Jonathan Fortun

Global macroeconomics

How money, financial systems and policy shape economic activity, and how we measure the forces beneath the surface.

The same financial shock can produce very different economic outcomes. Understanding why means looking beneath aggregate indicators at the monetary arrangements, financial institutions and policy choices that connect markets with economic activity. That connection sits at the center of my work in global macroeconomics.

Measurement is part of the question. Research on economic slack in the eurozone examines how we assess an economy's room to grow. Work on derivatives, bank loan quality and exchange rate valuation explores the financial channels through which risks and incentives take shape. Analysis of Japan adds a perspective on monetary policy and its international setting.

Together, these strands ask how the architecture of finance influences economic adjustment. This page connects academic research, institutional analysis and public discussion so readers can follow an idea across different methods, markets and moments, and return to the original evidence.

Research and public conversation

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2026Accepted for presentation

Two prices, one exit: administrative visibility and the distributional incidence of subsidy reform in Bolivia

Jonathan M. Fortun Vargas / Fiscal policy for sustainable development in the Global South, LSE International Inequalities Institute and UNU-WIDER workshop

Accepted for presentation at the LSE International Inequalities Institute and UNU-WIDER workshop on 6 November 2026. Using BOLMOD, the Bolivian module of SOUTHMOD, this paper studies how Bolivia’s fuel subsidy reform and exchange rate unification affect households. It compares the enacted compensation package with alternatives deliverable through existing registries, showing why administrative visibility matters for who receives relief.

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