TY  - RPRT
        AU  - Braakmann, Nils
AU  - Dursun, Bahadir
AU  - Pickard, Harry
        TI  - Energy Price Shocks and the Demand for Energy-Efficient Housing: Evidence from Russia's Invasion of Ukraine
        PY  - 2023/Feb/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 15959
        UR  - https://www.iza.org/publications/dp15959
        AB  - 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.
        KW  - gas prices
KW  - energy efficiency
KW  - property markets
        ER  -