Recent Publications

Fornaro, L. and F. Romei,

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


Forthcoming in 2025

Previously circulated as “Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium”

Published in The Review of Economic Studies, 2024, 1-31

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 “Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium”

Published in The Review of Economic Studies, 2024, 1-31

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 “Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium”

Published in The Review of Economic Studies, 2024, 1-31

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 “Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium”

Published in The Review of Economic Studies, 2024, 1-31

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

"The Global Financial Resource Curse"


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

Previously circulated as “Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium”

Published in The Review of Economic Studies, 2024, 1-31

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 “Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium”

Published in The Review of Economic Studies, 2024, 1-31

Galí, J. and D. Debortoli,

"Idiosyncratic Income Risk and Aggregate Fluctuations"


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

Previously circulated as “Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium”

Published in The Review of Economic Studies, 2024, 1-31

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 “Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium”

Published in The Review of Economic Studies, 2024, 1-31

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 “Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium”

Published in The Review of Economic Studies, 2024, 1-31

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

"Returns to labour mobility"


The Economic Journal, 2024, 135, 430–454

Previously circulated as “Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium”

Published in The Review of Economic Studies, 2024, 1-31

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