Tesi etd-10022025-160722
Link copiato negli appunti
Tipo di tesi
Corso Ordinario Secondo Livello
Autore
BECHINI, REBECCA
URN
etd-10022025-160722
Titolo
Micro and macroeconomic evidences of climate policy shocks
Struttura
Classe Scienze Sociali
Corso di studi
SCIENZE ECONOMICHE E MANAGERIALI - SCIENZE ECONOMICHE E MANAGERIALI
Commissione
relatore Prof. LAMPERTI, FRANCESCO
Presidente Prof. MONETA, ALESSIO
Membro Dott. CORONESE MATTEO
Membro Prof. NUVOLARI, ALESSANDRO
Membro Prof.ssa ANNUNZIATA, ELEONORA
Membro Prof. TURCHETTI, GIUSEPPE
Presidente Prof. MONETA, ALESSIO
Membro Dott. CORONESE MATTEO
Membro Prof. NUVOLARI, ALESSANDRO
Membro Prof.ssa ANNUNZIATA, ELEONORA
Membro Prof. TURCHETTI, GIUSEPPE
Parole chiave
- Carbon pricing
- firm heterogeneity
- inflation
- panel local projections
Data inizio appello
27/11/2025;
Disponibilità
parziale
Riassunto analitico
The thesis aims to evaluate the impact of climate policy on the profitability profiles of European firms and their effects on inflation dynamics in European countries. Utilizing the climate shock identification methodology proposed by Känzig (2023), the analysis first examines the influence of these shocks on firms’ profitability variables through a panel fixed effects model, incorporating time and firm fixed effects, alongside additional firm-level covariates and macroeconomic controls.
Subsequently, the study employs a panel local projection approach (Jordà, 2005) to esti- mate the effects of these shocks on the main macroeconomic variables across individual Euro Area countries (EA19). This approach aims to uncover potential heterogeneous patterns in transmission mechanisms arising from countries’ specificities. Among them, we test whether the heterogeneous behaviors in responses is driven by different degrees of exposure to the country’s national fossil fuel sectors, measured through input-output relationships.
At the microeconomic level, the analysis finds no significant impact of climate policy shocks on firms’ profitability or productivity once financial characteristics and macroe- conomic conditions are controlled for. At the macroeconomic level, the shock produces heterogeneous but transitory responses across Euro Area countries, and exhibit differ- ent country-specific patterns. Once accounting for the degree of exposure to the fossil fuel sector, results show that more exposed economies experience stronger and more persistent effects, particularly on inflation and labor market dynamics.
Subsequently, the study employs a panel local projection approach (Jordà, 2005) to esti- mate the effects of these shocks on the main macroeconomic variables across individual Euro Area countries (EA19). This approach aims to uncover potential heterogeneous patterns in transmission mechanisms arising from countries’ specificities. Among them, we test whether the heterogeneous behaviors in responses is driven by different degrees of exposure to the country’s national fossil fuel sectors, measured through input-output relationships.
At the microeconomic level, the analysis finds no significant impact of climate policy shocks on firms’ profitability or productivity once financial characteristics and macroe- conomic conditions are controlled for. At the macroeconomic level, the shock produces heterogeneous but transitory responses across Euro Area countries, and exhibit differ- ent country-specific patterns. Once accounting for the degree of exposure to the fossil fuel sector, results show that more exposed economies experience stronger and more persistent effects, particularly on inflation and labor market dynamics.
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