Having experienced low prices for about a decade, the European Union Emissions Trading System has been supplemented with the market stability reserve (MSR) that adjusts the supply of allowances to market outcomes. We critically review the literature assessing the performance of the MSR against several policy objectives. In doing so, we cover both conceptual aspects and quantitative assessments. We conclude by pointing out important policy implications and open issues for further research.

中文翻译：

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欧盟排放交易体系中的市场稳定储备：批判性审查


欧盟排放交易体系经历了大约十年的低价格，并得到了市场稳定储备 （MSR） 的补充，该储备根据市场结果调整配额供应。我们批判性地回顾了根据几个政策目标评估 MSR 绩效的文献。在此过程中，我们涵盖了概念方面和定量评估。最后，我们指出了重要的政策影响和需要进一步研究的开放问题。