information about supply cuts for identification and find that gas supply and demand shocks have large and persistent price … and positive storage demand shocks, as Germany filled its inventories before the winter. Counterfactual simulations of an … embargo on natural gas imports from Russia indicate similar positive price and negative output effects compared to what we …

supply stop on the German economy. Combining conventional and narrative sign restrictions, we find that gas supply and demand … was driven by adverse supply shocks and positive storage demand shocks, as Germany filled its inventories before the … winter. Counterfactual simulations of an embargo on natural gas imports from Russia indicate similar positive price and …