Macro-econometric and structural models
Energy consumption is characterized by various rigidities. To understand the impact of energy consumption, energy price changes and changes in the fuel mix or in transport modes on the economy, macro-econometric energy models, often so-called structural models or integrated models have been developed. Different industries and consumption purposes are modeled separately and their interrelations as well as their relation to energy demand and supply are considered. The chapter starts with an overview of the most prominent of these models currently used for environmental and energy policy analysis in EU (United Kingdom, Germany) and the United States. Selected results from modeling exercises are presented. They offer insights for integrated assessment of the relationship between energy, economy, environment, and societal concerns. Big data and open access to statistical data offer various opportunities and challenges for the future application of the models.