Recent Publications

Fornaro, L. and F. Romei,

"Monetary Cooperation during Global Inflation Surges"


Forthcoming in American Economic Review, 2025

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

Fornaro, L.,

"Fiscal Stimulus with Supply Constraints"


Forthcoming in IMF Economic Review, 2025

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

Mathieu Taschereau-Dumouchel and E. Schaal,

"Coordinating Business Cycles"


Journal of Monetary Economics, 2025, article 103829

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

F. Boissay, F. Collard, J. Galí and C. Manea,

"Monetary Policy and Endogenous Financial Crises"


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’

Debortoli, D. and J. Galí,

"Heterogeneity and Aggregate Fluctuations: Insights from TANK Models"


NBER Macroeconomics Annual, 2025, 39 (1), 307-357

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"


The Review of Economic Studies, 2025, 92 (4), 2197-2227

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

Fornaro, L. and F. Romei,

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


2025, 378–389

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"


American Economic Association: Papers & Proceedings, 2025, 115, 593-598

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, 2025, 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’

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