Luca Fornaro on Hysteresis, Endogenous Growth, and Aggregate Demand Polices

卢卡·福纳罗关于滞后效应、内生增长和总需求政策

Macro Musings with David Beckworth

教育

2025-05-19

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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 polices, 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 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Follow Luca on X: @LucaFornaro3 Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  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
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  • Welcome to Macro Musings,

  • where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past,

  • present, and future.

  • I am your host, David Beckwith,

  • a Senior Research Fellow with the Mercatus Center at George Mason University,

  • and I'm glad you decided to join us.

  • Our guest today is Luca Fonaro.

  • Luca is a researcher at CREI in Barcelona, Spain, where he works on international macroeconomics.

  • Luca has done extensive work on hysteresis, endogenous growth, and agri-demand policies,

  • and he joins us today to discuss these topics and their implications for macroeconomic policy today.

  • Luca, welcome to the program.

  • Thank you very much for the invitation, David.

  • It's a pleasure.

  • Well, it's great to have you, Juan, and we have... chatted a lot on Twitter, now X, over the years.

  • And you've been very careful to remind me and to tell me about the importance of endogenous growth models,

  • aggregate demand policy.

  • Of course, I'm a big fan of aggregate demand policy,

  • a certain version of it, nominal GDP targeting, Luca.

  • So our paths definitely overlap there.

  • Maybe we'll talk about that later.