Browsing by Author "Fornaro, Luca"

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  • Ziegenbein, Alexander (Universitat Pompeu Fabra, 2018-07-04)
    The thesis is a collection of three self-contained essays. In the first chapter, I present evidence that the effects of US tax changes on output depend on the level of economic slack. Tax cuts have large effects in good ...
  • Kanngiesser, Derrick (Universitat Pompeu Fabra, 2018-11-16)
    This dissertation consists of three chapters related to questions in monetary economics and financial stability. In the first chapter I develop a simple model of financial crises in which the key externalities are ...
  • Fornaro, Luca (2014-07-01)
  • Fornaro, Luca (2012-11-01)
  • Fornaro, Luca (Oxford University Press, 2018)
    This paper provides a framework to understand the adjustment triggered by an episode of debt deleveraging among financially integrated countries. During a period of international deleveraging, world consumption demand is ...
  • Benigno, Gianluca; Converse, Nathan; Fornaro, Luca (2014-11-01)
  • Asriyan, Vladimir; Fornaro, Luca; Martin, Alberto, 1974-; Ventura, Jaume (2016-07-01)
    We propose a model of money, credit and bubbles, and use it to study the role of monetary policy in managing asset bubbles. In this model, bubbles pop up and burst, generating fluctuations in credit, investment and output. ...
  • Benigno, Gianluca; Fornaro, Luca (2015-01-01)
  • 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 ...
  • 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, 2019-05-02)
    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 ...