The Causal Relationship Between Renewable Energy and Economic Growth in the US

Student: Kustova Olga

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Final Grade: 9

Year of Graduation: 2020

In this paper the impact of renewable energy consumption on economic growth for the US is modeled. As far as known, the majority of databases begin from the mid-20th century, and for some indicators quarterly or annual frequency is the maximal available frequency. Due to this there are many works that use samples with a limited number of observations to build the models with many variables so their estimates could be inconsistent. To solve this problem, in this work the Bayesian approach was used to set up a vector error correction model, and the orthogonal impulse response functions were constructed on the basis of the estimated model. The relationship between renewable energy consumption and economic growth has not been found in the short-run period, so ‘the neutrality hypothesis’ has been confirmed.

Full text (added May 12, 2020)

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