European energy policy at war
Oct
05
05:00 PM - 06:00 PM
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Livestream
Winter is coming for European gas
This webcast discussed the economics of the ongoing energy crisis in Europe. Russia's gas supply restrictions have precipitated an energy crunch that has sent prices of gas and electricity to unprecedented levels. Faced with this crisis, European policymakers have largely devoted their resources to subsidizing demand to ease symptoms (high prices) rather than attacking the underlying disease (supply shortage). Insights from recent economics research will be discussed in the context of evaluating the consequences of policymakers' decisions, and alternative paths forward.
Steve Cicala reviewed recent economic research on the topic and took questions in his live webinar. The host was UBS Foundationn Professor David Hémous (University of Zurich).
This was a public event with free access via livestream on our website in association with the Centre for Economic Policy Research (CEPR).
This webcast discussed the economics of the ongoing energy crisis in Europe. Russia's gas supply restrictions have precipitated an energy crunch that has sent prices of gas and electricity to unprecedented levels. Faced with this crisis, European policymakers have largely devoted their resources to subsidizing demand to ease symptoms (high prices) rather than attacking the underlying disease (supply shortage). Insights from recent economics research will be discussed in the context of evaluating the consequences of policymakers' decisions, and alternative paths forward.
Steve Cicala reviewed recent economic research on the topic and took questions in his live webinar. The host was UBS Foundationn Professor David Hémous (University of Zurich).
Steve Cicala is an associate professor in the Department of Economics at Tufts University
Speakers
Steve Cicala is an associate professor in the Department of Economics at Tufts University and a Research Associate at the National Bureau of Economic Research, where he co-directs the NBER Project on the Economic Analysis of Regulation. His work focuses on the economics of regulation, particularly with respect to environmental and energy policy. He has published extensively on the economics of the electricity sector. He holds and AM and Ph.D. in Economics from Harvard University, and an AB in Economics from the University of Chicago.
UBS Foundation Associate Professor of Economics of Innovation and Entrepreneurship
David Hémous received his PhD from Harvard University in 2012. He is a macroeconomist working on economic growth, climate change and inequality. His work highlights that innovation responds to economic incentives and that public policies should be designed taking this dependence into account. In particular, he has shown in the context of climate change policy that innovations in the car industry respond to gas prices and that global and regional climate policies should support clean innovation to efficiently reduce CO2 emissions. His work on technological change and income distribution shows that higher labor costs lead to more automation, and that the recent increase in labor income inequality and in the capital share can be explained by a secular increase in automation. He has also shown that innovation affects top income shares. He was awarded an ERC Starting Grant on 'Automation and Income Distribution – a Quantitative Assessment' and he received the 2022 'European Award for Researchers in Environmental Economics under the Age of Forty'.
Steve Cicala is an associate professor in the Department of Economics at Tufts University and a Research Associate at the National Bureau of Economic Research, where he co-directs the NBER Project on the Economic Analysis of Regulation. His work focuses on the economics of regulation, particularly with respect to environmental and energy policy. He has published extensively on the economics of the electricity sector. He holds and AM and Ph.D. in Economics from Harvard University, and an AB in Economics from the University of Chicago.
UBS Foundation Associate Professor of Economics of Innovation and Entrepreneurship
David Hémous received his PhD from Harvard University in 2012. He is a macroeconomist working on economic growth, climate change and inequality. His work highlights that innovation responds to economic incentives and that public policies should be designed taking this dependence into account. In particular, he has shown in the context of climate change policy that innovations in the car industry respond to gas prices and that global and regional climate policies should support clean innovation to efficiently reduce CO2 emissions. His work on technological change and income distribution shows that higher labor costs lead to more automation, and that the recent increase in labor income inequality and in the capital share can be explained by a secular increase in automation. He has also shown that innovation affects top income shares. He was awarded an ERC Starting Grant on 'Automation and Income Distribution – a Quantitative Assessment' and he received the 2022 'European Award for Researchers in Environmental Economics under the Age of Forty'.