Recent Publications

Asriyan, V., L. Fornaro, A. Martin and J. Ventura,

"Monetary Policy for a Bubbly World"


Forthcoming in The Review of Economic Studies, 2021

Journal of Money, Credit and Banking, 2020, 52 (S1): 197-231. DOI.
Outreach: Speech by Isabel Schnabel, Member of the Executive Board of the ECB (2020) · VoxEU (2020) · Expansión (2020) · Summary featured in the ECB Research Bulletin (April 2020) · ECB Economic Bulletin no. 3 (2020) · cited in VoxEU posts 2020 and 2019 · Featured in a Medium.com post The Unbearable Lightness of Low Rates (2020) and in MacroHive’s Top Picks (2020)

L. Alfaro, M. García-Santana and E. Moral-Benito,

"On the Direct and Indirect Real Effects of Credit Supply Shocks"


Forthcoming in Journal of Financial Economics, 2021

Journal of Money, Credit and Banking, 2020, 52 (S1): 197-231. DOI.
Outreach: Speech by Isabel Schnabel, Member of the Executive Board of the ECB (2020) · VoxEU (2020) · Expansión (2020) · Summary featured in the ECB Research Bulletin (April 2020) · ECB Economic Bulletin no. 3 (2020) · cited in VoxEU posts 2020 and 2019 · Featured in a Medium.com post The Unbearable Lightness of Low Rates (2020) and in MacroHive’s Top Picks (2020)

Monràs, J.,

"Local Adjustment to Immigrant-Driven Labor Supply Shocks"


Forthcoming in Journal of Human Capital, 2021

Journal of Money, Credit and Banking, 2020, 52 (S1): 197-231. DOI.
Outreach: Speech by Isabel Schnabel, Member of the Executive Board of the ECB (2020) · VoxEU (2020) · Expansión (2020) · Summary featured in the ECB Research Bulletin (April 2020) · ECB Economic Bulletin no. 3 (2020) · cited in VoxEU posts 2020 and 2019 · Featured in a Medium.com post The Unbearable Lightness of Low Rates (2020) and in MacroHive’s Top Picks (2020)

A. P. Behrer, E. L. Glaeser, G. Ponzetto and A. Shleifer,

"Securing Property Rights"


Forthcoming in Journal of Political Economy, 2021

Journal of Money, Credit and Banking, 2020, 52 (S1): 197-231. DOI.
Outreach: Speech by Isabel Schnabel, Member of the Executive Board of the ECB (2020) · VoxEU (2020) · Expansión (2020) · Summary featured in the ECB Research Bulletin (April 2020) · ECB Economic Bulletin no. 3 (2020) · cited in VoxEU posts 2020 and 2019 · Featured in a Medium.com post The Unbearable Lightness of Low Rates (2020) and in MacroHive’s Top Picks (2020)

Broner, F., A. Martin and J. Ventura,

"On Public Spending and Economic Unions"


Forthcoming in IMF Economic Review, 2021

Journal of Money, Credit and Banking, 2020, 52 (S1): 197-231. DOI.
Outreach: Speech by Isabel Schnabel, Member of the Executive Board of the ECB (2020) · VoxEU (2020) · Expansión (2020) · Summary featured in the ECB Research Bulletin (April 2020) · ECB Economic Bulletin no. 3 (2020) · cited in VoxEU posts 2020 and 2019 · Featured in a Medium.com post The Unbearable Lightness of Low Rates (2020) and in MacroHive’s Top Picks (2020)

Vanasco, V., U. Malmendier and D. Pouzo,

"Investor Experiences and Financial Market Dynamics"


Journal of Financial Economics, 2020, 136(3), 597-622

Journal of Money, Credit and Banking, 2020, 52 (S1): 197-231. DOI.
Outreach: Speech by Isabel Schnabel, Member of the Executive Board of the ECB (2020) · VoxEU (2020) · Expansión (2020) · Summary featured in the ECB Research Bulletin (April 2020) · ECB Economic Bulletin no. 3 (2020) · cited in VoxEU posts 2020 and 2019 · Featured in a Medium.com post The Unbearable Lightness of Low Rates (2020) and in MacroHive’s Top Picks (2020)

Debortoli, D.,

"Comments on “Boosting Fiscal Space: The Roles of GDP-Linked Debt and Longer Maturities” by J. I. Kim and J. D. Ostry"


Forthcoming in Economic Policy, 2020

Journal of Money, Credit and Banking, 2020, 52 (S1): 197-231. DOI.
Outreach: Speech by Isabel Schnabel, Member of the Executive Board of the ECB (2020) · VoxEU (2020) · Expansión (2020) · Summary featured in the ECB Research Bulletin (April 2020) · ECB Economic Bulletin no. 3 (2020) · cited in VoxEU posts 2020 and 2019 · Featured in a Medium.com post The Unbearable Lightness of Low Rates (2020) and in MacroHive’s Top Picks (2020)

R. Billi and J. Galí,

"Gains from Wage Flexibility and the Zero Lower Bound"


Oxford Bulletin of Economics and Statistics, 2020, 82(6), 1239-1261

Journal of Money, Credit and Banking, 2020, 52 (S1): 197-231. DOI.
Outreach: Speech by Isabel Schnabel, Member of the Executive Board of the ECB (2020) · VoxEU (2020) · Expansión (2020) · Summary featured in the ECB Research Bulletin (April 2020) · ECB Economic Bulletin no. 3 (2020) · cited in VoxEU posts 2020 and 2019 · Featured in a Medium.com post The Unbearable Lightness of Low Rates (2020) and in MacroHive’s Top Picks (2020)

Asriyan, V.,

"Balance Sheet Channel with Information-Trading Frictions in Secondary Markets"


Forthcoming in The Review of Economic Studies, 2020

Journal of Money, Credit and Banking, 2020, 52 (S1): 197-231. DOI.
Outreach: Speech by Isabel Schnabel, Member of the Executive Board of the ECB (2020) · VoxEU (2020) · Expansión (2020) · Summary featured in the ECB Research Bulletin (April 2020) · ECB Economic Bulletin no. 3 (2020) · cited in VoxEU posts 2020 and 2019 · Featured in a Medium.com post The Unbearable Lightness of Low Rates (2020) and in MacroHive’s Top Picks (2020)

Debortoli, D.,

"Comments on The Fiscal-Monetary Policy Mix in the Euro Area: Challenges at the Zero Lower Bound"


Forthcoming in Economic Policy, 2020

Journal of Money, Credit and Banking, 2020, 52 (S1): 197-231. DOI.
Outreach: Speech by Isabel Schnabel, Member of the Executive Board of the ECB (2020) · VoxEU (2020) · Expansión (2020) · Summary featured in the ECB Research Bulletin (April 2020) · ECB Economic Bulletin no. 3 (2020) · cited in VoxEU posts 2020 and 2019 · Featured in a Medium.com post The Unbearable Lightness of Low Rates (2020) and in MacroHive’s Top Picks (2020)

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