Creti, Anna; Jouvet, Pierre-André; Mignon, Valérie - Chaire d'Économie du Climat, Université … - 2011
The aim of this paper is to investigate the determinants of the carbon price during the two phases of the European … the carbon price drivers identified for Phase I still hold for Phase II and evolve toward a long-run relationship. Using … subperiods, with an increasing role of fundamentals in Phase II. Deriving equilibrium values, we show that the carbon price tends …