Events

High frequency

Low frequency

t

P

t

P

The first phases

EU’s 2005 emissions report.

EU’s 2006 emissions report

a large surplus of quotas

0.3909

0.1160

0.0261

0.7014

0.9099

0.9795

−22.8817***

−1.9180*

−3.6914***

0.0000

0.0841

0.0014

The third phases

EU’s 2012 emissions report EU’s 2013 emissions report

EU’s 2014 emissions report

The Paris agreements were signed.

0.4537

0.8538

−1.1407

0.3334

0.6549

0.4000

0.2806

0.7406

−2.6428***

−3.7683***

−0.7354

−3.3858***

0.0156

0.0007

0.4790

0.0016