CO2 emission allowances are traded nowadays OTC and on exchanges across Europe. It thus becomes increasingly important for traders of these emission certificates to have a valid CO2 spot price model to value potential derivatives. In addition, CO2 emitting companies require an adequate CO2 spot...

Objective of this paper is to gain insights into jump occurrences and to enhance the understanding of modelling jumps in electricity markets. We provide a common modelling framework that allows to incorporate the main jump patterns observed in electricity spot prices and compare the...

The EU's multiannual budget is generally assumed to be marked by policy stability over its seven-year duration. This paper analyses how change and stability have affected EU budget policy during the current 2007-13 period. The theories of incrementalism and advocacy coalition framework are...

While German public finances have remained more resilient than other EU countries throughout the recent crisis, fiscal flexibility has become increasingly limited for its regional governments which deliver most public service. The recent introduction of a balanced-budget requirement (‘debt...