Using the November 2017 EU Emissions Trading System reform, which pushed permit prices from about 5 to 20 euros per tonne, and loan-level data from the Italian Credit Registry, this paper asks whether …
Standard analyses of unilateral carbon taxes ignore the spatial reallocation of economic activity induced by the policy, leading them to overstate the costs and understate the effectiveness of such …
Online FirstJournal of Money, Credit and BankingOnline 16 Sep 2026
Two literatures predict opposite things about what happens to a country's pollution when it opens its equity market to foreign investors. Foreign institutional investors have been shown to push firms …
PublishedQuarterly Journal of EconomicsOnline 19 Feb 2026Published Apr 2026
The paper shows that the macroeconomic impact of climate change is an order of magnitude larger than what standard country-level panel estimates suggest. The key identification innovation is to …