This paper focuses on the developments of energy prices since mid-2021 and assesses their impact on euro-area headline inflation, also considering the indirect transmission through the core and food components. We find that, while the contribution of energy inflation to core and food inflation...

Energy prices have risen sharply as a result of the coronavirus pandemic as well as the Russian attack on Ukraine in February 2022. The resulting consumer price inflation is forcing the European Central Bank (ECB) to act in accordance with its mandate. However, the ECB expresses doubts that it...

How do private consumers adapt to changes to energy prices, in particular do they invest in energy-saving measures? We study this question in the context of the rapid rise in energy prices caused by the Russian invasion of Ukraine in February 2022 and the demand for energy efficiency in the UK...

This paper studies the effect of a shock in the hospitality sector, namely the energy price increase, with stated preference methods and performs the subsequent analysis with a mixture of quantitative and qualitative tools. The hospitality sector is very important and is the backbone of the...

Nach einem Jahr der multiplen Krisensituation wird eine erste Bilanz des Krisenmanagements und der noch zu erwartenden Risiken und Herausforderungen gezogen. Als Maßstab für die notwendigen strukturellen Veränderungen wird auf aktuell bestehende Perspektiven für nachhaltige Transformationen...

Global commodity prices spikes can have strong macroeconomic effects, par- ticularly in developing countries. This paper estimates the global commodity prices pass-through to consumer price inflation in Africa. Our sample includes monthly data for 48 countries over the period 2002m02-2021m04. We...

This study investigates whether energy prices and macroeconomic indicators are determinants of the European Union Allowance (EUA) prices and how their relationships changed in phase III of the European Union Emission Trading Schema (EU ETS). A novel partial least squares (PLS) regression for...

Having had little time to absorb the economic and social shock of the COVID-19 pandemic, the EU is confronted with yet another crisis – rising energy prices due to Russia’s war in Ukraine coupled with inflation reaching historic levels. Household burdens vary greatly across and within EU...

Having had little time to absorb the economic and social shock of the COVID-19 pandemic, the EU is confronted with yet another crisis - rising energy prices due to Russia's war in Ukraine coupled with inflation reaching historic levels. Household burdens vary greatly across and within EU member...

We analyse the impact of the shock to energy prices induced by the war in Ukraine on the financial performance of the major European firms listed in the Eurostoxx 600 index. We find that equity returns (CDS spreads) decreased (increased) more substantially for firms characterized by high energy...

Fluctuations in energy prices impact production costs and inflation. This study examines whether inflation data can predict volatility in energy markets. Both inflation and energy market volatility exhibit complex behaviour over time, including structural shifts due to demand and supply shocks....

This paper focuses on the developments of energy prices since mid-2021 and assesses their impact on euro-area headline inflation, also considering the indirect transmission through the core and food components. We find that, while the contribution of energy inflation to core and food inflation...

The war in Ukraine and the subsequent increase in energy and other commodity prices has dampened the economic outlook. There are increased downside risks to economic activity and there is also considerable uncertainty around any economic projections and how they may evolve in the future. This...

We study the effects of different financing rules for untargeted energy price brakes and subsidies on intergenerational welfare in a large-scale overlapping generations model. The results indicate that, in comparison to a laissez-faire solution without any government interventions, debt-financed...

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...

We investigate whether the degree of energy dependency of countries influences their macroeconomic performance in terms of long-run growth. Specifically, we study whether the impact of energy price changes on economic growth differs depending on a country's degree of energy dependency. There are...

Die deutsche Wirtschaft steht vor großen Herausforderungen. Neben Digitalisierung und Klimawandel wird im Zuge der COVID-19-Pandemie und des russischen Angriffs auf die Ukraine auch eine mögliche Deglobalisierung diskutiert. Diese Entwicklungen wirken sich nicht zuletzt auf bestehende...

Die Politik in Deutschland und vielen anderen EU-Ländern hat seit Spätsommer 2022 zunehmend die Option einer Gaspreisbremse und von Transferzahlungen an private Haushalte bei Gas-, Wärme- und Strombezug diskutiert. Wie eine Gaspreisbremse ausgestaltet sein soll - für jede Gaskundschaft im...

Im Zusammenhang mit der Steigerung der Preise für Energie und den bei einzelnen Unternehmen stark gestiegenen Gewinnen sind Forderungen nach einer Übergewinnsteuer laut geworden. Die Bundesregierung spricht von Zufallsgewinnen, im Englischen "windfall" (Fallobst) profits. Das Verständnis von...

Vor dem Hintergrund der zunehmenden Auswirkungen der Klimakrise und der durch den Angriffskriegs Russlands gegen die Ukraine entstandenen Energie- und Rohstoffversorgungsprobleme ist die Bundesregierung zu einem schnellen und zielführenden Handeln gezwungen. Neben der Herstellung von...

In the past two years, the world has changed and global crises (e. g. the COVID-19 pandemic, war in Ukraine) increasingly dominate the headline. Decades of certainties no longer apply, risks and uncertainties are increasing, challenges are becoming more complex and at the same time require...

With the rapid economic growth in most Emerging Market Countries, the energy intensity showed a striking decline. To explore this energy puzzle, we evaluated energy intensity reduction in 30 Emerging Market Countries, which were referred to as E30 in this paper. A combined conceptual analysis...

Die Wirtschaftspolitik steht angesichts der Schwere der Energiepreiskrise vor großen Herausforderungen. Mit den drei Entlastungspaketen hat die Regierung zwar einige wichtige Impulse gesetzt, eine stringente Linie lässt die Wirtschaftspolitik jedoch vermissen. Sämtliche Maßnahmen sollten...