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 …

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 …

supply. This paper estimates the price elasticity of demand in Germany in a period with both high price fluctuations, a … model. We find a price elasticity of demand for natural gas of -0.01 for wholesale prices and -0.04 for consumer end … suggest i) that extreme price changes would be required to trigger short-term demand adjustments, and ii) demonstrate the …