Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
Seit Oktober 2020 ist Alexandra Gutsch Doktorandin in der Abteilung Makroökonomik. Ihre Forschungsinteressen liegen im makroökonomischen Bereich und konzentrieren sich auf Fiskalpolitik in allgemeinen Gleichgewichts-Modellen.
in: IWH Discussion Papers, Nr. 1, 2025
<p>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.</p>
