Many researchers have recommended to increase public debt in the aftermath of the financial crisis in order to relax borrowing constraints for private households. This advice is based on the common assumption that borrowing conditions of private agents are exogenous to public policy. We study...

In this paper, we quantitatively analyze to what extent a benevolent government should issue debt in a model where households are subject to idiosyncratic productivity shocks, insurance markets are missing and borrowing is restricted. In this environment, issuing government bonds facilitates...

There is considerable research on the science of climate change. Climate change is also an important focus in the field of (international) environmental law. However, the challenge that the climate crisis represents for law is multifaceted and requires interdisciplinary research in a wide...