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either rise the quality of capital ( intensive margin ) and/or increase the efficiency in the production of capital goods ( extensive margin ). The combination of a choice of the energy requirement of the latest vintage with the existence of ISTC provides a description of the endogenous process of Energy Saving Technical Change (ESTC hereafter), and therefore, of the path of aggregate energy use and energy intensity in our economy. Additionally, there is an energy price (this is a small open economy) that may exhibit trend growth responding to the possible scarcity of

. “Measuring Energy-Saving Technical Change in Japan.” Bank of Japan Working Paper Series No. 09–E–5. Greenwood, J., Z. Hercowitz, and G. W. Huffman. 1988. “Investment, Capacity Utilization, and the Real Business Cycle.” Americal Economic Review 78 (3): 402–417. Hamilton, J. D. 1983. “Oil and the Macroeconomy since World War II.” Journal of Political Economy 91 (2): 228–248. Hamilton, J. D. 1996. “This is what Happened to the Oil Price-Macroeconomy Relationship.” Journal of Monetary Economics 38 (2): 215–220. Hamilton, J. D. 2003. “What is an Oil Shock?.” Journal of

Climate Change Policy.” In Griffin 2003a, 67–91. Gow, David. 2006. “Figures Reveal Europe Falling Far Short of Climate Targets.” Guardian (Manchester). October 28. Griffin, James M., ed. 2003a. Global Climate Change: The Science, Economics, and Politics. Northampton, Mass.: Edward Elgar. References 181 ———. 2003b. “Introduction: The Many Dimensions of the Climate Change Issue.” In Griffin 2003a, 1–24. Griffin, James M., and Craig T. Schulman. 2005. “Price Asymmetry in Energy Demand Models: A Proxy for Energy-Saving Technical Change?” Energy Journal 26 (2): 1–21. Griffin

(demand pull) and market widening (supply push) thus make the new energy carrier diffuse more widely in society, but the two forces can differ in strength over time and in different development blocks; and they present the economy with different kinds of challenges. energy expansion and energy saving technical change has a double impact on energy, or works as a two-edged sword. on the one hand, technical change means thermal efficiency in- creases, which will reduce energy losses and lead to energy savings.17 on the other hand, technical change also leads to the

was clearly biased in the energy-saving direction, and in the twentieth century it was biased to save capital and labor. labor and capital augmentation did not play any role throughout the nineteenth century. This means that in the nineteenth cen- tury all efficiency increase was related to energy and energy-saving technical change was a key factor for growth. Thus, our results show that energy does play an important role in growth, with the adjustment of cobb-douglas as- sumptions to allow for possible biased technical change and a ceS less than 1. The high