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Alexandra Gutsch

Alexandra Gutsch
Current Position

since 10/20

Economist in the Department of Macroeconomics

Halle Institute for Economic Research (IWH) – Member of the Leibniz Association

Research Interests
  • fiscal policy
  • DSGE models

Alexandra Gutsch joined the Department of Macroeconomics as a doctoral student in October 2020. Her research focuses on the field of macroeconomics, especially fiscal policy in general equilibrium models.

Alexandra Gutsch received her bachelor's degree from LMU Munich and her master's degree from University of Augsburg.

Your contact

Alexandra Gutsch
Alexandra Gutsch
- Department Macroeconomics
Send Message +49 345 7753-863 LinkedIn profile

Working Papers

cover_DP_2025-01.jpg

The German Energy Crisis: A TENK-based Fiscal Policy Analysis

Alexandra Gutsch Christoph Schult

in: IWH Discussion Papers, No. 1, 2025

Abstract

<p>We study the aggregate, distributional, and welfare effects of fiscal policy responses to Germany’s energy crisis using a novel Ten-Agents New-Keynesian (TENK) model. The energy crisis, compounded by the COVID-19 pandemic, led to sharp increases in energy prices, inflation, and significant consumption disparities across households. Our model, calibrated to Germany’s income and consumption distribution, evaluates key policy interventions, including untargeted and targeted transfers, a value-added tax cut, energy tax reductions, and an energy cost brake. We find that untargeted transfers had the largest short-term aggregate impact, while targeted transfers were most cost-effective in supporting lower-income households. Other instruments, as the prominent energy cost brake, yielded comparably limited welfare gains. These results highlight the importance of targeted fiscal measures in addressing distributional effects and stabilizing consumption during economic crises.</p>

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