Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/272586 
Year of Publication: 
2023
Series/Report no.: 
IZA Discussion Papers No. 15959
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
How do private consumers adapt to changes to energy prices, in particular do they invest in energy-saving measures? We study this question in the context of the rapid rise in energy prices caused by the Russian invasion of Ukraine in February 2022 and the demand for energy efficiency in the UK housing market. We find that the housing market barely reacted to a 60% increase in the price of energy. This finding holds in multiple contexts and across various robustness checks. Supplementary survey evidence suggests that people believe the energy price increases are temporary, not permanent.
Subjects: 
gas prices
energy efficiency
property markets
JEL: 
Q35
Q41
Q51
R31
Document Type: 
Working Paper

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