factors (fossil fuel prices, economic activity, weather) affect the EUA price remained partially unresolved. Today, being … of gas, coal, and oil prices, of economic activity and of some weather variations. When including the relative price of …). Since its launch, the corresponding price has shown rather turbulent dynamics, including nervous reactions to policy …

In this paper we examine the nonlinear relation between the EUA price and its fundamentals, such as energy prices … on the stock market and energy prices. The gas price and a broad European equity index affect the EUA price positively in …, macroeconomic risk factors and weather conditions. By estimating a Markov regime-switching model, we find that the relation between …

In this paper we examine the nonlinear relation between the EUA price and its fundamentals, such as energy prices …, macroeconomic risk factors and weather conditions. By estimating a Markov regime-switching model, we find that the relation between … the EUA price and its fundamentals varies over time. In particular, we are able to identify a low and a high volatility …