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COVID-19 Tests the Market Stability Reserve

机译：Covid-19测试市场稳定储备

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摘要

We compare the decrease in energy demand and CO2 emissions in Europe during the financial crisis 2008-2009 with the expected drop in demand and emissions due to COVID-19, and the price response of the EU Emission Trading System (EU ETS). We ask whether the rather limited current price reduction may be due to the Market Stability Reserve (MSR), implemented in the EU ETS between the two crises. Stylized facts and basic theory are complemented with simulations based on a model of the EU ETS. Together, they suggest a mixed result. The MSR stabilizes the EU ETS price in turbulent times, but imperfectly. We show that the more persistent the COVID-19 shock is, the less the MSR is able to serve its purpose.
机译：我们在2008 - 2009年金融危机期间对欧洲的能源需求和二氧化碳排放量进行比较，预计欧盟 - 19（欧盟排放交易系统（欧盟）的需求和排放量下降。我们询问电价相当有限的降价可能是由于市场稳定储备（MSR），在两个危机之间的EU ETS中实施。程式化的事实和基本理论是基于欧盟ETS模型的仿真补充。他们共同建议一个混合的结果。 MSR在湍流时间中稳定欧盟ETS价格，但不完美。我们展示了Covid-19休息更持久的是，MSR能够为其目的而越少。

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