This project aims to conduct a rigorous assessment of the European Union’s most relevant climate policy, the Emissions Trading System (EU ETS), through empirical analysis of its macroeconomic and distributional effects. It will study how this policy affects different productive sectors, households and territories in different ways, incorporating an impact assessment approach that allows for the identification of both the environmental benefits and the possible economic and social costs derived from its application.

The ultimate purpose is twofold: on the one hand, to deepen the evaluation of public policies by providing robust quantitative evidence on the functioning of the ETS and its influence on key variables such as production, employment, prices and energy consumption; and on the other hand, to analyse the interaction between climate policies and monetary policies, examining how the heterogeneous effects of the system may condition the decisions of the European Central Bank. In doing so, the project aims to generate useful knowledge to improve the design, effectiveness and fairness of public policies in the context of the ecological transition, both in Spain and in the European Union as a whole.