As one of the largest carbon emitters worldwide, China has promised to peak its carbon emissions by 2030 and achieve national carbon neutrality by 2060. In order to achieve the carbon reduction goal, the low-carbon pilot (LCP) program has been implemented in China since 2010. It is particularly...

This paper studies high-frequency econometric methods to test for a jump in the spread of bond yields. We propose a coherent inference procedure that detects a jump in the yield spread only if at least one of the two underlying bonds displays a jump. Ignoring this inherent connection by basing...