Energy and the Economy

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Abstract
The first EMF working group, examining the link between energy and the economy, concentrated on the use of several large macroeconomic models as described in this report. Each model was represented in the working group by a technical team or expert. To compare the results obtained by these models, the working group developed a common set of assumptions and scenarios for analysis. Forecasts of absolute levels of output and energy consumption are not the focus of this study. Rather, the models are compared to uncover the differences or similarities in the estimates of the economic effects of changes in the energy sector, i.e., changes in relative energy prices or relative energy utilization.

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