Peak demandPeak demand on an electrical grid is simply the highest electrical power demand that has occurred over a specified time period (Gönen 2008). Peak demand is typically characterized as annual, daily or seasonal and has the unit of power. Peak demand, peak load or on-peak are terms used in energy demand management describing a period in which electrical power is expected to be provided for a sustained period at a significantly higher than average supply level. Peak demand fluctuations may occur on daily, monthly, seasonal and yearly cycles.
Dynamic stochastic general equilibriumDynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. DSGE econometric modelling applies general equilibrium theory and microeconomic principles in a tractable manner to postulate economic phenomena, such as economic growth and business cycles, as well as policy effects and market shocks.
History of macroeconomic thoughtMacroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession.
Supply-side economicsSupply-side economics is a macroeconomic theory that postulates economic growth can be most effectively fostered by lowering taxes, decreasing regulation, and allowing free trade. According to supply-side economics, consumers will benefit from greater supplies of goods and services at lower prices, and employment will increase. Supply-side fiscal policies are designed to increase aggregate supply, as opposed to aggregate demand, thereby expanding output and employment while lowering prices.
Supply shockA supply shock is an event that suddenly increases or decreases the supply of a commodity or service, or of commodities and services in general. This sudden change affects the equilibrium price of the good or service or the economy's general price level. In the short run, an economy-wide negative supply shock will shift the aggregate supply curve leftward, decreasing the output and increasing the price level. For example, the imposition of an embargo on trade in oil would cause an adverse supply shock, since oil is a key factor of production for a wide variety of goods.
SouthSouth is one of the cardinal directions or compass points. The direction is the opposite of north and is perpendicular to both east and west. The word south comes from Old English sūþ, from earlier Proto-Germanic *sunþaz ("south"), possibly related to the same Proto-Indo-European root that the word sun derived from.
NorthNorth is one of the four compass points or cardinal directions. It is the opposite of south and is perpendicular to east and west. North is a noun, adjective, or adverb indicating direction or geography. The word north is related to the Old High German nord, both descending from the Proto-Indo-European unit *ner-, meaning "left; below" as north is to left when facing the rising sun. Similarly, the other cardinal directions are also related to the sun's position.
WestWest is one of the four cardinal directions or points of the compass. It is the opposite direction from east and is the direction in which the Sun sets on the Earth. The word "west" is a Germanic word passed into some Romance languages (ouest in French, oest in Catalan, ovest in Italian, oeste in Spanish and Portuguese). As in other languages, the word formation stems from the fact that west is the direction of the setting sun in the evening: 'west' derives from the Indo-European root *wes reduced from *wes-pero 'evening, night', cognate with Ancient Greek ἕσπερος hesperos 'evening; evening star; western' and Latin vesper 'evening; west'.
EastEast is one of the four cardinal directions or points of the compass. It is the opposite direction from west and is the direction from which the Sun rises on the Earth. As in other languages, the word is formed from the fact that east is the direction where the Sun rises: east comes from Middle English est, from Old English ēast, which itself comes from the Proto-Germanic *aus-to- or *austra- "east, toward the sunrise", from Proto-Indo-European *aus- "to shine," or "dawn", cognate with Old High German *ōstar "to the east", Latin aurora 'dawn', and Greek ἠώς ēōs 'dawn, east'.
