, the RALS LM test does not depend on the nuisance parameter and secondly, the RALS LM test utilizes information on non-normal errors. According to the analyses made, the shocks in energy consumption in the transport sector of the US have got a permanent impact.

Anahtar Kelimeler

• ABD Enerji Tüketimi
• ABD Enerji Şokları
• Sektörel Enerji Tüketimi
• RALS Unit Root Test

Kaynakça

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