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41.
Implications of CO<Subscript>2</Subscript> emissions trading for short-run electricity market outcomes in northwest Europe 总被引:2,自引:0,他引:2
Yihsu Chen Jos Sijm Benjamin F. Hobbs Wietze Lise 《Journal of Regulatory Economics》2008,34(3):251-281
We examine the short-run implications of CO2 trading for power production, prices, emissions, and generator profits in northwest Europe in 2005. Simulation results from
a transmission-constrained oligopoly model are compared with theoretical analyses to quantify price increases and windfall
profits earned by generators. The analyses indicate that the rates at which CO2 costs are passed through to wholesale prices are affected by market competitiveness, merit order changes, and elasticities
of demand and supply. Emissions trading results in large windfall profits, much but not all of which is due to free allocation
of allowances. Profits also increase for some generators because their generation mix has low emissions, and so they benefit
from electricity price increases. Most emission reductions appear to be due to demand response not generation redispatch.
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42.
Raquel Fonseca Lise Patureau Thepthida Sopraseuth 《Review of International Economics》2010,18(5):865-881
This paper examines the empirical link between labor market institutions and international business cycle synchronization. Using a data panel of 20 OECD countries over the 1964–2003 period, we evaluate how cross‐country labor market heterogeneity affects business cycle comovement. Our estimation strategy controls for a large set of possible factors influencing cross‐country GDP correlation, which allows a comparison of our results with those found in previous studies. We find that bilateral trade, trade similarity, monetary and fiscal convergence, as well as EMU membership lead to more synchronized cycles. Our results show that labor market regulations affect the extent of business cycle synchronization. Disparities in employment protection laws and direct taxation tend to lower international comovement while divergence in union density, unemployment benefits, and indirect taxation enhance cross‐country correlations. The level of labor market regulations also matters. Heavier employment taxes are found to raise GDP comovement. 相似文献