This paper studies Danish non-financial firms' debt financing decisions during covid-19 with a focus on the impact of government support measures. The growth in credit from banks and mortgage banks to firms has been modest during the pandemic, and many firms reduced their debt level in the...

We develop a theory that addresses the problem of the existence of stable vaccine allocations in a political economy. These are allocation policies that a political leader can enforce without losing their popularity. Our analysis distinguishes between contexts where vaccination has positive...

The 2014 framework for the recovery and resolution of credit institutions and investment firms led by the Directive 2014/59/EU of the European Parliament and of the Council introduces the concept of critical functions and the requirement for resolution authorities to identify and ensure their...

Before the 2007-2008 financial crisis, credit institutions were assured (though not officially or formally) that if they were large enough they would be rescued with tax-payers’ money, an action also known as bail-out, denoting what became known as the “too big to fail” paradigm. The...

We develop a model of optimal lockdown policy for a social planner who balances population health with short-term wealth accumulation. The unique solution depends on tolerable infection incidence and social network structure. We then use unique data on nursing home networks in the United States...

We address the problem of finding the optimal lockdown and reopening policy during a pandemic like COVID-19 for a social planner who prioritizes health over the economy. Agents are connected through a fuzzy network of contacts, and the planner's objective is to determine the policy that contains...

Die Corona-Pandemie hat die Gesellschaft vor große Herausforderungen gestellt, in denen der Staat eine zentrale Rolle zu ihrer Meisterung einnehmen musste. Während staatliche Maßnahmen in einer externen Krise wie der gegenwärtigen Pandemie notwendig sind, können jedoch insbesondere in der...