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DTSTART;TZID=Europe/Helsinki:20240528T121500
DTEND;TZID=Europe/Helsinki:20240528T133000
DTSTAMP:20260710T175058
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SUMMARY:Kate Smith (LSE/ISF) - "Distributional impact of the European energy crisis"
DESCRIPTION:Applied Micro Seminar : Every Tuesday \nTime: 12:15 pm – 13:30 pm\nDate: 28th of May\nRoom : 3001 \n  \nKate Smith (LSE/ISF) – Distributional impact of the European energy crisis \n  \nAbstract : \nWe estimate the distributional effects of the unprecedented rise in European energy prices over 2021-2023. Using bank account data for a sample of UK households we show that there were significant energy consumption falls\, consistent with an average price elasticity of around -0.4\, with proportionally larger responses for those with high pre-crisis spending. We also document evidence of a labeling effect associated energy bill rebates\, part of the government’s policy response. Using estimates of a flexible model of energy demand\, we show that the introduction of a large energy price subsidy\, along with bill rebates\, limited welfare losses\, though the labeling effect created an inefficiency that\, if avoided\, would have reduced average monetary losses by a further 33\%. We show that the UK government’s reliance on a relatively large subsidy can be rationalized by a social welfare function that places high weight on avoiding large monetary \n  \n  \nOrganizers:\nBenoît SCHMUTZ (Pôle d’économie du CREST)\nClément MALGOUYRES (Pôle d’économie du CREST)\nSponsors:\nCREST \n
URL:https://crest.science/event/kate-smith-lse-isf-t-b-a/
CATEGORIES:Applied Seminar,Seminars
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