Ishida, Hazuki - Graduate School of Economics, Osaka University - 2011
Fossil fuels (oil, coal, gas) are low-entropy natural resources which seem to be indispensable for our economic … multivariate model of fossil fuels, non-fossil energy, labor and GDP. Using the Johansen cointegration technique, the empirical … study reveals unidirectional causality running from fossil fuels to GDP. It implies that decline in fossil fuel consumption …