Recent Publications

Fornaro, L. and F. Romei,

"An International Perspective on Inflation during the Covid-19 Recovery"


Forthcoming in 2025

Previously circulated as ‘Credit Demand Forever?’ On the Strengths of Bank and Firm Balance-Sheet Channels in Good and Crisis Times’

Ponzetto, G. and U. Troiano,

"Social Capital, Government Expenditures, and Growth"


Journal of the European Economic Association, 2025, 23 (2), 632-681

Previously circulated as ‘Credit Demand Forever?’ On the Strengths of Bank and Firm Balance-Sheet Channels in Good and Crisis Times’

Broner, F., A. Martin, C. Trebesch, J. Meyer and J. Zhou Wu,

"Hegemony and International Alignment"


Forthcoming in American Economic Association: Papers & Proceedings, 2025

Previously circulated as ‘Credit Demand Forever?’ On the Strengths of Bank and Firm Balance-Sheet Channels in Good and Crisis Times’

A. Abraham, E. Cárceles, R. Marimon and Y. Liu,

"On the Optimal Design of a Financial Stability Fund"


Forthcoming in The Review of Economic Studies, 2025

Previously circulated as ‘Credit Demand Forever?’ On the Strengths of Bank and Firm Balance-Sheet Channels in Good and Crisis Times’

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

"The Global Financial Resource Curse"


American Economic Review, 2024, 115 (1), 220-262

Previously circulated as ‘Credit Demand Forever?’ On the Strengths of Bank and Firm Balance-Sheet Channels in Good and Crisis Times’

L. Althoff and H. Reichardt,

"Jim Crow and Black Economic Progress After Slavery"


Quarterly Journal of Economics, 2024, 139 (4), 2279-2330

Previously circulated as ‘Credit Demand Forever?’ On the Strengths of Bank and Firm Balance-Sheet Channels in Good and Crisis Times’

Galí, J. and D. Debortoli,

"Idiosyncratic Income Risk and Aggregate Fluctuations"


American Economic Journal: Macroeconomics, 2024, 16(4), 279–310

Previously circulated as ‘Credit Demand Forever?’ On the Strengths of Bank and Firm Balance-Sheet Channels in Good and Crisis Times’

Nagy, D., C. Ducruet, R. Juhász and C. Steinwender,

"All Aboard: The Effects of Port Development"


Journal of International Economics, 2024, Volume 151, 103963

Previously circulated as ‘Credit Demand Forever?’ On the Strengths of Bank and Firm Balance-Sheet Channels in Good and Crisis Times’

Asriyan, V., L. Laeven, A. Martin, A. Van der Ghote and V. Vanasco,

"Falling Interest Rates and Credit Reallocation: Lessons from General Equilibrium"


Forthcoming in The Review of Economic Studies, 2024

Previously circulated as ‘Credit Demand Forever?’ On the Strengths of Bank and Firm Balance-Sheet Channels in Good and Crisis Times’

Baley, I., Lars Ljungqvist and Thomas J. Sargent,

"Returns to labour mobility"


The Economic Journal, 2024, 135, 430–454

Previously circulated as ‘Credit Demand Forever?’ On the Strengths of Bank and Firm Balance-Sheet Channels in Good and Crisis Times’

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