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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September 19, 2024IIF

Global Macro Views: The Global Outlook

Marcello Estevão · Jonathan Fortun / Institute of International Finance

The September 2024 outlook combines slowing global growth with expectations of substantial Federal Reserve easing. Lower US rates could support emerging markets, but regional exposures differ. Geopolitical tensions, the US election and changes in trade policy frame the risks, while stability and technological progress shape the prospects for 2025.

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August 8, 2024IIF

Global Macro Views: Dollar Dominance Effects on LatAm

Marcello Estevão · Martín Castellano · Jonathan Fortun / Institute of International Finance

A strong dollar does not affect every Latin American economy in the same way. Differences in production, policy, external debt and trade determine how currency movements transmit across the region. The analysis also considers how carry trades and the geopolitical use of the dollar can amplify pressures, making adaptation to dollar dominance a continuing policy challenge.

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