Model simplification and variable selection: A replication of the UK inflation model by Hendry (2001)

Błażejowski, Marcin; Kufel, Paweł; Kwiatkowski, Jacek

doi:10.1002/jae.2760

Cited by 6 publications

(6 citation statements)

References 14 publications

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“…On the other hand, nuclear and hydro energy consumption compete with the renewable energy sector 3 . However, the recent findings support renewable energy as much faster in building the infrastructure as compared with the nuclear one 4 .…”

Section: Resultsmentioning

confidence: 99%

“…Therefore, we do not only make inferences on the "best" single model, but we take into account the uncertainty of all models. Consequently, we can easily identify significant determinants of a dependent variable based on a whole model space without specific knowledge [3]. The latest review of model averaging techniques and their implementation is presented in [43].…”

Section: Methodsmentioning

confidence: 99%

“…The main advantage of the BACE is to rank the factors according to the probability when the number of potential variables is fairly large. Furthermore, it ensures comparativeness results and suggests the most likely model specifications among a vast range of competing ones [2,3]. The current study is based on encompassing approach by incorporating the different sets of determinants of R.E.C.…”

Section: Introductionmentioning

confidence: 99%

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Factors of Renewable Energy Consumption in the European Countries – the Bayesian Averaging Classical Estimates Approach

Khan¹,

Kwiatkowski²,

Osińska³

et al. 2021

Preprint

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The aim of the paper is to identify the most likely factors that determine the demand for Renewa-ble Energy Consumption (R.E.C.) in European countries. Although in Europe a high environmen-tal awareness is omnipresent, countries differ in scope and share of R.E.C. due to historical ener-getic policies and dependencies, investments into renewable and traditional energetic sectors, R&D development, structural changes required by energetic policy change, and many other fac-tors. The study refers to a set of macroeconomic, institutional, and social factors affecting energetic renewable policy and R.E.C. in selected European countries in two points of time: i.e., before and after the Paris Agreement. The Bayesian Average Classical Estimates (BACE) is applied to indicate the most likely factors affecting R.E.C. in 2015 and 2018. The comparison of the results reveals that the G.D.P. level, nuclear and hydro energy consumption were the determinants significant in both analyzed years. Furthermore, it became clear that in 2015 the R.E.C. depended strongly on the energy consumption structure, while in 2018, the foreign direct investment and trade openness played their role in increasing renewable energy consumption. The direction of changes is positive and complies with sustainable development goals (S.D.G.s).

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Section: Resultsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Factors of Renewable Energy Consumption in the European Countries – the Bayesian Averaging Classical Estimates Approach

Khan¹,

Kwiatkowski²,

Osińska³

et al. 2021

Preprint

Self Cite

View full text Add to dashboard Cite

show abstract

“…The main advantage of the BACE is to rank the factors according to the probability when the number of potential variables is fairly large. Furthermore, it ensures comparativeness results and suggests the most likely model specifications among a vast range of competing ones [2,3]. The current study is based on an encompassing approach by incorporating the different sets of determinants of REC.…”

Section: Introductionmentioning

confidence: 99%

Factors of Renewable Energy Consumption in the European Countries—The Bayesian Averaging Classical Estimates Approach

et al. 2021

Self Cite

View full text Add to dashboard Cite

The paper aims to identify the most likely factors that determine the demand for energy consumption from renewable sources (renewable energy consumption—REC) in European countries. Although in Europe, a high environmental awareness is omnipresent, countries differ in scope and share of REC due to historical energetic policies and dependencies, investments into renewable and traditional energetic sectors, R&D development, structural changes required by energetic policy change, and many other factors. The study refers to a set of macroeconomic, institutional, and social factors affecting energetic renewable policy and REC in selected European countries in two points of time: i.e., before and after the Paris Agreement. The Bayesian Average Classical Estimates (BACE) is applied to indicate the most likely factors affecting REC in 2015 and 2018. The comparison of the results reveals that the Gross Domestic Product (GDP) level, nuclear and hydro energy consumption were the determinants significant in both analyzed years. Furthermore, it became clear that in 2015, the REC depended strongly on the energy consumption structure, while in 2018, the foreign direct investment and trade openness played their role in increasing renewable energy consumption. The direction of changes is gradual and positive. It complies with the Sustainable Development Goals (SDGs).

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“…It is crucial in the case of modeling money demand, where we consider a large number of potential determinants and many competitive models with almost the same explanatory power. An example of applying this procedure for dynamic modeling can be found in (Błażejowski, Kufel, and Kwiatkowski, 2020).…”

Section: Introductionmentioning

confidence: 99%

Narrow Money Demand in Indonesia and in Other Transitional Economies – Model Selection and Forecasting

Osińska¹,

Błażejowski²,

Kufel³

et al. 2020

ERSJ

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Model simplification and variable selection: A replication of the UK inflation model by Hendry (2001)

Cited by 6 publications

References 14 publications

Factors of Renewable Energy Consumption in the European Countries – the Bayesian Averaging Classical Estimates Approach

Factors of Renewable Energy Consumption in the European Countries – the Bayesian Averaging Classical Estimates Approach

Factors of Renewable Energy Consumption in the European Countries—The Bayesian Averaging Classical Estimates Approach

Narrow Money Demand in Indonesia and in Other Transitional Economies – Model Selection and Forecasting

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