## BRUNO ALBUQUERQUE

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**Canonical URL:** [BRUNO ALBUQUERQUE](https://www.imf.org/-/media/files/cv/pdfs/albuquerque-bruno.pdf)

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### Education
- Ghent University: Ph.D. in Economics, 2015–2019
- ISEG – Lisbon School of Economics and Management: M.Sc. in Monetary and Financial Economics (Very Good, 17/20), 2007–2010
- ISEG – Lisbon School of Economics and Management: B.A. in Economics (Good with Distinction, 16/20), 2002–2006

### Current positions and recent experience
- Senior Economist, SPR, Macro-Financial and Structural Policies Division, International Monetary Fund, 10/2025 – present
- Senior Economist, Strategy, Policy, and Review Department, Macrofinancial unit, International Monetary Fund, 07/2024 – 09/2025
- Economist → Senior Economist, Strategy, Policy, and Review Department, Macrofinancial unit, International Monetary Fund, 09/2021 – 06/2024; 07/2024 – 09/2025
- Guest Associate Professor, Department of Economics, FEUC – Faculty of Economics (University of Coimbra), 05/2023 – present
- Guess Assistant Professor, Department of Economics, FEUC – Faculty of Economics (University of Coimbra), 09/2021 – 05/2023

### Earlier professional experience
- Senior Research Economist; Research Economist, Financial Stability, Macro-Financial Risks Division, Bank of England, 07/2020 – 09/2021; 09/2019 – 06/2020
- Economist, DG-International & European Relations, External Developments, European Central Bank, 04/2019 – 08/2019
- PhD Intern, Research Department, Norges Bank, 08/2017 – 11/2017
- Doctoral Researcher, Macroeconomics, Policy & Econometrics Group, Ghent University, 10/2015 – 03/2019
- Economist, DG-International & European Relations, External Developments, European Central Bank, 08/2012 – 08/2015
- Economist, Economics and Research Department, Monetary Policy Division, Banco de Portugal, 06/2009 – 07/2012
- Economist, Statistics Department, Balance of Payments Division, Banco de Portugal, 10/2006 – 05/2009
- Trainee, Markets and Risk Hedging Department, International Financial Office, Montepio Geral Bank, 06/2006 – 09/2006

### Selected peer-reviewed publications and outputs (highlights)
- "The zombie lending channel of monetary policy", Albuquerque, B., and Chenyu Mao (forthcoming), Management Science.
- "The housing supply channel of monetary policy", Albuquerque, B., Iseringhausen, M. and Opitz, F. (forthcoming), International Journal of Central Banking.
- "Not all Housing Cycles are Created Equal: Macroeconomic Consequences of Housing Booms", Albuquerque, B., Cerutti, E., Kido, Y. and Richard Varghese (2026), Journal of International Money and Finance 161, 103496.
- "Role of government policies in smoothing borrowers’ spending during stress: Evidence from UK mortgage moratoria", Albuquerque, B. and Varadi, A. (2025), IMF Economic Review 73, 1259–1301.
- "The rise of the walking dead: Zombie firms around the world", Albuquerque, B. and Iyer, R. (2024), Journal of International Economics 152, 104019.
- "Corporate debt booms, financial constraints, and the investment nexus", Albuquerque, B. (2024), Journal of Applied Econometrics 39(5), 766–789.
- "Changing supply elasticities and regional housing booms", Aastveit, K. A., Albuquerque, B. and Anundsen, A. (2023), Journal of Money, Credit and Banking 55(7), 1749–1783.
- "Financial concerns and the marginal propensity to consume in COVID times: evidence from UK survey data", Albuquerque, B. and Green, G. (2023), Journal of Macroeconomics 78, 103563.
- Earlier work on household deleveraging, Phillips curve non-linearities, and fiscal institutions spanning 2011–2020 publications.

### Selected policy publications and briefs
- "From banks to nonbanks: Macroprudential and monetary policy effects on corporate lending" (with Eugenio Cerutti, Nanyu Chen, and Melih Firat), VoxEU, 16 June 2025.
- "Not all Housing Cycles are Created Equal: Macroeconomic Consequences of Housing Booms" (with Eugenio Cerutti, Yosuke Kido, and Richard Varghese), VoxEU, 30 March 2025; SUERF Policy Brief No. 1159, 8 May 2025.
- "Corporate Sector Vulnerabilities in a High-Rate World: Growing Risks to Financial Stability" (with Nassira Abbas et al.), VoxEU, 5 March 2025; Analytical Corner, 21 April 2025.
- "Unveiling the Zombie Lending Channel of Monetary Policy" (with Chenyu Mao), SUERF Policy Brief No. 1093, 20 February 2025.
- "Housing in the monetary crosshairs: a tale of regional supply constraints" (with Martin Iseringhausen and Frédéric Opitz), SUERF Policy Brief No. 820, 14 March 2024.
- Policy briefs and commentaries on mortgage payment holidays, financial concerns and consumption, corporate debt overhang, monetary policy and housing, and US inflation assessment (2013–2023).

### Policy papers and working papers
- "Corporate Sector Vulnerabilities and High Levels of Interest Rates" (with Nassira Abbas et al.), IMF Departmental Paper DP/2025/001, Washington, D.C, International Monetary Fund, 2025.
- "From Banks to Nonbanks: Macroprudential and Monetary Policy Effects on Corporate Lending" (with Eugenio Cerutti, Nanyu Chen, and Melih Firat), IMF Working Paper WP/25/96, May 2025 (work in progress).

### Work in progress
- IMF Working Paper WP/25/96: From Banks to Nonbanks: Macroprudential and Monetary Policy Effects on Corporate Lending, May 2025. [Summary: VoxEU, G20 Global Financial Stability Conference]

### Awards and recognitions
- Ranked within Top Economists by Cohorts among 2019 PhD recipients worldwide (Ideas/Repec)
- Ideas/Repec top 8% Economists: publications last 10 years (October 2025)
- Ideas/Repec top 10% Economists in D.C. (United States): publications last 10 years (October 2025)
- BOF-PhD scholarship, Ghent University, 2015-2019
- ISEG’s Hall of Fame for students with a grade average of 16 or higher since 1915, 2012
- Best Undergraduate Student in Economics, Banco de Portugal Award, 2006
- Best Undergraduate Student in Economics at ISEG, CGD Award, 2006
- Best grade in “Market and Financial Investments”, Montepio Geral Award, 2005

### Seminars (selected)
- 2025: Federal Reserve Board, European Central Bank, Bank of England, European Stability Mechanism, International Monetary Fund.
- 2024: International Monetary Fund.
- 2023: International Monetary Fund.
- 2022: International Monetary Fund, National Bank of Belgium.
- 2021: International Monetary Fund, University of Coimbra, Bank of England.
- Earlier seminars at Norges Bank, Ghent University, European Central Bank (2015–2019).

### Conferences and workshops (selected)
- 2025: 4th Banco de Portugal Winter Research Workshop (Lisboa, Portugal); 4th CEMLA/Dallas Fed Financial Stability Workshop (San Antonio, USA); Annual Meeting of the Central Bank Research Association (Boston, USA); 2025 Allied Social Science Associations (ASSA) Annual Meeting (San Francisco, USA).
- 2024: ECB Conference on Financial Stability and Macroprudential Policy 2024 (Frankfurt, Germany); IBEFA Summer Meeting at the 2024 WEAI Conference (Seattle, United States); Inaugural Conference of the ESCB Research Network on Monetary Transmission (Frankfurt, Germany).
- 2023: Central Bank of Ireland: Financial stability policies in a changing lending landscape (Dublin, Ireland); 5th Biennial Conference on Financial Stability (Mexico City, Mexico).
- Extensive participation in conferences and workshops from 2013 through 2021, including ASSA, IAAE, CEPR/CEBRA events, and specialized workshops on housing, macro-finance, and monetary policy.

### Professional service
- Referee for Applied Economics; Applied Economics Letters; CESifo Economic Studies; Economía Journal; Economic Inquiry; Economic Modelling; Economic Systems; Economics Letters; Finance Research Letters; International Finance; Journal of Applied Econometrics; Journal of Banking & Finance; Journal of Housing Economics; Journal of International Financial Markets, Institutions & Money; Journal of International Money and Finance; Journal of Macroeconomics; Macroeconomic Dynamics; North American Journal of Economics and Finance; Oxford Bulletin of Economics and Statistics; Portuguese Economic Journal; Quarterly Review of Economics and Finance; Spring Meeting of Young Economists; Southern Economic Journal.
- Memberships: Univ Coimbra, CeBER, Faculty of Economics, Central Bank Research Association (CEBRA), Euro Area Business Cycle Network (EABCN).

### Academic discussions and invited discussant roles (selected)
- Discussant on: Housing market cycles, productivity growth, and household debt (Banque de France, 17-18 June 2021).
- Discussant on: The role of auctions and negotiation in housing prices (RBA Annual Quantitative Macroeconomics Research Workshop, 12-13 December 2019).
- Additional discussant roles on topics including monetary union policy equilibria, short-run monetary policy effects on credit risk, undervaluation and growth, agent-based models for financial vulnerability (2013–2019).

### Teaching and supervision
- Teaching Assistant, Monetary Economics, Master in Banking & Finance, Ghent University, 2015-19
- Supervision of Master theses, Ghent University, 2015-19
- Ph.D. Dissertation Committee: Duarte Maia, University of Minho, 2022

### Research interests and skills
- Research interests: Empirical macro, monetary policy, and the linkages between private debt, financial stability, and the real economy.
- Languages: Portuguese (native), English (fluent), Spanish (fluent)
- Econometric/statistical software: Stata, Matlab, R, NiGEM, Troll, EViews

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_Source: https://www.imf.org/-/media/files/cv/pdfs/albuquerque-bruno.pdf_