This study examines the impact of the Russia-Ukraine war on crude oil tail risk using the Conditional Autoregressive Value at Risk (CAViaR) framework. We analyzed 2364 daily observations of West Texas Intermediate (WTI) crude oil futures spanning 1 January 2015 to 11 December 2023, thereby...

We study the aggregate, distributional, and welfare effects of fiscal policy responses to Germany’s energy crisis arising in 2022 using a novel ten-agent New Keynesian (TENK) model. The crisis, compounded by the COVID-19 pandemic, led to sharp price increases and significant consumption...

The distributional and disruptive effects of energy supply shocks are potentially large. We study the effectiveness of alternative fiscal responses in a two-country HANK model calibrated to the euro area. Subsidies can stabilize the domestic economy, but they are fiscally costly and generate...

Russia’s invasion of Ukraine in 2022 was accompanied by a significant reduction of its gas supply to Europe, causing sharp energy price surges and prompting governments to respond with public appeals and programs aimed at reducing consumption. This paper investigates the effects of price...

We study the aggregate, distributional, and welfare effects of fiscal policy responses to Germany’s energy crisis using a novel Ten-Agents New-Keynesian (TENK) model. The energy crisis, compounded by the COVID-19 pandemic, led to sharp increases in energy prices, inflation, and significant...

The 2021-2023 European energy crisis, triggered by the war in Ukraine, led to broad policy interventions in energy markets. In contrast to the retail-side measures and public transfers implemented elsewhere, Spain and Portugal targeted the wholesale electricity market through the so-called...

The gas price explosion during the 2021/22 European energy crisis prompted a shift from gas- to coal-fired electricity production. Empirical evidence on the environmental and health consequences of such a fuel-price shock - as opposed to policy reforms - is scarce. We fill this gap by...

Der russische Überfall auf die Ukraine hat im Jahr 2022 in Deutschland eine Energiekrise ausgelöst: Die Verbraucherpreise für Heizenergieträger stiegen im Laufe des Jahres drastisch. Aus Sorge vor einer Gasmangellage wurden verschiedene Energiesparprogramme aufgelegt. Die Bundesregierung und...

We provide evidence in line with the illusion of moral superiority, a phenomenon that individuals perceive themselves to be more morally motivated than others. We analyze survey data collected during the 2022/23 energy crisis in Germany to investigate individuals' and others' motivations to...

The Russian invasion of Ukraine in 2022 triggered an energy crisis in Germany, with consumer energy prices skyrocketing over the course of the year. Due to concerns about gas shortages, various programs aimed at reducing consumption were set up and the German Federal Government and numerous...

The structural theory of green transformation acknowledges the complexity of the transformation process and suggests a state-led approach with green industrial policy at its core. In contrast, the market-fundamentalist approach to the transformation problem relies on carbon pricing and the...

Russia's invasion of Ukraine in 2022 was accompanied by a significant reduction of its gas supply to Europe, causing sharp energy price surges and prompting governments to respond with public appeals and programs aimed at reducing consumption. This paper investigates the effects of price...

The distributional and disruptive effects of energy supply shocks are potentially large. We study the effectiveness of alternative fiscal responses in a two-country HANK model calibrated to the euro area. Subsidies can stabilize the domestic economy, but they are fiscally costly and generate...

Der russische Überfall auf die Ukraine hat im Jahr 2022 in Deutschland eine Energiekrise ausgelöst: Die Verbraucherpreise für Heizenergieträger stiegen im Laufe des Jahres drastisch. Aus Sorge vor einer Gasmangellage wurden verschiedene Energiesparprogramme aufgelegt. Die Bundesregierung und...

The structural theory of green transformation acknowledges the complexity of the transformation process and suggests a state-led approach with green industrial policy at its core. In contrast, the market-fundamentalist approach to the transformation problem relies on carbon pricing and the...

We provide evidence in line with the illusion of moral superiority, a phenomenon that individuals perceive themselves to be more morally motivated than others. We analyze survey data collected during the 2022/23 energy crisis in Germany to investigate individuals' and others' motivations to...

The Russian invasion of Ukraine in 2022 triggered an energy crisis in Germany, with consumer energy prices skyrocketing over the course of the year. Due to concerns about gas shortages, various programs aimed at reducing consumption were set up and the German Federal Government and numerous...

To help households and firms with exploding energy costs in the aftermath of the Ukraine war, a new policy called the “energy price brake” was implemented. A unique feature of this relief measure is that it provides a transfer that increases in the consumer's contractual per‐unit price of...

Due to an ongoing energy crisis and fluctuating energy prices, the prerequisites for maintaining optimal indoor environmental quality (IEQ), a critical determinant of productivity, cognitive performance, and overall well-being, have been significantly disrupted. This study focuses on examining...

The gas price explosion during the 2021/22 European energy crisis prompted a shift from gas- to coal-fired electricity production. Empirical evidence on the environmental and health consequences of such a fuel-price shock - as opposed to policy reforms - is scarce. We fill this gap by...

The 2021-2023 European energy crisis, triggered by the war in Ukraine, led to broad policy interventions in energy markets. In contrast to the retail-side measures and public transfers implemented elsewhere, Spain and Portugal targeted the wholesale electricity market through the so-called...

The Recovery and Resilience Facility (RRF), which was adopted to support economic recovery from the COVID-19 crisis, represents the first large-scale EU-wide investment initiative, including decarbonisation goals. Yet temporary RRF spending will not be sufficient to meet the climate targets in...

Urged by the European Energy Crisis and the threatening consequences of severe natural gas shortages, energy providers launched gas-saving initiatives incorporating financial incentives to reduce residential natural gas consumption. In collaboration with one of Germany's largest energy...

Urged by the European Energy Crisis and the threatening consequences of severe natural gas shortages, energy providers launched gas-saving initiatives incorporating financial incentives to reduce residential natural gas consumption. In collaboration with one of Germany’s largest energy...

Due to an ongoing energy crisis and fluctuating energy prices, the prerequisites for maintaining optimal indoor environmental quality (IEQ), a critical determinant of productivity, cognitive performance, and overall well-being, have been significantly disrupted. This study focuses on examining...

Die Energiekrise 2022/2023 in Europa hat gezeigt, wie zentral ein bewusster Gasverbrauch für die Versorgungssicherheit, die Kostenstabilität und den Klimaschutz ist. Doch wie kann man Haushalte in Krisenzeiten mit Hochpreisphasen dazu bringen, ihren Verbrauch anzupassen, auch wenn sich...

In Pakistan, the majority of people have access to energy supplies. However, people who are underprivileged, below the extreme poverty line, or part of the middle class often spend disproportionate portions of their income on energy supplies and services, to some extent because of higher upfront...

We use a structural VAR model to study the German natural gas market and investigate the impact of the 2022 Russian supply stop on the German economy. Combining conventional and narrative sign restrictions, we find that gas supply and demand shocks have large and persistent price effects, while...

We propose a structural vector-autoregressive model for the German natural gas market to investigate the impact of the 2022 Russian supply stop on the German economy. We combine conventional and narrative sign restrictions to leverage information about supply cuts for identification and find...

We use a structural VAR model to study the German natural gas market and investigate the impact of the 2022 Russian supply stop on the German economy. Combining conventional and narrative sign restrictions, we find that gas supply and demand shocks have large and persistent price effects, while...

In times of intense economic variability and social turbulence worldwide, this paper aims to examine the existence of transient correlations and interdependencies between the most important MSCI ESG indices worldwide and the most important commodities' index, economic uncertainty, natural gas,...

This report explores the EU's bold efforts to diversify energy sources, ramp up renewable energy use, and enforce stringent energy efficiency measures amid the Russian invasion of Ukraine and the subsequent energy crisis. Discover to what extent the EU has overcome infrastructural and...

The dependency on imported essential production inputs poses a threat of abrupt price hikes and shortages, potentially triggered by political events. The energy crisis resulting from the Russian war of aggression is an example. This paper investigates whether governments should bolster...

Die Gesellschaft sieht sich seit Beginn dieses Jahrzehnts mit multiplen Krisen konfrontiert, die auch als neue Treiber der Raumentwicklung wirken. Der Beitrag präsentiert eine Zwischenbilanz zum bleibenden Einfluss der Covid-19-Pandemie auf Wohnpräferenzen und Wohnstandortentscheidungen auf...