Using data on institutional investors' bond holdings, we investigate the resilience of green bonds to the COVID-19 shock in a difference-in-differences framework. We find that during the COVID outbreak green bonds experience lower sales, on average, while in normal times no significant...

Pigovian transport pricing was implemented in a large-scale field experiment in urban areas of Switzerland. The pricing varied across time, space and mode of transport. One third of the participants were given a financial incentive to reduce their external costs of transport, whereas others were...

We study how air pollution impacts the U.S. labor market by analyzing effects of drifting wildfire smoke that can affect populations far from the fires themselves. We link satellite smoke plume with labor market outcomes to estimate that an additional day of smoke exposure reduces quarterly...

Swiss climate policy consists of three regulatory instruments for greenhouse gas emissions reduction: A CO 2 levy, the Swiss Emissions Trading System (CH EHS), and an additional nonEHS" program for medium-sized plants that consists of command-and-control elements plus a sizeable abatement...

We investigate productivity and cost pass-through of German manufacturing firms using administrative data from 2001 to 2014. Our framework allows for the estimation of quantity-based production functions for multi-product firms while controlling for unobserved productivity shocks and unobserved...

This paper studies the long-term distribution of energy-efficiency outcomes in the German residential sector. To uncover the underlying energy efficiency of buildings, we estimate the causal response of building-level heat energy demand to variability in heating degree days. We examine...

Carbon pricing is the efficient instrument to reduce emissions. However, the geographical and sectoral coverage of substantial carbon pricing is low, often due to concerns that pricing may increase economic inequality. Regulatory standards such as fuel economy standards are more popular. But do...

We set up a model with intergenerational bequest transfers and climate damage on the wealth of heterogeneous households. We show that, under credit market imperfections and depending on wealth distribution across households, a balanced budget climate policy may widen the wealth inequality gap...

This paper empirically investigates the effect of the European Emission Trading Scheme (EU ETS) on cross-country investments. To avoid carbon leakage, the scheme allocates a number of free allowances to firms at risk of relocating investments in areas outside the EU ETS. To study this problem,...

As governments worldwide increase their commitments to tackling climate change, the number of low-carbon jobs are expected to grow rapidly. Here we provide evidence on the characteristics of low-carbon jobs in the US using comprehensive online job postings data between 2010-2019. By accurately...