Browsing by Author "Fornaro, Luca"

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  • Benigno, Gianluca; Fornaro, Luca; Wolf, Martin (Elsevier, 2022)
    We present a model that reproduces two salient facts characterizing the international monetary system: Fast growing emerging countries i) run current account surpluses, ii) accumulate international reserves and receive net ...
  • Benigno, Gianluca; Fornaro, Luca (Oxford University Press, 2018)
    We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent, slumps characterized by high unemployment and weak growth. We refer to these episodes as stagnation ...
  • Benigno, Gianluca; Fornaro, Luca (2015-01-01)
    We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent, slumps characterized by unemployment and weak growth. We refer to these episodes as stagnation traps, ...
  • Benigno, Gianluca; Fornaro, Luca; Wolf, Martin (2023-10)
    Since the late 1990s, the United States has received large capital flows from developing countries - a phenomenon known as the global saving glut - and experienced a productivity growth slowdown. Motivated by these facts, ...
  • Fornaro, Luca; Romei, Federica (American Economic Association, 2019)
    This paper describes a paradox of global thrift. Consider a world in which interest rates are low and monetary policy is constrained by the zero lower bound. Now imagine that governments implement prudential financial and ...
  • Fornaro, Luca; Romei, Federica (2016-12-01)
    This paper describes a paradox of global thrift. Consider a world in which interest rates are low and monetary policy is constrained by the zero lower bound. Now imagine that governments implement prudential financial and ...
  • Fornaro, Luca; Romei, Federica (2018-04)
    This paper describes a paradox of global thrift. Consider a world in which interest rates are low and monetary policy cannot stabilize the economy because it is frequently constrained by the zero lower bound. Now imagine ...
  • Faltermeier, Julia (Universitat Pompeu Fabra, 2019-05-15)
    This thesis presents new facts on the aggregate return to capital and shows their implications for underlying drivers of investment and the efficiency of the alloca-tion of capital. The first chapter analyzes aggregate ...
  • Fornaro, Luca; Wolf, Martin (2021-04)
    We study the effects of supply disruptions - for instance caused by the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By negatively affecting investment, even ...
  • Fornaro, Luca; Wolf, Martin (Elsevier, 2023)
    We study the effects of supply disruptions - for instance due to energy price shocks or the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By temporarily disrupting ...
  • Fornaro, Luca; Wolf, Martin (2023-03)
    We study the effects of supply disruptions - for instance due to energy price shocks or the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By temporarily disrupting ...

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