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What is the Difference between Fossil Fuel Embargo and Price Shocks?

In this paper, we model a fossil fuel embargo as a temporary quantity constraint on fossil fuel imports and wecompare the impact with the effect of a fossil fuel price shock. We show that while both shocks have similar responses of output and inflation, they differ with respect to the reaction of other macroeconomic components,such as consumption, exports and the trade balance. In particular, an embargo ...

Labour Supply and Survivor Insurance in the Netherlands

This paper investigates the effects of survivor benefits (SB) on the labour supply of widows. Using richadministrative data on the Dutch population and a reform that considerably restricted eligibility to SB, weidentify the causal effect of SB on labour supply. Using a regression discontinuity design strategy based onthe cohort-based implementation of the reform, we show that labour income after spousal ...

Long-Run Consequences of Informal Elderly Care and Implications of Public Long-Term Care Insurance

We estimate a dynamic structural model of labor supply, retirement, and informal caregiving to study short and long-term costs of informal caregiving in Germany. Incorporating labor market frictions and the German tax and benefit system, we find that in the absence of Germany’s public long-term insurance scheme, informal elderly care has adverse and persistent effects on labor market outcomes and, ...

A HANK2 Model of Monetary Unions

How does a monetary union alter the impact of business cycle shocks at the household level? We develop a Heterogeneous Agent New Keynesian model of two countries (HANK) and show in closed form that a monetary union shifts the adjustment to a shock horizontally across countries, within the brackets of the union-wide wealth distribution, rather than vertically, that is, across the brackets of the union-wide ...

Questioning Nuclear Scale-up Propositions: Availability and Economic Prospects of Light Water, Small Modular and Advanced Reactor Technologies

This paper addresses the pressing need for rapid decarbonization of energy systems by examining the role of nuclear power in future energy scenarios collected in the IPCC database. Despite their explorative character, energy scenarios can influence decision-makers or might be used to promote certain technology developments. They are increasingly subject to the integration into real-world settings and ...

Avoid, Shift or Improve Passenger Transport? Impacts on the Energy System

Is Interest Rate Hiking a Recipe for Missing Several Goals of Monetary Policy—Beating Inflation, Preserving Financial Stability, and Keeping up Output Growth?

levelsof all goods in the US and Europe rose surprisingly quickly and persistently. TheFED began in March 2022 and the ECB in July 2022 with historically unique interestrate increases to combat the wage-price spiral that had not yet begun. In this article weshow that energy, commodities and food were the main drivers of inflation. For this reason,central banks’ goal of weakening demand for labor through ...

Airbnb and Rental Markets: Evidence from Berlin

Exploring the Interdependence of Climate, Finance, Energy, and Geopolitics: A Conceptual Framework for Systemic Risks Amidst Multiple Crises

Navigating the transition toward a zero-emission and just future amidst multiple crises requires a nuanced understanding of potential hindrances to investments and energy transitions. As current approaches hardly consider the big picture of interacting crises, this study offers a framework to analyze the dynamics and risk channels between 1) the climate crisis, 2) financial (in)stability, 3) the geopolitical ...

Certification against Greenwashing in Nascent Bond Markets: Lessons from African ESG Bonds

Africa is one of the most vulnerable continents to climate change. Climate and sustainability-linked bonds can provide funding to African governments and corporations for projects that help to mitigate climate change, combat biodiversity loss, and foster sustainable development. However, less than 0.3% of the global environmental, social, governance (ESG) bond issuance volume is devoted to projects ...