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The paper …rst develops a theoretical model with dierent channels through which energy prices aect economic growth. The conditions for a crowding out of capital accumulation by intensive energy use are derived. In the empirical part, estimations using a system with …ve simultaneous equations for a sample of 37 developed countries with …ve-year average panel data over the period 1975-2004 are presented. It is shown that rising energy prices are not a general threat to long- term economic development. On the contrary, we …nd that decreasing energy input induces investments in physical, human, and knowledge capital, which fosters the growth rate.

Energy Prices, Growth, and the Channels in between: Theory and Evidence