Browsing by Author "Fornaro, Luca"

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  • Fornaro, Luca (2021-04)
    Since the creation of the euro, capital flows among member countries have been large and volatile. Motivated by this fact, I provide a theory connecting the exchange rate regime to financial integration. The key feature ...
  • Fornaro, Luca (Oxford University Press, 2021)
    Since the creation of the euro, capital flows among member countries have been large and volatile. Motivated by this fact, I provide a theory connecting the exchange rate regime to financial integration. The key feature ...
  • Pozo Sánchez, Jorge (Universitat Pompeu Fabra, 2019-12-11)
    This dissertation consists of three essays. In the first chapter, I develop a two-period small open economy with banks. The interaction of the limited liability faced by banks and the bank deposit insurance results in an ...
  • Fornaro, Luca; Wolf, Martin (2020-03-01)
    Suport Tecnologic a la Recerca Pàgina no trobada L'adreça de la pàgina a la qual voleu accedir no és correcta, o bé la destinació d'aquest enllaç ha canviat d'adreça. Podeu enviar un missatge al webmàster tot indicant quina ...
  • Fornaro, Luca; Wolf, Martin (2020-03-21)
    As we write, the Covid-19 coronavirus is spreading throughout the globe. Besides its impact on public health, this coronavirus outbreak is likely to have significant economic consequences. The consensus is that the virus ...
  • 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 (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 ...
  • Fornaro, Luca (2012-11-01)
    This paper provides a framework to understand debt deleveraging in a group of financially integrated countries. During an episode of international deleveraging, world consumption demand is depressed and the world interest ...
  • Benigno, Gianluca; Converse, Nathan; Fornaro, Luca (2014-11-01)
  • Asriyan, Vladimir; Fornaro, Luca; Martin, Alberto; Ventura, Jaume (2016-07-01)
    What is the role of monetary policy in a bubbly world? To address this question, we study an economy in which financial frictions limit the supply of assets. The ensuing scarcity generates a demand for â unbackedâ assets, ...
  • Asriyan, Vladimir; Fornaro, Luca; Martin, Alberto, 1974-; Ventura, Jaume (Oxford University Press, 2020)
    What is the role of monetary policy in a bubbly world? To address this question, we study an economy in which financial frictions limit the supply of assets. The ensuing scarcity generates a demand for “unbacked” assets, ...
  • Fornaro, Luca; Wolf, Martin (2021-07)
    We provide a framework in which monetary policy affects firms’ automation decisions (i.e. how intensively capital and labor are used in production). This new feature has far-reaching consequences for monetary policy. ...
  • Fornaro, Luca (2019-11-01)
    Since the creation of the euro, capital ows among member countries have been large and volatile. Motivated by this fact, I provide a theory connecting the exchange rate regime to nancial integration. The key feature of the ...
  • Benigno, Gianluca; Fornaro, Luca; Wolf, Martin (2021-07)
    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 (2020-06)
    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 (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 ...