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 …

shocks have large and persistent price effects, while output effects tend to be moderate. The 2022 natural gas price spike … winter. Counterfactual simulations of an embargo on natural gas imports from Russia indicate similar positive price and …

-income households are affected the most by the natural gas price increase. Low-income households pay at the median 11.70 percent of …

, supply and inventory shocks. We document how gas price fluctuations have a heterogeneous pass-through to euro area prices …