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We use a Bayesian Threshold Vector Autoregression model identified through sign and narrative restrictions to uncover non-linearities in the propagation of energy supply shocks. We find that the transmission of energy supply shocks on consumer prices is stronger in high-inflation regimes,...
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The main drivers of transformation processes of electricity markets stem from climate policies and changing economic environments. In order to analyse the respective developments, modelling approaches regularly rely on multiple structural and parametric simplifications. For example,...
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Recent examples of energy price downturns did not alter trade surpluses in commodity exporting countries, as both exports and imports decreased in equal measures on average. Economic theory contends that such developments may indicate that the changes observed in energy prices are perceived as...
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, strengthening the drag on aggregate demand. Households' heterogeneous exposure to the shock induces an endogenous trade-off for …, and prevent workers from becoming more exposed to the shock through unemployment …
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