Keep calm and carry on emitting: cap-and-trade rules, local emissions and growth
研究加州总量控制与交易计划对区域温室气体排放和经济增长的影响，发现该计划未显著减少排放或抑制增长，但存在企业层面的监管套利行为。
We estimate the impact of the Cap-and-Trade Program (CATP) in California on regional greenhouse gas emissions and economic growth. Our preferred identification strategies, based on spatial distance and county-level contiguity, fail to provide evidence of a reduction in regional emissions or economic growth due to the CATP. Multi-state organisations do not transfer emissions to non-Californian facilities, but parent-level concentration in emissions changes, consistent with an insofar unexplored form of regulatory arbitrage. Overall, our results highlight the importance of a regional approach when designing climate policies and evaluating their effects.