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 …

demand side of this market. In particular, we consider the effects on Russian energy consumers of removing natural gas … purpose, we use a detailed numerical model for the energy markets in Europe and Russia - LIBEMOD. Our results suggest that … removing implicit subsidies to Russian gas consumers will have substantial impacts on total consumption of gas in Russia …