Figure 3
Left panel (A): The vertical axis is labeled “Predicted E W with positive 10 percent delta in Nonrenewable Energy,” ranging from negative 2 to 6 with an interval of 2. The horizontal axis is labeled “Time,” ranging from negative 0 to 30 with an interval of 10. Black dots mark predicted values for each time point, with blue vertical error bars indicating uncertainty. The curve for blue dots starts at (1, 0.58) and rises rapidly, then slows and stabilizes above (14, 4). The vertical bars follow the same trends, with their lower sides at (1, negative 0.9), (14, negative 2.38), and (31, 2.68), while the upper sides are at (1, 1.6), (14, 5.6), and (31, 5.4). Right panel (B): The vertical axis is labeled “Predicted E W with negative 10 percent delta in Nonrenewable Energy,” ranging from negative 6 to 2 with an interval of 2. The horizontal axis is the same as in (A). Black dots mark predicted values for each time point, with blue vertical error bars. The curve for blue dots begins at (1, negative 0.4), decreases sharply, then gradually stabilizes below (14, negative 4). The vertical bars follow the same trends, with their lower sides at (1, negative 2.2), (14, negative 5.4), and (31, negative 5.4), while the upper sides are at (1, 1.5), (14, negative 2.5), and (31, negative 2.6). Note: All the numerical data values are approximated.(a), (b) Impulse response plot for non-renewable and economic welfare. This plot illustrates the impact of a 10% increase or decrease in non-renewable energy on economic Welfare. The dots represent the average predicted values, while the dark blue to light blue lines show the 75%, 90% and 95% confidence intervals, respectively. Source(s): Authors’ computation