Recent Publications

Fornaro, L.,

"A Theory of Monetary Union and Financial Integration"


Forthcoming in The Review of Economic Studies, 2021

Online Appendix

Read a non-technical summary on VoxEU

Published in American Economic Review, 109 (11), 2019, 3745-3779

Previously circulated as ‘Aggregate Demand Externalities in a Global Liquidity Trap’

Debortoli, D., R. Nunes and P. Yared,

"Optimal Fiscal Policy without Commitment: Revisiting Lucas-Stokey"


Journal of Political Economy, 2021, 129(5), 1640-1665

Online Appendix

Read a non-technical summary on VoxEU

Published in American Economic Review, 109 (11), 2019, 3745-3779

Previously circulated as ‘Aggregate Demand Externalities in a Global Liquidity Trap’

Debortoli, D.,

"Comment on “Redesigning EU Fiscal Rules: From Rules to Standards” by O. Blanchard, A. Leandro and J. Zettelmeyer"


Forthcoming in Economic Policy, 2021

Online Appendix

Read a non-technical summary on VoxEU

Published in American Economic Review, 109 (11), 2019, 3745-3779

Previously circulated as ‘Aggregate Demand Externalities in a Global Liquidity Trap’

Martin, A., F. Broner, D. Clancy and A. Erce,

"Fiscal Multipliers and Foreign Holdings of Public Debt"


Forthcoming in The Review of Economic Studies, 2021

Online Appendix

Read a non-technical summary on VoxEU

Published in American Economic Review, 109 (11), 2019, 3745-3779

Previously circulated as ‘Aggregate Demand Externalities in a Global Liquidity Trap’

R. Barnichon, D. Debortoli and C. Matthes,

"Understanding the Size of the Government Spending Multiplier: It’s in the Sign"


Forthcoming in The Review of Economic Studies, 2021

Online Appendix

Read a non-technical summary on VoxEU

Published in American Economic Review, 109 (11), 2019, 3745-3779

Previously circulated as ‘Aggregate Demand Externalities in a Global Liquidity Trap’

Galí, J., P. Andrade, H. Le Bihan and J. Matheron,

"Should the ECB Adjust its Strategy in the Face of a Lower r*?"


Forthcoming in Journal of Economic Dynamics and Control, 2021

Online Appendix

Read a non-technical summary on VoxEU

Published in American Economic Review, 109 (11), 2019, 3745-3779

Previously circulated as ‘Aggregate Demand Externalities in a Global Liquidity Trap’

Nagy, D.,

"Quantitative Economic Geography meets History: Questions, Answers and Challenges"


Forthcoming in Regional Science and Urban Economics, 2021

Online Appendix

Read a non-technical summary on VoxEU

Published in American Economic Review, 109 (11), 2019, 3745-3779

Previously circulated as ‘Aggregate Demand Externalities in a Global Liquidity Trap’

di Giovanni, J., S. Kalemi-Özcan, M. Ulu and Y.S. Baskaya,

"International Spillovers and Local Credit Cycles"


Forthcoming in The Review of Economic Studies, 2021

Online Appendix

Read a non-technical summary on VoxEU

Published in American Economic Review, 109 (11), 2019, 3745-3779

Previously circulated as ‘Aggregate Demand Externalities in a Global Liquidity Trap’

Schaal, E., P. Fajgelbaum, A. Khandelwal, W. Kim and C. Mantovani,

"Optimal Lockdown in a Commuting Network"


Forthcoming in American Economic Review: Insights, 2021

Online Appendix

Read a non-technical summary on VoxEU

Published in American Economic Review, 109 (11), 2019, 3745-3779

Previously circulated as ‘Aggregate Demand Externalities in a Global Liquidity Trap’

Asriyan, V., L. Laeven and A. Martin,

"Collateral Booms and Information Depletion"


Forthcoming in The Review of Economic Studies, 2021

Online Appendix

Read a non-technical summary on VoxEU

Published in American Economic Review, 109 (11), 2019, 3745-3779

Previously circulated as ‘Aggregate Demand Externalities in a Global Liquidity Trap’

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