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Energy Consumption, Employment and Causality in Japan: A Multivariate Approach
BENJAMIN S. CHENG
Indian Economic Review
New Series, Vol. 33, No. 1 (January-June 1998), pp. 19-29
Stable URL: http://www.jstor.org/stable/29794149
Page Count: 11
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Using Hsiao's version of Granger causality and cointegration, this study finds that employment (EP), energy consumption (EC), Real GNP (RGNP) and capital are not cointegrated. EC is found to negatively cause EP whereas EP and RGNP are found to directly cause EC. It is also found that capital negatively Granger-causes EP while RGNP and EP are found to strongly influence EC: The findings of this study seem to suggest that a policy of energy conservation may not be detrimental to a country such as Japan. In addition, the finding that energy and capital are substitutes implies that energy conservation will promote capital formation, given output constant.
Indian Economic Review © 1998 Department of Economics, Delhi School of Economics, University of Delhi