Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/265053 
Year of Publication: 
2022
Series/Report no.: 
SAFE Working Paper No. 360
Publisher: 
Leibniz Institute for Financial Research SAFE, Frankfurt a. M.
Abstract: 
This note argues that in a situation of an inelastic natural gas supply a restrictive monetary policy in the euro zone could reduce the energy bill and therefore has additional merits. A more hawkish monetary policy may be able to indirectly use monopsony power on the gas market. The welfare benefits of such a policy are diluted to the extent that some of the supply (approximately 10 percent) comes from within the euro zone, which may give rise to distributional concerns.
Subjects: 
energy crisis
monetary policy
natural gas
JEL: 
E52
Q31
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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