Size-Dependent Exemptions in Cap-and-Trade and Aggregate Productivity
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Size-Dependent Exemptions in Cap-and-Trade and Aggregate Productivity
This paper examines the long-term effects of size-dependent exemptions in cap-and-trade systems, which allow firms below a specific emissions threshold to avoid regulation. Using data from California’s Cap-and-Trade program, I provide evidence of firms clustering near the threshold confirmed a discontinuity test in emissions distribution post-regulation. This pattern suggests that firms strategically adjust emissions to avoid regulatory costs. By extending an industry dynamics framework with heterogeneous firms, I quantify the policy’s impact on aggregate productivity, finding that removing exemptions raises productivity by 0.2% as resources shift to more productive firms. Additionally, I show that the policy causes misallocation, as intermediate-productivity firms near the threshold exhibit higher average Total Factor Productivity (TFPR) than larger, more productive firms subject to emissions costs.
Paper Title Number 3
This paper is about the number 3. The number 4 is left for future work.
Recommended citation: Your Name, You. (2015). "Paper Title Number 3." Journal 1. 1(3).
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Paper Title Number 4
This paper is about fixing template issue #693.
Recommended citation: Your Name, You. (2024). "Paper Title Number 3." GitHub Journal of Bugs. 1(3).
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- Introduction to Economics, University of Montreal: Fall (2020), Fall (2022), Fall (2023)
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