Journal of the Korean Operations Research and Management Science Society (한국경영과학회지)

The Korean Operations Research and Management Science Society (한국경영과학회)
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Development of a Daily Electricity Business Index by using the Electricity Daily Data of the Manufacturing Sector

제조업 일별 전력 사용량을 활용한 일일전력경기지수(DEBI) 개발

  • Received : 2016.05.26
  • Accepted : 2016.07.01
  • Published : 2016.08.31
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Abstract

Electricity sales are directly measured from individual consumers, which could minimize the time gap between data collection and public announcement. Furthermore, industrial electricity sales are highly linked with production and output. Therefore, industrial electricity consumption can be used to track production and output in real time. By using the high-frequency data of industrial electricity sales, this study develops the daily electricity business index (DEBI) to capture the daily economic status. The steps used to formulate DEBI are as follows: (1)selection of the explanatory variables and period, (2) amendment of the seasonal adjustment to eliminate daily temperature and effective day effects, (3) estimation of the weighted value via variables by using PCA, (4) calculation of DEBI and commencement of validation tests. Our empirical analysis and the Hodrick-Prescott filter analysis show that DEBI is highly related to existing economic indices.

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References

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