Real estate is a capstone connection between various economic agents and markets. It is the main store of household wealth, serves as collateral for mortgage loans in the banking system, aids the transmission of monetary policy, and can propagate financial crises when overvalued. Yet comparable house-price data across the European Union (EU) and the euro area is unavailable, which hinders the design and evaluation of common monetary and economic policy that operates across heterogeneous housing markets. We derive monthly subnational European Real Estate Indicators (EREI) from online residential property advertisements in 16 European countries. The release covers April 2024 to June 2026 and contains 48,168 region-month-segment observations for 1,154 NUTS 3 regions, aggregating more than 43 million listing observations across the monthly sale and rental cross-sections. Each region-month segment reports the number of advertisements and summary statistics for asking prices per square meter and listing durations. The release also includes sale-segment indices for Europe, the euro area, and individual countries. Thirteen covered countries are EU members, which represented 85% of EU-27 gross domestic product in 2024. EREI data support research on a wide range of socio-economic phenomena associated with real estate dynamics, such as the evaluation of monetary policy or macroprudential policy effects on financial stability.

This study employs synthetic control methods to estimate the effect of the Iberian exception mechanism on wholesale electricity prices and consumer inflation, for both Spain and Portugal. We find that the intervention led to an average reduction of approximately 40% in the spot price of electricity between July 2022 and June 2023 in both Spain and Portugal. Regarding overall inflation, we observe notable differences between the two countries. In Spain, the intervention has an immediate effect, and results in an average decrease of 3.5 percentage points over the twelve months under consideration. In Portugal, however, the impact is small and generally close to zero. Different electricity market structures in each country are a plausible explanation.

Der vorliegende Report beschreibt fünf Datenprodukte zu den Fördermaßnahmen im Rahmen des Investitionsgesetzes Kohleregionen (InvKG). Über dieses Programm stellt die Bundesregierung bis zum Jahr 2038 Fördermittel im Umfang von bis zu 41,09 Mrd. Euro zur Verfügung, um die wirtschaftlichen und sozialen Folgen des Ausstiegs aus der thermischen Verwertung von Kohle abzufedern. Das InvKG besteht aus einer breiten Palette verschiedener Programme bzw. Programmfamilien. Nach einer Einordnung in den rechtlichen Rahmen geht der Datenreport detailliert ein auf die einzelnen Schritte der Aufbereitung sowie die in den Datenprodukten enthaltenen Informationen. Da das Fördergeschehen einer hohen Dynamik unterliegt, werden die Datenprodukte fortlaufend aktualisiert und erweitert.

Mit rund 41 Mrd. Euro will der Bund den Regionen helfen, die vom Kohleausstieg betroffen sind. Die Wirtschaftsforschungsinstitute IWH und RWI haben den Zwischenbericht 2025 im Rahmen der begleitenden Evaluierungsforschung dazu vorgelegt.

Climate policies do not operate in isolation but propagate through global production networks, affecting industries beyond national borders. This paper combines international input-output data with a granular instrumental variable approach to capture how foreign regulations transmit through upstream and downstream linkages. Distinguishing between market-based policies, non-market regulations, and technology support, the analysis shows that foreign climate policies can enhance domestic productivity, with effects shaped by industry characteristics and operating through technological adjustment along supply chains. The results underscore the importance of accounting for international spillovers when evaluating the economic impact of environmental regulation.

Zwischenbericht 2025 zur begleitenden Evaluierung des Investitionsgesetzes Kohleregionen (InvKG) und des STARK-Bundesprogramms 

Am 5. November 2025 wurde der Zwischenbericht 2025 zur begleitenden Evaluierung des Investitionsgesetzes Kohleregionen (InvKG) und des STARK‑Bundesprogramms von den Wirtschaftsforschungsinstituten IWH und RWI veröffentlicht. Die Evaluierung, die im Auftrag des Bundesministeriums für Wirtschaft und Energie durchgeführt wird, analysiert die Fortschritte der Programme, identifiziert die Wirkungen der Förderung und gibt konkrete Handlungsempfehlungen, wie die Maßnahmen optimiert werden können, um die Transformation der vom Kohleausstieg betroffenen Regionen in Deutschland erfolgreich zu gestalten.

While the drastic physical impacts of climate change and related natural hazards are increasingly apparent, little is known about the long-term behavioral consequences of climate change-related experiences. Psychological evidence suggests that climate change (CC)-related experiences induce people to make more climate-friendly choices. Building on Upper Echelons Theory and relevant psychological literature, we investigate whether early-life natural hazard experiences of Chief Executive Officers (CEOs) are associated with more climate-friendly policies during their tenure. Our sample covers decisions taken between 1991 and 2018 by 447 US-born CEOs. While we observe an effect of hazard experiences on climate policies, we do not observe the same effect when focusing only on CC-related experiences. This result is robust across different measures of corporate climate performance.

Climate policy design must balance emissions mitigation with concerns for fairness, particularly as climate change disproportionately affects the poorest households within and across countries. Integrated Assessment Models used for global climate policy evaluation have so far typically not considered inequality effects within countries. To fill this gap, we develop a global Integrated Assessment Model representing national economies and subnational income, mitigation cost, and climate damage distribution and assess a range of climate policy schemes with varying levels of effort sharing across countries and households. The schemes are consistent with limiting temperature increases to 2 °C and account for the possibility to use carbon tax revenues to address distributional effects within and between countries. We find that carbon taxation with redistribution improves global welfare and reduces inequality, with the most substantial gains achieved under uniform taxation paired with global per capita transfers. A Loss and Damage mechanism offers significant welfare improvements in vulnerable countries while requiring only a modest share of global carbon revenues in the medium term. The poorest households within all countries may benefit from the transfer scheme, in particular when some redistribution is made at the country level. Our findings underscore the potential for climate policy to advance both environmental and social goals, provided revenue recycling mechanisms are effectively implemented. In particular, they demonstrate the feasibility of a welfare improving global climate policy involving limited international redistribution.