Pass-Through of Emissions Costs in Electricity Markets
利用微观数据估计排放成本对电价的传导效应，发现成本几乎完全传导至电价，原因在于高频拍卖和需求缺乏弹性使企业调整加价的激励很弱。
We measure the pass-through of emissions costs to electricity prices. We perform both reduced-form and structural estimations based on optimal bidding in this market. Using rich micro-level data, we estimate the channels affecting pass-through in a flexible manner, with minimal functional form assumptions. Contrary to many studies in the general pass-through literature, we find that emissions costs are almost fully passed through to electricity prices. Since electricity is traded through high-frequency auctions for highly inelastic demand, firms have weak incentives to adjust markups after the cost shock. Furthermore, the costs of price adjustment are small.