Organisation of Research
Tasks of the IWH Guided by its mission statement , the IWH places the understanding of the determinants of long term growth processes at the centre of the research agenda. Long…
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Advisory Board
Advisory Board The CompNet Advisory Board is composed of distinguished scholars and leading experts in the fields of productivity, competitiveness, and economic policy, and also…
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The German Energy Crisis: A TENK-based Fiscal Policy Analysis
Alexandra Gutsch, Christoph Schult
IWH Discussion Papers,
No. 1,
2025
Abstract
We study the aggregate, distributional, and welfare effects of fiscal policy responses to Germany’s energy crisis arising in 2022 using a novel ten-agent new Keynesian (TENK) model. The crisis, compounded by the COVID-19 pandemic, led to sharp price increases and significant consumption disparities. Our model, calibrated to Germany’s income and consumption distribution, evaluates key policy interventions. We find that untargeted transfers had the largest short-term aggregate impact, while targeted transfers for lower-income households were most cost-effective. Other instruments yielded comparably limited welfare gains. The results highlight how targeted fiscal measures can address distributional effects and stabilize consumption during crises.
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Job Market Candidates
Job Market Candidates Marius Fourné Marius Fourné is a PhD candidate in Economics at the Halle Institute for Economic Research (IWH) and Martin Luther University of…
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Teaching
Teaching Within the framework of its cooperations with both German and foreign universities IWH researchers are actively committed to teaching by offering academic courses. These…
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Department Profiles
Research Profiles of the IWH Departments All doctoral students are allocated to one of the four research departments (Financial Markets – Laws, Regulations and Factor Markets –…
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IWH FDI Micro Database
IWH FDI Micro Database The IWH FDI Micro Database (FDI = Foreign Direct Investment) comprises a total population of affiliates of multinational enterprises (MNEs) in selected…
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Seed Fund
Seed Fund Projects SEED 2021/01 I. Deposit Insurance and Depositor Behavior II. Access to Credit and the Environment Head of Project at IWH: Professor Reint Gropp Project Partner:…
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Green Transition
Green Transition Research and Policy Advice for Structural Change in the German Economy Dossier, 18.06.2024 Green Transition The green transition is a key topic of our time. In a…
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OVERHANG: Debt overhang and green investments
OVERHANG: Debt overhang and green investments - the role of banks in climate-friendly management of emission-intensive fixed assets Subproject 1: Policy Changes, Lending and…
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