This paper examines key driving forces of inflationary pressures, taking into account supply and demand side determinants and actions of policy makers, during the pandemic and geopolitical crises in the Eurozone. Using heterogeneous nonstationary macro-panel models, especially the Mean Group...

The impact of energy price fluctuation on the macro economy is a hot issue that is continuously concerned by the academic community, but few literature have paid attention to the impact of energy price fluctuation on housing price and the financial risks that may arise. Based on the data of...

We study the potential effects on the real economy and welfare of four fiscal policy responses to an energy supply shock: energy vouchers to all households, only to lowincome households, or to non-energy goods producers, and subsidies for investments in the energy sector. The analysis relies on...

Volatility reflects the degree of variation in a time series, and a measurement of the stock performance in the energy sector can help one understand the pattern of fluctuations within this industry, as well as the factors that influence it. One of these factors could be the COVID-19 pandemic,...

We study the potential effects on the real economy and welfare of four fiscal policy responses to an energy supply shock: energy vouchers to all households, only to lowincome households, or to non-energy goods producers, and subsidies for investments in the energy sector. The analysis relies on...

This paper examines the impact of energy poverty on subjective well-being in Germany using longitudinal data from the German Socio-Economic Panel (SOEP) over the period 2010-2023. Exploiting within-individual variation, we estimate fixed-effects models using objective, subjective, and composite...

With the liberalization of the electricity markets in 1998, Germany opted for a single, nationwide wholesale price. Regional differences in supply and demand are not taken into account. In the event of grid congestion, electricity generators are paid to adjust their output. This leads to rising...

This paper evaluates the effect of the Russian invasion of Ukraine in February 2022 on refinery margins, i.e. the difference between wholesale prices for road fuels (gasoline and diesel) and oil prices in Europe and Germany in particular. Following the Russian invasion of Ukraine, wholesale road...

This paper evaluates the effect of the Russian invasion of Ukraine in February 2022 on refinery margins, i.e. the difference between wholesale prices for road fuels (gasoline and diesel) and oil prices in Europe and Germany in particular. Following the Russian invasion of Ukraine, wholesale road...

We analyze the sources of the pandemic-era inflation surge in the euro area using a Bayesian vector autoregression (BVAR) model. By applying narrative, sign, zero, and inequality restrictions, this study is the first that jointly analyzes the inflationary effects of energy and non-energy supply...

This paper presents a novel model comparison to examine the challenges posed by changes in carbon-intensive energy prices for monetary policy. The employed environmental monetary models have a detailed multi-sector structure. The comparison assesses the effects of both a temporary and a...

The Euro Area experienced historically high inflation in 2022, with energy prices playing a central role. This paper examines the joint impact of various energy price shocks on inflation in the Euro Area, with a focus on the period encompassing the COVID-19 pandemic and the Russia–Ukraine war....

This analysis deploys the concept of national energy cost share, a practical indicator that measures the ratio of energy costs to gross domestic product (GDP), and uses a dataset covering 142 countries over a 40-year period. It examines how national energy cost shares evolve in response to...

Amidst global decarbonization dynamics, Artificial Intelligence (AI), the Digital economy, and energy prices are shaping the energy transition in a way that has never been more critical. Using MMQR and IVQR, this research investigates the effects of AI, research and development (R&D), and energy...

This paper provides empirical evidence on a statistically significant pass-through from global energy price shocks to firms' inflation expectations in an oil-importing country. The results show that the size and duration of the pass-through depend crucially on the current local energy pricing...

We analyze the extent to which marginal producers in four European day-ahead electricity markets pass through short-run marginal cost, and its components fuel and carbon cost, to wholesale electricity prices. Parametric estimates show that pass-through is complete in France and Germany, and...

Using U.S. and Euro area data, we document that (i) the pass-through of energy prices to inflation is state-dependent - stronger when supply chain uncertainty is elevated - and (ii) in such states, energy prices become more informative about logistical conditions. We develop a model in which...

This paper estimates the effect of electricity prices on firm performance, focusing on firm productivity, sales, and employment. Using the World Bank Business Pulse Survey data for a sample of 24 emerging markets and developing economies during 2019-23, the paper estimates the average effect and...

The aim of this study was to analyse energy subsidies and other financial support distributed in the EU27, at the national level, over the period 2015 to 2022 and, when data is available, to 2023. Quantitative analyses of the volume (in euros) and trends of subsidies are provided, with the...

The aim of this study was to analyse energy subsidies and other financial support distributed in the EU27, at the national level, over the period 2015 to 2022 and, when data is available, to 2023. Quantitative analyses of the volume (in euros) and trends of subsidies are provided, with the...

This paper studies the effects of country-specific energy prices on food consumer price inflation (CPI) within a cross-country Phillips curve framework. It considers a panel of 36 OECD member and candidate economies using quarterly data from the start of 1994 to the end of 2021. We find that...

This study explores the intricate links between remittance inflow and energy consumption in South Asia, a region characterized by high levels of migration abroad and remittance inflows. The present study provides a thorough analysis of vigorous energy utilization in the context of South Asian...

This paper identifies electricity supply shocks by exploiting the fact that variations in wind speed at turbine locations are exogenous with respect to macroeconomic outcomes and drive electricity prices in European wholesale markets inframarginally. Instrumenting electricity price changes with...