Brookings Podcast on Economic Activity How did Germany fare without Russian gas?
Oct 26, 2023
The podcast discusses Germany's response to the Russian gas embargo after the invasion of Ukraine, highlighting the country's dependency on Russian gas and the economic effects. It explores the role of patriotism and solidarity, the macro output reduction due to lack of substitution possibilities, and compares the gas debate to the price cap on Russian oil. The chapter also emphasizes the importance of understanding market circumstances and the limitations of models in analyzing big shocks.
Chapters
Transcript
Episode notes
1 2 3 4 5
Introduction
00:00 • 4min
The Great German Gas Debate
03:54 • 15min
The Power of Substitution and its Impact on Macroeconomic Effects
18:32 • 8min
Comparing the Gas Debate to the Price Cap on Russian Oil
26:22 • 5min
Takeaways from the Paper and the Role of Economists in Crises
31:03 • 6min