This study examines whether central banks can combat inflation that is caused by rising energy prices. By using a high-frequency event study and a Structural Vector Autoregression, we find evidence that the European Central Bank (ECB) and the Federal Reserve (Fed) are capable of doing so by affecting domestic and global energy prices. This “energy-price channel” of monetary policy plays an important ...
In Deutschland gehen die letzten drei Kernkraftwerke Mitte April endgültig vom Netz. Die Energiekrise infolge des russischen Angriffskriegs in der Ukraine hat allerdings auch hierzulande Forderungen nach dem Bau neuer Kernreaktoren angeheizt. Eine ähnliche Debatte wird im Kontext der Klimakrise auch international geführt. Atomenergie war aber schon seit den 1950er Jahren eine der teuersten Energiequellen ...
We evaluate German purchase subsidies for battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) using data on new vehicle registrations in Germany during 2015-2022. We account for confounding time trends and interacting EU-level CO2 standards using neighboring countries as a control group. The program was cost-ineffective, as only 40% of BEV and 25% of PHEV registrations were ...
Renewable energy installations are rapidly gaining market share due to falling technology costs and supportive policies. Meanwhile, the energy price crisis resulting from the Russian-Ukrainian war has shifted the energy policy debate toward the question of how consumers can benefit more from the low and stable generation costs of renewable electricity. Here we suggest a Renewable Pool (“RE-Pool”) under ...
The energy and climate crisis enhance the need for energy savings. In the building sector, these savings can be achieved primarily through thermal retrofitting. So far, progress in this area has been slow. To date, less than one percent of the residential building stock in Germany is retrofitted each year. The existing support programs alone offer too little reliability for the necessary investments ...
Vor dem Hintergrund der Energie- und der Klimakrise sind Energieeinsparungen dringender denn je nötig. Im Gebäudesektor können diese Einsparungen vor allem über energetische Sanierungen erreicht werden. Bisher geht es dabei nur sehr langsam voran. In Deutschland wird pro Jahr weniger als ein Prozent des Wohngebäudebestands saniert. Die bisherigen Förderprogramme alleine bieten zu wenig Verlässlichkeit ...
