The joint impact of the European Union emissions trading system on carbon emissions and economic performance
基于安装级数据和企业级数据，研究发现欧盟排放交易体系在2005-2012年间使碳排放减少约10%，但对利润和就业无显著影响，反而增加了受管制企业的收入和固定资产。
This paper investigates the impact of the European Union Emissions Trading System (EU ETS) on carbon emissions and economic performance based on a matching methodology exploiting installation-level inclusion criteria combined with difference-in-differences. Installation-level data from national Polluting Emissions Registries in France, Netherlands, Norway and the United Kingdom point to a reduction in carbon emissions in the order of −10% between 2005 and 2012, in line with existing micro and macro evidence. Meanwhile, firm-level data on the 31 ETS-regulated countries shows that the EU ETS had no significant impact on profits and employment, and led to an increase in regulated firms' revenues and fixed assets. We explore various explanations for these findings.