Application of an Error Correction Model in Assessment and Forecasting of Energy Consumption in the European Union

• Datum: 2010
• 1. Verfasser: Zawada, M.
• Format: Artikel
• Sprache: English
• Veröffentlicht: Інститут проблем моделювання в енергетиці ім. Г.Є. Пухова НАН України 2010
• Schlagworte: Применение методов и средств моделирования
• Online Zugang: http://dspace.nbuv.gov.ua/handle/123456789/12800
• Назва журналу: Digital Library of Periodicals of National Academy of Sciences of Ukraine
• Zitieren: Application of an Error Correction Model in Assessment and Forecasting of Energy Consumption in the European Union / M. Zawada // Электронное моделирование. — 2010. — Т. 32, № 1. — С. 113-122. — Бібліогр.: 12 назв. — англ.

In the following framework, efforts of building a model of energy consumption with regard to basic macroeconomic factors such as gross domestic product (GDP), consumer price index (CPI), and demographic variables, have been undertaken. Above-mentioned model, thanks to an error correction mechanism enables to indicate short- and long-term relations between analyzed variables.The spatial and time sample which was chosen for the research, includes data from 1980 – 2005 from the European Union countries. The application of such cross sample and decomposition of absolute term, enables to indicate certain general regularities in analyzed phenomenon, and also typical of particular countries. From empirical point of view, the created model can be used in preparation of simulations and forecasts with planned energy consumption on the national and international level.