Luca Fornaro on Hysteresis, Endogenous Growth, and Aggregate Demand Policies
Macro Musings with David Beckworth
Release Date: 05/19/2025
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Luca Fornaro on Hysteresis, Endogenous Growth, and Aggregate Demand Policies
Macro Musings with David Beckworth
Luca Fornaro is a senior researcher at CREI and professor at both UPF and the Barcelona School of Economics. In Luca’s first appearance on the show, he discusses his expansive work on, hysteresis, stagnation traps, endogenous growth, aggregate demand policies, the medium run, population growth and much more. Check out the for this week’s episode, now with links. Recorded on April 23th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Follow Luca on X: Check out our new AI chatbot: the ! Join the new Macro Musings ! Join the...
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Macro Musings with David Beckworth
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info_outlineLuca Fornaro is a senior researcher at CREI and professor at both UPF and the Barcelona School of Economics. In Luca’s first appearance on the show, he discusses his expansive work on, hysteresis, stagnation traps, endogenous growth, aggregate demand policies, the medium run, population growth and much more.
Check out the transcript for this week’s episode, now with links.
Recorded on April 23th, 2025
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Timestamps:
(00:00:00) – Intro
(00:00:51) – Luca’s Background
(00:03:19) – Hysteresis
(00:7:23) – Why Talk About Hysteresis Now?
(00:10:55) – Stagnation Trap
(00:16:07) – The Medium Run
(00:22:25) – Managing Expectations with Automatic Stabilizers
(00:28:48) – What About Population Growth?
(00:31:47) – The Empirical Side
(00:39:24) – Directing Capital Flows
(00:42:30) – The Scars of Supply Shocks
(00:48:57) – The Nominal GDP Targeting Solution
(00:51:28) – Fiscal Stagnation
(00:59:21) – Outro