Gutsch, AlexandraSchult, ChristophLeibniz-Institut für Wirtschaftsforschung Halle2026-05-202026https://epflicht.bibliothek.uni-halle.de/handle/123456789/1191551971308013urn:nbn:de:gbv:3:2-123456789-1191555We study the aggregate, distributional, and welfare effects of fiscal policy responses to Germany’s energy crisis arising in 2022 using a novel ten-agent New Keynesian (TENK) model. The crisis, compounded by the COVID-19 pandemic, led to sharp price increases and significant consumption disparities. Our model, calibrated to Germany’s income and consumption distribution, evaluates key policy interventions. We find that non-targeted transfers had the largest short-term aggregate impact, while targeted transfers for lower income households were more cost-effective. The energy cost brake and reductions in gas and oil taxes have shown very little effect, but were comparatively cost-effective under the assumption of exogenous prices. Our results highlight how targeted fiscal measures can address distributional effects and stabilize consumption during crises.1 Online-Ressource (III, 82 Seiten, 6,04 MB) : Diagrammeenghttp://rightsstatements.org/vocab/InC/1.0/330