Beschreibung

"We provide first causal evidence of effects of the energy crisis on Germany, representing a major European economy. Combining cost structure data, national accounts and administrative labour market data, we identify effects in a sectoral panel setting using sectorspecific energy intensity as “bite” variable. The results show that via the channel of energy intensity, monthly production and real turnover decreased by 4.1 and 2.6 percent, respectively, after the onset of the Russian war against Ukraine. Instead of layoffs, firms safeguarded employment via short-time work with 24.1 percent additional applications. Vacancy posting was reduced by 10.2 percent." (Author's abstract, IAB-Doku) ((en))