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SUMMARY:Vincent Sterk (University College London)
DTSTART;TZID=Europe/Berlin:20251029T120000
DTEND;TZID=Europe/Berlin:20251029T131500
DTSTAMP:20260527T200619Z
UID:d5dc8b5f4c694d12801ab14629ce73a6@www.econ.uni-bonn.de
CREATED:20250820T083123Z
DESCRIPTION:Since the invasion of Ukraine in 2022\, several governments ha
 ve regulated electricity and gas prices to shield households from sharp in
 creases in inflation. We analyse the welfare effects of such policies\, co
 nsidering not only their direct impacts on consumption and distributional 
 outcomes but also their macroeconomic implications and interactions with m
 onetary policy. We derive a welfare formula within a multi-sector New Keyn
 esian framework featuring heterogeneity in income\, wealth\, and consumpti
 on baskets. Our results show that energy price controls can enhance social
  welfare by alleviating the central bank’s trade-off between the output 
 gap and inflation\, which may outweigh the adverse welfare effects of dist
 orted consumption baskets. Stabilizing the aggregate demand effects of suc
 h price controls may require large interest rate adjustments\, generating 
 adverse redistributive consequences. We apply our framework quantitatively
  to the energy price cap implemented by the UK government.
LAST-MODIFIED:20251027T083027Z
URL:https://www.econ.uni-bonn.de/macro/en/seminars/mef-seminar-winter-25-2
 6/vincent-sterk-university-college-london
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