Distributional and climate implications of policy responses to energy price shocks

IF 4.5 3区 经济学 Q1 ECONOMICS Economic Policy Pub Date : 2024-07-09 DOI:10.1093/epolic/eiae038
Thiemo Fetzer, Ludovica Gazze, Menna Bishop
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Abstract

Which households are most affected by energy price shocks? How do interventions in energy markets affect these patterns? To investigate these questions, this paper introduces a measurement framework that leverages granular property-level data representing more than 50% of the English and Welsh housing stock. This framework will form the basis for current and future studies on the heterogeneous effects of the energy crisis more broadly. We find that the energy price shock has a more pronounced effect on relatively more affluent areas where energy use is higher at baseline. We document that commonly used untargeted interventions in energy markets significantly weaken market price signals for able-to-pay households. Alternative, more targeted policies are cheaper, easily implementable, and could better align energy saving incentives.
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应对能源价格冲击的政策对分配和气候的影响
哪些家庭受能源价格冲击的影响最大?对能源市场的干预如何影响这些模式?为了探究这些问题,本文引入了一个测量框架,该框架利用了超过 50% 的英格兰和威尔士住房存量的细粒度房产级数据。这一框架将为当前和未来更广泛地研究能源危机的异质性影响奠定基础。我们发现,能源价格冲击对基线能源使用量较高的相对富裕地区的影响更为明显。我们发现,能源市场上常用的非针对性干预措施大大削弱了有支付能力家庭的市场价格信号。替代性的、更有针对性的政策成本更低,易于实施,而且可以更好地调整节能激励措施。
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来源期刊
Economic Policy
Economic Policy ECONOMICS-
CiteScore
4.80
自引率
0.00%
发文量
41
期刊介绍: Economic Policy provides timely and authoritative analyses of the choices confronting policymakers. The subject matter ranges from the study of how individual markets can and should work to the broadest interactions in the world economy. Economic Policy features: Analysis of key issues as they emerge Views of top international economists Frontier thinking without technical jargon Wide-reaching coverage of worldwide policy debate
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