Clean and dirty energy inputs , aggregate elasticity of substitution , CES function , cross-country sectoral data , environmental policy
Abstract:
Recently Acemolgu, Aghion, Bursztyn and Hemous (AER 2012) formulated a
model in which a high macroeconomic elasticity of substitution between clean and
dirty production represents a crucial condition for green growth. Until now it has
never been systematically estimated. Using a novel panel of cross-country sectoral
data, we formulate specifications of nested CES production functions that allow to
estimate a special case of this parameter: the elasticity of substitution between clean
and dirty energy inputs. Contrary to what is expected based on the earlier interfuel
substitution literature, we find evidence that this elasticity exceeds one.
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