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Distributional and climate implications of policy responses to energy price shocks
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Fetzer, Thiemo, Gazze, Ludovica and Bishop, Menna (2023) Distributional and climate implications of policy responses to energy price shocks. Working Paper. Coventry, UK: University of Warwick. Department of Economics. Warwick economics research papers series (WERPS) (1467). (Unpublished)
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Official URL: https://warwick.ac.uk/fac/soc/economics/research/w...
Abstract
Which households are most affected by energy price shocks? What can we learn about the distributional implications of carbon taxes? How do interventions in energy markets affect these patterns? This paper introduces a measurement framework that leverages granular property-level data representing more than 50% of the English and Welsh housing stock. We use this ex-ante measurement framework to investigate these questions and set out an empirical evaluation framework to study the causal effects of the energy crisis more broadly. We find that the energy price shock has a more pronounced effect on relatively more affluent areas highlighting the likely progressive impact of carbon taxation. We document that commonly used untargeted interventions in energy markets significantly weaken market price signals for able-to-pay households. Alternative, more targeted policies are cheaper, easily implementable, and could better align energy saving incentives.
| Item Type: | Working or Discussion Paper (Working Paper) | ||||||||
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| Subjects: | H Social Sciences > HD Industries. Land use. Labor | ||||||||
| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Power resources -- Costs, Energy policy -- Great Britain, Carbon taxes, Energy consumption | ||||||||
| Series Name: | Warwick economics research papers series (WERPS) | ||||||||
| Publisher: | University of Warwick. Department of Economics | ||||||||
| Place of Publication: | Coventry, UK | ||||||||
| ISSN: | 0083-7350 | ||||||||
| Official Date: | 13 July 2023 | ||||||||
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| Number: | 1467 | ||||||||
| Institution: | University of Warwick | ||||||||
| Status: | Not Peer Reviewed | ||||||||
| Publication Status: | Unpublished | ||||||||
| Access rights to Published version: | Free Access (unspecified licence, 'bronze OA') | ||||||||
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