This study tackles a public finance issue on climate change: a carbon tax and government bonds to finance public spending for adaptation. This type of bond is known as ``green bonds" and presents remarkable growth in the global market. We construct an asset-pricing model in which climate change...

This article analyzes the consequences of environmental tax policies when the government imposes a constraint on stabilizing public debt. A public sector of pollution abatement is financed by taxation and by issuing public debt. Considering a simple overlapping-generations model, the tax reform...

This paper examines the importance of induced technological change in considering the efficiency costs of environmental policy. In particular, in modeling an endogenous formation of energy-saving technology through a variety of intermediates, the paper studies the welfare effects of...

We construct a research and development (R&D) based endogenous growth model with exhaustible resources and investigate whether protection of intellectual property rights (IPR) can sustain perpetual growth. We show that relatively weak IPR protection is sufficient to sustain perpetual growth when...

This article analyzes the consequences of environmental tax policies when the government imposes a constraint on stabilizing public debt. A public sector of pollution abatement is financed by taxation and by issuing public debt. Considering a simple overlapping-generations model, the tax reform...

This paper studies the effects on equity premiums of grisks after disastersh, which are defined as a sharp rise in volatility of real per capita GDP growth rates immediately following disasters. This paper makes three contributions. First, we analytically demonstrate that if and only if the...

In this paper, we explore whether markets can create endogenously good collateral in a crisis by analyzing a simple exchange economy where a country-specific catastrophic shock is shared between two countries. To see this possibility, we examine whether the equilibrium achieved by the time-0...

Our study explored the effects of rank information on university students by conducting a field experiment using sequential interventions of rank information feedback. The students reacted to the rank information only after receiving a grade evaluation. We found that the effect of rank...