Creativity is often highly concentrated in time and space, and across different domains. What explains the formation and decay of clusters of creativity? We match data on notable individuals born in Europe between the XIth and the XIXth century with historical city data. The production and...

With the increase of the linear reduction factor (LRF), the implementation of the market stability reserve (MSR) and the introduction of the cancellation mechanism (CM), the EU ETS changed fundamentally. We develop a discrete time model of the intertemporal allowance market that accurately...

The paper collects comprehensive and detailed data on what 40 OECD and G20 economies do with the revenues from carbon taxes, emissions trading systems, and excise taxes on energy use. It notes that constraints – which can take the form of political commitments or legal earmarks – on revenue...

The latest reform of European Union Emission Trading System (EU ETS) enables overlapping policies, such as national coal phase-outs, to affect total emissions. For evaluatingoverlapping policies, this paper applies a detailed partial equilibrium model of the EU ETS.Under perfect foresight,...

Ambitious unilateral EU environmental policy has raised concerns about adverse competitiveness implications for European energy-intensive and export-oriented sectors. We analyze the economic and environmental implications of two different measures to address these concerns in the EU Emission...

This paper studies when and under what conditions the actions undertaken by the power plants involved in China's emission trading scheme (ETS) pilot became cost-effective. Based on unique plant-level panel data and the difference-in-differences strategy, we identify that an insignificant initial...

To achieve the commitments to both carbon peaking and carbon neutrality, China should focus on those policies of significant impact on emissions reduction at the lowest cost. Launching the national carbon market with the power generation sector is a good start point in this direction. Since its...

We collect data on 24,000 state aid cases within the European Union to create granular measures of national environmental support and study their interactions with the European Union Emissions Trading System (EU ETS). Exploiting variation in regulated installations' exposure to carbon prices and...

What is the effect of recent carbon price developments on domestic emissions and carbon leakage? This paper first develops a comprehensive plant-level carbon pricing dataset for key heavy industries at risk of carbon leakage, i.e. aluminium, cement and steel plants in 140 countries, drawing on...

Basic materials industries such as steel and cement manufacturing generate around 25 percent of worldwide carbon emissions • The European Union Emissions Trading Scheme (EU-ETS) could play an important role in reinforcing innovation and investment in climate-friendly technologies. Generous...