Suchergebnisse

A persistent concern in the literature on climate policy is that the emissions abatement, which is achieved via environmental regulation, has potentially adverse affects on firms' economic performance. I investigate this issue in the context of the European Union Emissions Trading Scheme (EU ETS) and the German manufacturing sector. My investigation uses confidential data from an administrative firm-level production census. As a measure of the economic performance, I estimate cost efficiencies and their determinants for narrowly defined industries with a stochastic cost frontier (SCF) analysis. In order to directly compare cost efficiencies across treatment groups, I use a stochastic meta frontier (SMF) analysis. I provide additional evidence of the causal impact of the EU ETS on various types of firms' costs with a difference-in-differences (DD) framework. My results indicate that the EU ETS regulation has resulted in a small but significant increase in costs across the German manufacturing sector. This increase is driven mostly by an increase in energy and capital costs. I demonstrate that the potential to increase cost efficiency exists for most industries in the German manufacturing sector. The analysis of the drivers of cost efficiency confirms that in most industries, exporting firms are more cost efficient than their counterparts. In contrast, the results show that innovating firms and firms that are regulated by the EU ETS are less cost efficient than unregulated firms.

U korpusu koji čine novinski, književni, stručni i televizijskiregistar pronalazimo ukupno 46 prefiksa koji učestvuju u formiranjuimenica. Izračunavanje produktivnosti vršimo u dvije etape:prvo, zajedno predstavljamo frekventnost tipa i upotrebe, brojhapaxa i produktivnost u užem i širem smislu, onako kako ih jeBajen predložio svojim formulama (1992, 1993). U drugoj etapi,koristeći onomasiološki pristup ili semantičke predispozicije prefiksa,probali smo na drugačiji način da predstavimo produktivnostpronađenih prefiksa. Cilj je utvrditi produktivnost, ali i efikasnosti kompatibilnost predloženih modela koristeći statističku i deskriptivno-analitičku metodu. Opšta hipoteza kojom započinjemo svojeistraživanje jeste da ćemo dolaziti ponekad do istih ili različitih rezultatajer kvantitativni pristup jesu brojevi i proračuni, dok onomasiološkipristup nudi uvid i u preference govornika u tvorbi riječi.Tako naše istraživanje predstavlja dvije strane istog fenomenajer ma koliko kvantitativni pristup bio dominantan i adekvatan, semantičkepredispozicije ne mogu da se zanemare. Na kraju možemoda zaključimo da obje metode dovode ponekad do istih, ali uvećem broju slučajeva različitih rezultata, što nam daje bolji uvid ukompleksnost problema morfološke produktivnosti.

The use of price instruments is often advocated by economists, based on their ability to bring about marginal abatement cost equalisation, and hence to achieve targets at least cost. We use the EU ETS as a case study and test this theoretical prediction. We parametrically estimate separate hyperbolic and enhanced hyperbolic distance functions for various industries of the German manufacturing sector and are therefore able to compute the shadow value of CO2 emissions. We are the first to provide firm-level estimates of the marginal cost of CO2 emissions using confidential administrative data for German manufacturing firms between 2005 and 2014. This allows for an unprecedented insight into the cost of the EU flagship climate policy for manufacturing firms. We are able to describe the evolution of the abatement costs over time and across industries, tracking the impact of changes in the policy design and its stringency on the behaviour of the firms in our panel. Our findings provide valuable information for policy makers in the European Union and beyond on the actual level of the costs imposed by climate change policy, and its distributional impacts across firms and industries.

We investigate productivity and cost pass-through of German manufacturing firms using administrative data from 2001 to 2014. Our framework allows for the estimation of quantity-based production functions for multi-product firms while controlling for unobserved productivity shocks and unobserved input quality. Using our parameter estimates, we can compute total factor productivity, markups and marginal costs. We find no effect of the EU ETS on firm productivity or profits for the whole sector, and a positive effect for some industries. Firms pass on shocks to materials costs completely, or even more than completely, whereas pass-through of energy costs is around 35-60%. Although pass-through of energy costs is incomplete, it nevertheless allowed firms to recover more than their total carbon costs due to generous free allocation of allowances. Our results add to the recent literature concerning the causal effects of climate policy on firms and are relevant for policy makers when defining the level of free allowance allocation to industry.