Bruno Albuquerque

Last Updated: October 28, 2021

Bruno Albuquerque

Bruno Albuquerque is an economist in the Macrofinancial Unit in the Strategy, Policy, and Review Department (SPR) of the IMF. Prior to joining the IMF, Bruno was a Senior Research Economist working on macro-financial issues at the Bank of England. Previous experiences include the European Central Bank, where he was a desk economist for the US economy. Before that, Bruno worked in the Monetary Policy Division in the Research Department of the Banco de Portugal. Bruno holds a Ph.D. in Economics from Ghent University, Belgium, and a M.Sc. in Monetary and Financial Economics from ISEG – Lisbon School of Economics and Management. He is interested in empirical macroeconomics, monetary policy, and the linkages between private debt, financial stability, and the real economy.

Email: BAlbuquerque@imf.org

Personal WebPage: https://sites.google.com/site/brunoalbuquerque19/

Fluent In: Portuguese, Spanish.

Education:

Ph.D. in Economics, Ghent University (2019)

M.Sc. in Monetary and Financial Economics, ISEG – Lisbon School of Economics and Management (2010)

B.A. in Economics, ISEG – Lisbon School of Economics and Management (2006)


Previous Experience:

Senior Research Economist – Bank of England, Financial Stability, Macro-Financial Risks Division (2020-2021)

Research Economist – Bank of England, Financial Stability, Macro-Financial Risks Division (2019-2020)

Economist – European Central Bank, DG-International & European Relations, External Developments Division (2019)

PhD Intern – Norges Bank, Research Department (autumn 2017)

Doctoral Researcher – Ghent University, Macroeconomics, Policy & Econometrics Group (2015-2019)

Economist – European Central Bank, DG-International & European Relations, External Developments Division (2012-2015)

Economist – Banco de Portugal, Economics and Research Department, Monetary Policy Division (2009-2012)

Economist – Banco de Portugal, Statistics Department, Balance of Payments Division (2006-2009)

Intern – Montepio Geral Bank, Markets and Risk Hedging Department, International Financial Office (summer 2006)


Referee Activities:

Applied Economics, Applied Economics Letters, CESifo Economic Studies, Economic Inquiry, Economía Journal, Economic Modelling, International Finance, Journal of Applied Econometrics, Macroeconomic Dynamics, North American Journal of Economics and Finance, Oxford Bulletin of Economics and Statistics, Portuguese Economic Journal, Spring Meeting of Young Economists, Southern Economic Journal.


Professional Activities:

Guest Assistant Professor – Faculty of Economics, University of Coimbra (2021-present)

Full member – Centre for Business and Economics Research (CeBER) – (2021-present)

Member – Euro Area Business Cycle Network (EABCN)


Current Position:

Economist – International Monetary Fund, Strategy, Policy, and Review Department, Macrofinancial Unit

Publications in Journals (Refereed)

Monetary policy and US housing expansions: The case of time-varying supply elasticities, (with Martin Iseringhausen and Frédéric Opitz), Economics Letters 195(C), 2020.

One size fits all? Monetary policy and asymmetric household debt cycles in U.S. states, Journal of Money, Credit and Banking, 51(5), 1309-1353, 2019.

Household heterogeneity and consumption dynamics in the presence of borrowing and liquidity constraints, Applied Economics Letters 26(6), 454-459, 2019.

Debt overhang and deleveraging in the US household sector: gauging the impact on consumption (with Georgi Krustev), Review of Income and Wealth 64(2), 459-481, 2018.

Will US inflation awake from the dead? The role of slack and non-linearities in the Phillips curve (with Ursel Baumann), Journal of Policy Modeling 39(2), 247-271, 2017.

What does money and credit tell us about real activity in the United States? (with Ursel Baumann and Franz Seitz), The North American Journal of Economics and Finance 37, 328-347, 2016.

US household deleveraging following the Great Recession – a model-based estimate of equilibrium debt (with Ursel Baumann and Georgi Krustev), The B.E. Journal of Macroeconomics 15(1), 255-307, 2015.

Fiscal institutions and public spending volatility in Europe, Economic Modelling 28(6), 2544-2559, 2011.

Other Published Materials

Weighed down by debt? Revisiting the link between corporate debt overhang and investment, Vox.EU, 28 September 2021.

Monetary policy and US housing expansions: what can we expect for the post-COVID-19 housing recovery? (with Martin Iseringhausen and Frédéric Opitz), Vox.EU, 23 June 2020.

The declining elasticity of US housing supply (with Knut Are Aastveit and André Anundsen), Vox.EU, 25 February 2020.

Assessing US inflation developments using the Phillips curve (with Ursel Baumann), Box 1 in ECB Economic Bulletin, Issue 2, March 2015.

Has US household deleveraging ended? A model-based estimate of equilibrium debt (with Ursel Baumann and Georgi Krustev), Vox.EU, April 2014.

Is the unemployment rate a sound gauge of labour market developments in the United States? (with Ursel Baumann), Box 1 in ECB Monthly Bulletin, April 2014.

Progress with fiscal consolidation: an international comparison (with Maria Grazia Attinasi), Box 7 in ECB Annual Report 2013.

Gauging the macroeconomic impacts of changing financial conditions in emerging market economies (with Alex Al-Haschimi and André Geis), Box 1 in ECB Financial Stability Review, November 2013.

How much progress has been achieved in household deleveraging in the United States? (with Ursel Baumann and Georgi Krustev), Box 1 in ECB Monthly Bulletin, November 2013.

Recent developments in US fiscal policy and their likely impact on economic activity (with Georgi Krustev), Box 1 in ECB Monthly Bulletin, April 2013.

Fiscal institutions and public spending volatility in Europe, Banco de Portugal Economic Bulletin, 59-74, Spring 2012.

Bruno Albuquerque

Bruno Albuquerque is an economist in the Macrofinancial Unit in the Strategy, Policy, and Review Department (SPR) of the IMF. Prior to joining the IMF, Bruno was a Senior Research Economist working on macro-financial issues at the Bank of England. Previous experiences include the European Central Bank, where he was a desk economist for the US economy. Before that, Bruno worked in the Monetary Policy Division in the Research Department of the Banco de Portugal. Bruno holds a Ph.D. in Economics from Ghent University, Belgium, and a M.Sc. in Monetary and Financial Economics from ISEG – Lisbon School of Economics and Management. He is interested in empirical macroeconomics, monetary policy, and the linkages between private debt, financial stability, and the real economy.

Email: BAlbuquerque@imf.org

Personal WebPage: https://sites.google.com/site/brunoalbuquerque19/

Fluent In: Portuguese, Spanish.

Education:

Ph.D. in Economics, Ghent University (2019)

M.Sc. in Monetary and Financial Economics, ISEG – Lisbon School of Economics and Management (2010)

B.A. in Economics, ISEG – Lisbon School of Economics and Management (2006)


Previous Experience:

Senior Research Economist – Bank of England, Financial Stability, Macro-Financial Risks Division (2020-2021)

Research Economist – Bank of England, Financial Stability, Macro-Financial Risks Division (2019-2020)

Economist – European Central Bank, DG-International & European Relations, External Developments Division (2019)

PhD Intern – Norges Bank, Research Department (autumn 2017)

Doctoral Researcher – Ghent University, Macroeconomics, Policy & Econometrics Group (2015-2019)

Economist – European Central Bank, DG-International & European Relations, External Developments Division (2012-2015)

Economist – Banco de Portugal, Economics and Research Department, Monetary Policy Division (2009-2012)

Economist – Banco de Portugal, Statistics Department, Balance of Payments Division (2006-2009)

Intern – Montepio Geral Bank, Markets and Risk Hedging Department, International Financial Office (summer 2006)


Referee Activities:

Applied Economics, Applied Economics Letters, CESifo Economic Studies, Economic Inquiry, Economía Journal, Economic Modelling, International Finance, Journal of Applied Econometrics, Macroeconomic Dynamics, North American Journal of Economics and Finance, Oxford Bulletin of Economics and Statistics, Portuguese Economic Journal, Spring Meeting of Young Economists, Southern Economic Journal.


Professional Activities:

Guest Assistant Professor – Faculty of Economics, University of Coimbra (2021-present)

Full member – Centre for Business and Economics Research (CeBER) – (2021-present)

Member – Euro Area Business Cycle Network (EABCN)


Current Position:

Economist – International Monetary Fund, Strategy, Policy, and Review Department, Macrofinancial Unit

Publications in Journals (Refereed)

Monetary policy and US housing expansions: The case of time-varying supply elasticities, (with Martin Iseringhausen and Frédéric Opitz), Economics Letters 195(C), 2020.

One size fits all? Monetary policy and asymmetric household debt cycles in U.S. states, Journal of Money, Credit and Banking, 51(5), 1309-1353, 2019.

Household heterogeneity and consumption dynamics in the presence of borrowing and liquidity constraints, Applied Economics Letters 26(6), 454-459, 2019.

Debt overhang and deleveraging in the US household sector: gauging the impact on consumption (with Georgi Krustev), Review of Income and Wealth 64(2), 459-481, 2018.

Will US inflation awake from the dead? The role of slack and non-linearities in the Phillips curve (with Ursel Baumann), Journal of Policy Modeling 39(2), 247-271, 2017.

What does money and credit tell us about real activity in the United States? (with Ursel Baumann and Franz Seitz), The North American Journal of Economics and Finance 37, 328-347, 2016.

US household deleveraging following the Great Recession – a model-based estimate of equilibrium debt (with Ursel Baumann and Georgi Krustev), The B.E. Journal of Macroeconomics 15(1), 255-307, 2015.

Fiscal institutions and public spending volatility in Europe, Economic Modelling 28(6), 2544-2559, 2011.

Other Published Materials

Weighed down by debt? Revisiting the link between corporate debt overhang and investment, Vox.EU, 28 September 2021.

Monetary policy and US housing expansions: what can we expect for the post-COVID-19 housing recovery? (with Martin Iseringhausen and Frédéric Opitz), Vox.EU, 23 June 2020.

The declining elasticity of US housing supply (with Knut Are Aastveit and André Anundsen), Vox.EU, 25 February 2020.

Assessing US inflation developments using the Phillips curve (with Ursel Baumann), Box 1 in ECB Economic Bulletin, Issue 2, March 2015.

Has US household deleveraging ended? A model-based estimate of equilibrium debt (with Ursel Baumann and Georgi Krustev), Vox.EU, April 2014.

Is the unemployment rate a sound gauge of labour market developments in the United States? (with Ursel Baumann), Box 1 in ECB Monthly Bulletin, April 2014.

Progress with fiscal consolidation: an international comparison (with Maria Grazia Attinasi), Box 7 in ECB Annual Report 2013.

Gauging the macroeconomic impacts of changing financial conditions in emerging market economies (with Alex Al-Haschimi and André Geis), Box 1 in ECB Financial Stability Review, November 2013.

How much progress has been achieved in household deleveraging in the United States? (with Ursel Baumann and Georgi Krustev), Box 1 in ECB Monthly Bulletin, November 2013.

Recent developments in US fiscal policy and their likely impact on economic activity (with Georgi Krustev), Box 1 in ECB Monthly Bulletin, April 2013.

Fiscal institutions and public spending volatility in Europe, Banco de Portugal Economic Bulletin, 59-74, Spring 2012.