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We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent, slumps characterized by unemployment and weak growth. We refer to these episodes as stagnation traps,...Read more...
Gianluca Benigno and Luca Fornaro
2 February 2016
The Great Recession has indicated that firms' leverage and access to finance are important for hiring and firing decisions. It is now empirically established that bank lending is correlated to employment losses when cred...Read more...
Tito Boeri, Pietro Garibaldi and Espen R. Moen
Revised December 2015