dominate. However, when including the absolute coal price the coefficient is positive, contradicting theory with respect to …). Since its launch, the corresponding price has shown rather turbulent dynamics, including nervous reactions to policy … announcements and a price collapse after a visible over-allocation in Phase I. As a consequence, the question whether fundamental …

We study the cyclical properties of sales, regular price changes and average prices paid by consumers ("effective …

In this paper we examine the nonlinear relation between the EUA price and its fundamentals, such as energy prices … the EUA price and its fundamentals varies over time. In particular, we are able to identify a low and a high volatility … regime, both showing a strong impact of the fundamentals on the EUA price. The most important EUA price drivers are changes …