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BEGIN:VEVENT
UID:367e431d8af37351ef457a9b7a61d624
CATEGORIES:Seminars
CREATED:20231128T103402
SUMMARY:Matteo Alpino - Bank of Italy
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><em>The effects of the 2021-2022 energy crisis on medium-sized and large
  industrial firms</em></p><p>Abstract:</p><p style="text-align: justify;">W
 e study the causal impact of energy price shocks on Italian industrial firm
 s during the 2021-22 energy crisis. For identification we exploit the stagg
 ered expiration of fixed-price energy contracts, which generates sudden and
  large increases in the price of energy at the firm level (by 45% for elect
 ricity and 34% for natural gas, on average). After contract expiration, fir
 ms do not cut electricity consumption and cut that of natural gas (by 22% o
 n average) only in the second half of 2022. Firms were able to substitute t
 he energy content of gas with other fossil fuels only to a limited extent. 
 The energy price shock induces affected firms to reduce their production le
 vels more than unaffected ones, while there is no differential effect on th
 e price of their final goods.</p>
DTSTAMP:20260404T034920Z
DTSTART:20231206T130000Z
DTEND:20231206T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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