Bruno Albuquerque

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Bibliographic details

• Authors: Bruno Albuquerque

Biography

Bruno Albuquerque is an economist with more than 16 years of international experience in central banking and macro-financial research. He is a Senior Economist in the Macro-Financial and Structural Policies Division of the Strategy, Policy, and Review Department at the International Monetary Fund (IMF), where he leads policy and analytical work on nonbank financial institutions (NBFIs), corporate sector vulnerabilities, and housing markets. He also serves as the SPR Economist for Cabo Verde, and is an organizer of SPR’s Macrofinancial Seminar series. 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.

Profile

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

• American Economic Review | Applied Economics | Applied Economics Letters | CESifo Economic Studies | Economía Journal | Economic Inquiry | Economic Modelling | Economic Systems | Economics Letters | Finance Research Letters | International Finance | International Review of Financial Analysis | 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.

Professional Activities

• Guest Associate Professor – Faculty of Economics, University of Coimbra (2023-present)

• Guest Assistant Professor – Faculty of Economics, University of Coimbra (2021-2023)

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

• Member – Euro Area Business Cycle Network (EABCN)

Current Position

• Senior Economist – International Monetary Fund, Strategy, Policy, and Review Department, Macro-Financial and Structural Policies Division.

IMF Publications

IMF Books and Working Papers

• Banking on Nonbanks, Working Paper No. 2026/023 , February 6, 2026

• From Banks to Nonbanks: Macroprudential and Monetary Policy Effects on Corporate Lending, Working Paper No. 2025/096 , May 23, 2025

• Not all Housing Cycles are Created Equal: Macroeconomic Consequences of Housing Booms, Working Paper No. 2025/050 , February 28, 2025

• Corporate Sector Vulnerabilities and High Levels of Interest Rates, Departmental Paper No 2025/001 , January 13, 2025

• The Housing Supply Channel of Monetary Policy, Working Paper No. 2024/023 , February 2, 2024

• The Zombie Lending Channel of Monetary Policy, Working Paper No. 2023/192 , September 15, 2023

• The Rise of the Walking Dead: Zombie Firms Around the World, Working Paper No. 2023/125 , June 16, 2023

• Financial Concerns and the Marginal Propensity to Consume in COVID Times: Evidence from UK Survey Data, Working Paper No. 2022/047 , March 4, 2022

• Consumption Effects of Mortgage Payment Holidays: Evidence during the COVID-19 Pandemic, Working Paper No. 2022/044 , February 25, 2022

IMF Country Reports

• Corporate Sector Vulnerabilities and High Levels of Interest Rates (with Nassira Abbas, José M. Garrido, Deepali Gautam, Benjamin Mosk, Thomas Piontek, Anjum Rosha, Thierry Tressel, Aki Yokoyama), IMF Departmental Paper DP/2025/001, Washington, D.C, International Monetary Fund, 2025.

• Not all investors are the same: lessons for a changing investor base in Indonesia (with Amr Hosny), Indonesia: Selected Issues, Washington, D.C, International Monetary Fund

Non-IMF Publications

Publications in Journals (Refereed)

• From Banks to Nonbanks: Macroprudential and Monetary Policy Effects on Corporate Lending (with Eugenio Cerutti, Nany Chen, and Melih Firat), American Economic Journal: Macroeconomics, conditionally accepted.

• The zombie lending channel of monetary policy (with Chenyu Mao), Management Science, forthcoming.

• The Housing Supply Channel of Monetary Policy (with Martin Iseringhausen and Frederic Opitz), International Journal of Central Banking 22(2), 443-523.

• Not all housing cycles are created equal: Macroeconomic consequences of housing booms (with Eugenio Cerutti, Yosuke Kido, and Richard Varghese), Journal of International Money and Finance 161, 103496, 2026.

• Role of government policies in smoothing borrowers’ spending during stress: Evidence from UK mortgage moratoria (with Alex Varadi), IMF Economic Review 73, 1259–1301, 2025.

• The rise of the walking dead: zombie firms around the world (with Roshan Iyer), Journal of International Economics 152, 104019.

• Corporate debt booms, financial constraints, and the investment nexus, Journal of Applied Econometrics 39(5), 766–789, 2024.

• Changing supply elasticities and regional housing booms (with Knut Are Aastveit and André Anundsen), Journal of Money, Credit, and Banking 55(7), 1749–1783, 2023.

• Financial concerns and the marginal propensity to consume in COVID times: evidence from UK survey data (with Georgina Green), Journal of Macroeconomics 78, 2023.

• 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

• Banking on nonbanks, with Eugenio Cerutti, Melih Firat, and Benedikt Kagerer, No. 1415, 9 April 2026.

• Banking on nonbanks, with Eugenio Cerutti, Melih Firat, and Benedikt Kagerer, 1 March 2026.

• From banks to nonbanks: Macroprudential and monetary policy effects on corporate lending, with Eugenio Cerutti, Nanyu Chen, and Melih Firat, 16 June 2025.

• Not all Housing Cycles are Created Equal: Macroeconomic Consequences of Housing Booms, with Eugenio Cerutti, Yosuke Kido, and Richard Varghese), No. 1159, 8 May 2025.

• Not all Housing Cycles are Created Equal: Macroeconomic Consequences of Housing Booms, with Eugenio Cerutti, Yosuke Kido, and Richard Varghese, 30 March 2025.

• Corporate Sector Vulnerabilities in a High-Rate World: Growing Risks to Financial Stability, with Nassira Abbas, José M. Garrido, Deepali Gautam, Benjamin Mosk, Thomas Piontek, Anjum Rosha, Thierry Tressel, Aki Yokoyama, 5 March 2025.

• Unveiling the Zombie Lending Channel of Monetary Policy (with Chenyu Mao), 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.

• The zombie lending channel of monetary policy (with Chenyu Mau), VoxEU, 6 October 2023.

• The rise of the walking dead: Zombie firms around the world (with Roshan Iyer), VoxEU, 28 August 2023.

• Consumption effects of mortgage payment holidays during the Covid-19 pandemic (with Alex Varadi), VoxEU, 23 May 2022.

• Financial concerns and the marginal propensity to consume (with Georgina Green), VoxEU, 23 March 2022.

• 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), VoxEU, 23 June 2020.

• The declining elasticity of US housing supply (with Knut Are Aastveit and André Anundsen), VoxEU, 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), VoxEU, 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.

• 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), SUERF Policy Brief No. 1159, 8 May 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.

• Corporate Sector Vulnerabilities in a High-Rate World: Growing Risks to Financial Stability (with Nassira Abbas, José M. Garrido, Deepali Gautam, Benjamin Mosk, Thomas Piontek, Anjum Rosha, Thierry Tressel, Aki Yokoyama), VoxEU, 5 March 2025.

• Unveiling the Zombie Lending Channel of Monetary Policy (with Chenyu Mao), SUERF Policy Brief No. 1093, 20 February 2025.

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