Recent Publications

Martin, A.,

"Comments on “Financial Repression and the Currency Market under Sanctions” by O. Itskhoki and D. Mukhin"


Forthcoming in Economic Policy, 2026

Previously circulated as ‘US Monetary Policy and Exchange Rate: Micro Evidence on the Brazilian Credit Channel’

Fornaro, L. and F. Romei,

"Monetary Cooperation during Global Inflation Surges"


American Economic Review, 2026, 116 (1), 164-188

Previously circulated as ‘US Monetary Policy and Exchange Rate: Micro Evidence on the Brazilian Credit Channel’

Debortoli, D., M. Forni, L. Gambetti and L. Sala,

"Nonlinear Monetary Policy Tradeoffs"


Forthcoming in The Economic Journal, 2025

Previously circulated as ‘US Monetary Policy and Exchange Rate: Micro Evidence on the Brazilian Credit Channel’

Fornaro, L.,

"Fiscal Stimulus with Supply Constraints"


Forthcoming in IMF Economic Review, 2025

Previously circulated as ‘US Monetary Policy and Exchange Rate: Micro Evidence on the Brazilian Credit Channel’

Mathieu Taschereau-Dumouchel and E. Schaal,

"Coordinating Business Cycles"


Journal of Monetary Economics, 2025, 155, article 103829

Previously circulated as ‘US Monetary Policy and Exchange Rate: Micro Evidence on the Brazilian Credit Channel’

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 ‘US Monetary Policy and Exchange Rate: Micro Evidence on the Brazilian Credit Channel’

Debortoli, D. and J. Galí,

"Heterogeneity and Aggregate Fluctuations: Insights from TANK Models"


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

Previously circulated as ‘US Monetary Policy and Exchange Rate: Micro Evidence on the Brazilian Credit Channel’

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 ‘US Monetary Policy and Exchange Rate: Micro Evidence on the Brazilian Credit Channel’

Fornaro, L. and F. Romei,

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


2025, 378–389

Previously circulated as ‘US Monetary Policy and Exchange Rate: Micro Evidence on the Brazilian Credit Channel’

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 ‘US Monetary Policy and Exchange Rate: Micro Evidence on the Brazilian Credit Channel’

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