Recent Publications

Fornaro, L.,

"The Scars of Supply Shocks"


Forthcoming in Journal of Monetary Economics, 2023

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’

M. Santamaría, J. Ventura and U. Yeşilbayraktar,

"Exploring European Regional Trade"


Forthcoming in Journal of International Economics, 2023

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.,

"Hinterlands, city formation and growth: Evidence from the U.S. westward expansion"


Forthcoming in The Review of Economic Studies, 2023

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., D. Foarta and V. Vanasco,

"The Good, the Bad and the Complex: Product Design with Imperfect Information"


Forthcoming in American Economic Journal: Microeconomics, 2023

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. and V. Vanasco,

"Security Design in Non-Exclusive Markets with Asymmetric Information"


Forthcoming in The Review of Economic Studies, 2023

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’

K. Greulich, S. Laczó and A. Marcet,

"Pareto-Improving Optimal Capital and Labor Taxes"


Forthcoming in Journal of Political Economy, 2023

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’

G. Benigno, L. Fornaro and M. Wolf,

"Reserve Accumulation, Growth and Financial Crises"


Journal of International Economics, 2022, 139, article 103660

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’

Ghassibe, M. and F. Zanetti,

"State Dependence of Fiscal Multipliers: The Source of Fluctuations Matters"


Journal of Monetary Economics, 2022, 132, 1-23

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.,

"Trade and Urbanization: Evidence from Hungary"


American Economic Journal: Microeconomics, 2022, 14 (3), 733-790

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’

Fornaro, L.,

"A Theory of Monetary Union and Financial Integration"


The Review of Economic Studies, 2022, 89 (4), 1911-1947

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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