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- Title
Energy Price Brakes and Tax Relief: Germany's Anti-Inflation Policies After the 2022 Terms-of-Trade Shocks.
- Authors
DULLIEN, Sebastian; TOBER, Silke
- Abstract
The price shocks of 2022-2023 gave rise to soaring inflation and economic stagnation in Germany. In response, the German government adopted various policy measures with the threefold aim of stabilizing the economy, reducing the social divide, and preventing second-round effects that risk inflation persisting. These policies were largely successful. Given the transitory nature of the shocks and the limited second-round effects – contained in part by targeted fiscal measures in the euro area – the ECB's strongly restrictive policy stance unnecessarily intensified economic weakness in the euro area. JEL classification: E31, E58, E63.
- Subjects
GERMANY; EUROPEAN Central Bank; ENERGY industries; STAGNATION (Economics); PRICES; GLIDING &; soaring; PRICE inflation; CENTRAL banking industry; ECONOMIC shock; EUROZONE
- Publication
Revue d'Économie Financière, 2024, Issue 153, p107
- ISSN
0987-3368
- Publication type
Article