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UID:367e431d8af37351ef457a9b7a61d624
CATEGORIES:Seminars
CREATED:20231128T103402
SUMMARY:Matteo Alpino - Bank of Italy
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nThe effects of the 2021-2022 energy crisis on medium-sized and large in
 dustrial firms\n\n\nAbstract:\nWe study the causal impact of energy price s
 hocks on Italian industrial firms during the 2021-22 energy crisis. For ide
 ntification we exploit the staggered expiration of fixed-price energy contr
 acts, which generates sudden and large increases in the price of energy at 
 the firm level (by 45% for electricity and 34% for natural gas, on average)
 . After contract expiration, firms do not cut electricity consumption and c
 ut that of natural gas (by 22% on average) only in the second half of 2022.
  Firms were able to substitute the energy content of gas with other fossil 
 fuels only to a limited extent. The energy price shock induces affected fir
 ms to reduce their production levels more than unaffected ones, while there
  is no differential effect on the price of their final goods.\n
DTSTAMP:20260404T034854Z
DTSTART:20231206T130000Z
DTEND:20231206T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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