欧洲央行：2024环境监管对清洁创新的影响：是否存在挤出效应？报告（英文版）

We examine the extent to which environmental regulation affects innovation and which policy types provide the strongest incentives to innovate. Using a local projection framework.we estimate the regulatory impact on patenting activity over a five-year horizon. As a proxyfor environmental policy exposure, we estimate firm-level greenhouse gas emissions using amachine learning algorithm. At the country-level, policy tightening is largely associated withno statistically significant change in env