information about supply cuts for identification and find that gas supply and demand shocks have large and persistent price … effects, while output effects are rather moderate. The 2022 natural gas price spike was driven by adverse flow supply shocks … embargo on natural gas imports from Russia indicate similar positive price and negative output effects compared to what we …

The dependency on imported essential production inputs poses a threat of abrupt price hikes and shortages, potentially … demand due to the subsidy does not significantly influence the price of the essential production input. If it does, this … to firms. The effectiveness of these policies ultimately hinges on their impact on the price of the imported input. …