Macroeconomics

Energy consumption

Quantum mechanics

Quantile regression

Engineering

Quantile

Distributed lag

Panel data

Energy (signal processing)

Economics

Computer science

Physics

Renewable energy

Autoregressive model

Value (mathematics)

Econometrics

Sociology

Consumption (sociology)

Natural resource economics

Machine learning

Electrical engineering

Social science

Energy

This paper introduces a growth model that considers the indicator of economic complexity as a measure of capabilities for exporting the high value-added (sophisticated) products. Empirically, the paper analyzes the effects of the renewable and the non-renewable energy consumption on the economic growth in the panel data of 29 Organization for Economic Co-operation and Development (OECD) countries for the period from 1990 to 2013. For this purpose, the paper considers the panel autoregressive distributed lag (ARDL) and the panel quantile regression (PQR) estimations. The paper finds that not only the economic complexity, but also both the non-renewable and the renewable energy consumption are positively associated with a higher rate of economic growth.

Energy consumption and economic growth: New evidence from the OECD countries