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Prioritize to Decarbonize: Thermal Retrofits, Carbon Prices, and Energy Inequality

The energy crisis following Russia’s invasion of Ukraine exposed the heightened vulnerability of low-income households to rising heating costs, particularly those in energy inefficient buildings. Using data from the German Socio-Economic Panel (SOEP), this study examines the distributional impact of heating costs across income deciles and evaluates the effectiveness of policy interventions. We find ...

Seminar of the Macro Department

Seminar of the Macro Department

Seminar of the Macro Department

Sovereign vs. Corporate Debt and Default: More Similar than You Think

Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20 years. We use rich new data to compare high-yield US corporate (“junk”) bonds to high-yield emerging market ...

Rising Waters, Falling Well-Being: The Effects of the 2013 East German Flood on Subjective Well-Being

This paper employs a panel event study design to examine the causal effects of the 2013 flood disaster in East Germany on subjective well-being. We merge geo-spatial flood data with longitudinal data from the German Socio-Economic Panel (SOEP) to identify individuals in affected municipalities. Our results show that those affected by the flood report a significant life satisfaction drop of 0.17 points ...

Non-monetary factors influence heating energy consumption much more than price increases do in the short term

Hohe Heizenergiepreise waren nur für einen kleinen Teil der Einsparungen verantwortlich

DIW-Studie untersucht Gründe für die Energiesparanstrengungen der Haushalte in der Energiekrise 2022 – Tatsächliche Preissteigerungen haben nur zu Einsparungen von zwei Prozent geführt – Nichtmonetäre Gründe hatten kurzfristig einen rund viermal so hohen Anteil an der Verbrauchsreduktion Als im Jahr 2022 die Preise für Heizenergie drastisch stiegen und die Angst vor einer Gasmangellage kursierte, ...

Non-monetary Factors Were an Important Driver of Residential Energy Savings during the Energy Crisis

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 organizations appealed to consumers to save as much energy as possible. This Weekly Report investigates how much ...

Abbau kognitiver Kompetenzen beginnt später als gedacht – Lernen schützt

DIW-Studie beleuchtet kognitive Fähigkeiten im Lebensverlauf – Späterer Abbau als bislang angenommen – Lesefähigkeiten nehmen erst ab Mitte 40 ab, Rechenkompetenzen ab Anfang 40 – Aktive Nutzung und lebenslanges Lernen können kognitive Alterung verlangsamen Kognitive Fähigkeiten wie Lesen und Rechnen bleiben bis weit ins mittlere Erwachsenenalter stabil – vorausgesetzt, sie werden regelmäßig genutzt. ...