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• Publications // 18.11.2024

  ZEW Discussion Paper - Energy Price Shocks and Short- Time Reactions of Firms: The Case of the German Energy Crisis in 2022

  After the beginning of the war in Ukraine, energy prices in Germany increased drastically. The paper analyses responses of German firms to this energy price shock. A variety of measures and reactions at the [...] Community Innovation Survey (CIS). The econometric results show that a high affectedness by the energy price shock in 2022 triggers the substitution of machinery and equipment by more energy efficient alternatives [...] alternatives. This measure in turn is correlated to a decrease of electricity consumption and oil use, and it promotes the substitution of fossil energy sources by renewables. The results also show that high
• Events // 28.02.2024

  The Electric Vehicle Rebound Effect

  of VMT to changes in gasoline prices for households with and without BEVs, using a fixed effect model and instrumenting for the price of gasoline using the price of crude oil in the international markets [...] reducing the promised environmental benefits of EVs. At the same time, policies that increase gasoline prices (such as carbon/gasoline tax) should shift VMT away from ICE vehicles and towards EVs. Understanding [...] Understanding the substitutability between these vehicles is therefore crucial for the development of a pricing policy that internalize externalities of gasoline consumption. The aim of the paper presented in this
• Publications // 29.09.2023

  Refereed Journal - Conditional macroeconomic survey forecasts: Revisions and errors

  Topic Pages">inflation, real GDP growth and unemployment are related to beliefs about future oil prices, exchange rates, interest rates and wage growth. While oil price and exchange rate predictions are updated more frequently than inflation are closely associated with oil price expectations, whereas expected
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  News // 21.06.2023

  Industrial Electricity Price: Bridge to Nowhere

  Affairs and Climate Action is planning the introduction of an industrial electricity price – a medium-term electricity price cap for energy-intensive industries – to bridge the time until the energy transition [...] that the transition would lead to lower electricity prices and competitive advantages. Instead, Germany now faces some of the highest electricity prices worldwide. Even in the long term, when renewable energy [...] However, those advocating for a bridging electricity price should be mindful of where it leads. The discussion surrounding an industrial electricity price highlights a fundamental challenge of climate policy
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  News // 14.04.2023

  The Dilemma of Climate Policy

  focus on CO 2 pricing could further encourage this behaviour. What to do? The government should take trading schemes seriously and propose a new pricing model that relies on slowly rising prices but ultimately [...] long as fuel, oil and gas remain comparatively cheap, switching appliances will be uneconomical for most households. Three possible policy instruments could invert this relationship: Price increases for [...] housing sectors with a price cap of 45 euros per tonne of CO 2 . The German government had already instituted its own national trading scheme for these sectors in 2021 with prices capped at 65 euros per
• News // 08.11.2004

  ZEW President Franz on Credibility in Economic Policy Practice

  equally as relevant. After all, employment losses caused by a supply-side disruption, e.g. due to an oil price shock, cannot be combatted with the help of expansive monetary and fiscal policy alone. Such an [...] inflation, would ultimately need to be confronted. However, even a monetary policy aimed at the goal of price stability could still turn out to be ineffective if it were not deemed to be credible – businesses [...] businesses and wage policy makers would still need to be reassured. Otherwise, they would expect rising prices and adapt their plans accordingly, especially if they had been deceived in the past because monetary
• Events // 06.04.2023

  Conditional Incentives for Improving Smallholder Farmer Welfare and Protecting Tropical Forests

  Indonesian palm oil supply chain, the study reveals that current price premiums might not be adequate to achieve the dual commitments uniformly across all regions. However, a modest carbon price could be sufficient
• Projects // 01.12.2022

  The Effectiveness and Distributional Consequences of Excess Profit Taxes or Windfall Taxes in Light of the Commission’s Recommendation to Member States

  to the high price of gas, which increases the price of electricity due to the role of gas-fired power plants in covering demand and setting price. This dramatic increase in electricity prices is putting [...] and electricity prices reached record levels in 2021 and again hit all-time highs in 2022, in particular following the Russian invasion of Ukraine. The skyrocketing electricity prices across Europe are [...] lignite) and a temporary solidarity contribution on excess profits generated from activities in the oil, gas, coal and refinery sectors which are not covered by the inframarginal revenue cap. The study
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  News // 22.09.2022

  Europe in Crisis Mode

  point of view, economist Sebastian Rausch referred to the oil crisis in the 1970s: Even then, it had become clear that rising energy prices had the potential to trigger social upheavals: “Climate protection
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  Press Releases // 13.06.2022

  Minimum Standards Can Speed Up the Expansion of Renewable Energies in Heat Supply

  Minimum standards can be effective in motivating homeowners to replace gas and oil heating systems. This is the result of a recent study by ZEW Mannheim and the Leibniz Institute of Ecological Urban and [...] responsible for one third of energy consumption and 40 per cent of CO 2 emissions. With its energy price relief package, the German government coalition also wants to drive forward the heating transition