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In this study, we explore the relationship between European carbon prices, energy prices and the macroeconomy in boom and bust times. Utilizing a smooth transition structural VAR model, we analyze monthly data spanning from 2006 to 2023. Our model benefits from identification through non-Gaussianity and the correlation with external carbon and energy shock series. Notably, […]
In March 2020, Luxembourg became the first country in the world to offer free public transport across all modes of transport. We leverage this unique quasi-experimental setting to evaluate whether Luxembourg’s free public transport policy has induced a shift from private motorized transport to free public transport. To assess this shift we measure the reduction […]
Social protection programs offer an important policy instrument to manage the poverty, inequality, and other social impacts of climate change. A large literature anecdotally documents the roles that cash transfers, public employment, and other social assistance and labor programs have played in managing both physical and transition risks arising from climate change (Costella et al., […]