{
  "title": "Richard Varghese",
  "sourceUrl": "https://www.imf.org/en/research/researcher-cv/author/varghese-richard",
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  "summary": "Richard Varghese is an Economist in the IMF's European Department, covering the Euro Area. Previously, he worked in the Strategy, Policy, and Review Department, focusing on macrofinancial issues, and in the European Department, co-authoring the Regional Economic Outlook. He has also worked on IMF country teams, participating in Article IV consultations for Luxembourg and Fund-supported programs in Bangladesh and Burkina Faso. Richard holds a Ph.D. in Economics from the Graduate Institute in Geneva. His research interests include macro-finance and monetary policy, and his work has been published in academic journals, including the Journal of Corporate Finance and the Journal of International Money and Finance.",
  "authors": [
    "Richard Varghese"
  ],
  "sections": [
    {
      "heading": "Biography",
      "content": "Richard Varghese is an Economist in the IMF's European Department, covering the Euro Area. Previously, he worked in the Strategy, Policy, and Review Department, focusing on macrofinancial issues, and in the European Department, co-authoring the Regional Economic Outlook. He has also worked on IMF country teams, participating in Article IV consultations for Luxembourg and Fund-supported programs in Bangladesh and Burkina Faso. Richard holds a Ph.D. in Economics from the Graduate Institute in Geneva. His research interests include macro-finance and monetary policy, and his work has been published in academic journals, including the Journal of Corporate Finance and the Journal of International Money and Finance."
    },
    {
      "heading": "Education",
      "content": "- PhD in International Economics, The Graduate Institute, Geneva\n\n- Master of Public Administration, London School of Economics, London\n\n- Master in Public Policy, Lee Kuan Yew School of Public Policy, Singapore\n\n- B.A. Economics, St. Stephen’s College, Delhi"
    },
    {
      "heading": "Field of Expertise",
      "content": "- Monetary Policy\n\n- Macro-Financial Issues"
    },
    {
      "heading": "IMF Direct Blog Posts",
      "content": "- Public Opinion on Automation, 2020, with C. Mulas-Granados and V. Boranova\n\n- Chart of the Week: Europe’s Wage-Price Puzzle, 2019"
    },
    {
      "heading": "IMF Books and Working Papers",
      "content": "- Deeper and More Integrated Financial Markets to Foster Growth and Resilience in Europe, Staff Discussion Notes No. 2026/002 , June 10, 2026\n\n- Risk Propagation in the European Banking System: Amplification Effect from NBFIs and Market Risks, Working Paper No. 2026/033 , February 20, 2026\n\n- Carbon Risk in Loan Pricing: Commitment Channels and Real Effects, Working Paper No. 2025/250 , December 5, 2025\n\n- Not all Housing Cycles are Created Equal: Macroeconomic Consequences of Housing Booms, Working Paper No. 2025/050 , February 28, 2025\n\n- Predicting Financial Crises: The Role of Asset Prices, Working Paper No. 2023/157 , August 4, 2023\n\n- Carbon Policy and Stock Returns: Signals from Financial Markets, Working Paper No. 2023/013 , January 27, 2023\n\n- Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis, Departmental Paper No 2022/002 , February 23, 2022\n\n- The COVID-19 Impact on Corporate Leverage and Financial Fragility, Working Paper No. 2021/265 , November 5, 2021\n\n- Handle with Care: Regulatory Easing in Times of COVID-19, Working Paper No. 2021/049 , February 26, 2021\n\n- Wage Growth and Inflation in Europe: A Puzzle?, Working Paper No. 2019/280 , December 20, 2019\n\n- Automation, Skills and the Future of Work: What do Workers Think?, Working Paper No. 2019/288 , December 20, 2019\n\n- A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers, Working Paper No. 2018/011 , January 24, 2018"
    },
    {
      "heading": "Other Published Materials",
      "content": "- Regional Economic Outlook: Europe, 2019, Chapter 2, Wage Growth and Inflation in Europe: A Puzzle?"
    },
    {
      "heading": "Publications in Journals (Refereed)",
      "content": "- Not all housing cycles are created equal: Macroeconomic consequences of housing booms, Journal of International Money and Finance, Volume 161, February 2026, 103496, with B. Albuquerque, E. Cerutti, and Y. Kido.\n\n- Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks, Journal of Corporate Finance, Volume 80, 2023, 102416, with S. Haque.\n\n- Politically connected firms and privileged access to credit: Evidence from Central and Eastern Europe, European Journal of Political Economy, Volume 71, 102073, 2022, with M. Bussolo, F. de Nicola, and U. Panizza.\n\n- Handle with care: Regulatory easing in times of COVID-19, The BE Journal of Macroeconomics, vol. 22, no. 1, 2022, pp. 363-396, with F. Valencia, W. Yao, and J. Yépez.\n\n- Wage growth and inflation in Europe: a puzzle?, Oxford Economic Papers, Volume 73, Issue 4, October, 2021, Pages 1427–1453, with V. Boranova, R. Huidrom, S. Nowak, P. Topalova, and V. Tulin."
    },
    {
      "heading": "Other Published Materials",
      "content": "- Not all housing cycles are created equal: Macroeconomic consequences of housing booms, 2025, VoxEU with B. Albuquerque, E. Cerutti, and Y. Kido\n\n- Not all housing cycles are created equal: Macroeconomic consequences of housing booms, 2025, SUERF Policy Brief No, 1159, with B. Albuquerque, E. Cerutti, and Y. Kido\n\n- Calm before the storm: The overlooked predictive power of asset prices for financial stability, 2023, VoxEU with T. Hennig and P. Iossifov\n\n- Carbon policies and stock returns: Signals from financial markets, 2023, VoxEU, with M. Hengge and U. Panizza\n\n- COVID-19, Corporate Leverage, and Financial Fragility, 2021, CLS Blue Sky Blog, with S. Haque\n\n- Handle with Care: Regulatory Easing in Times of Covid-19, 2021, BCC Blog, with F. Valencia, W. Yao, and J. Yépez\n\n- Wage Growth and Inflation in Europe: A Puzzle?, 2020, BCC Blog, with R. Huidrom and P. Topalova\n\n- Political connections, privileged access to credit, and welfare costs, 2020, VoxEU, M. Bussolo, F. de Nicola, and U. Panizza.\n\n- Public debt and private investment, 2019, VoxEU, with Y. Huang and U. Panizza"
    }
  ],
  "bullets": [
    "PhD in International Economics, The Graduate Institute, Geneva",
    "Master of Public Administration, London School of Economics, London",
    "Master in Public Policy, Lee Kuan Yew School of Public Policy, Singapore",
    "B.A. Economics, St. Stephen’s College, Delhi",
    "Monetary Policy",
    "Macro-Financial Issues",
    "[Public Opinion on Automation, 2020, with C. Mulas-Granados and V. Boranova](https://blogs.imf.org/2020/02/10/public-opinion-on-automation/)",
    "[Chart of the Week: Europe’s Wage-Price Puzzle, 2019](https://blogs.imf.org/2019/11/11/europes-wage-price-puzzle/)",
    "[Deeper and More Integrated Financial Markets to Foster Growth and Resilience in Europe](https://www.imf.org/en/publications/staff-discussion-notes/issues/2026/06/09/deeper-and-more-integrated-financial-markets-to-foster-growth-and-resilience-in-europe-576494), Staff Discussion Notes No. 2026/002 , June 10, 2026",
    "[Risk Propagation in the European Banking System: Amplification Effect from NBFIs and Market Risks](https://www.imf.org/en/publications/wp/issues/2026/02/20/risk-propagation-in-the-european-banking-system-amplification-effect-from-nbfis-and-market-574189), Working Paper No. 2026/033 , February 20, 2026",
    "[Carbon Risk in Loan Pricing: Commitment Channels and Real Effects](https://www.imf.org/en/publications/wp/issues/2025/12/05/carbon-risk-in-loan-pricing-commitment-channels-and-real-effects-571321), Working Paper No. 2025/250 , December 5, 2025",
    "[Not all Housing Cycles are Created Equal: Macroeconomic Consequences of Housing Booms](https://www.imf.org/en/publications/wp/issues/2025/02/28/not-all-housing-cycles-are-created-equal-macroeconomic-consequences-of-housing-booms-562408), Working Paper No. 2025/050 , February 28, 2025",
    "[Predicting Financial Crises: The Role of Asset Prices](https://www.imf.org/en/publications/wp/issues/2023/08/03/predicting-financial-crises-the-role-of-asset-prices-536491), Working Paper No. 2023/157 , August 4, 2023",
    "[Carbon Policy and Stock Returns: Signals from Financial Markets](https://www.imf.org/en/publications/wp/issues/2023/01/27/carbon-policy-surprises-and-stock-returns-signals-from-financial-markets-528644), Working Paper No. 2023/013 , January 27, 2023",
    "[Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2022/02/18/policy-options-for-supporting-and-restructuring-firms-hit-by-the-covid-19-crisis-464871), Departmental Paper No 2022/002 , February 23, 2022",
    "[The COVID-19 Impact on Corporate Leverage and Financial Fragility](https://www.imf.org/en/publications/wp/issues/2021/11/05/the-covid-19-impact-on-corporate-leverage-and-financial-fragility-504356), Working Paper No. 2021/265 , November 5, 2021",
    "[Handle with Care: Regulatory Easing in Times of COVID-19](https://www.imf.org/en/publications/wp/issues/2021/02/26/handle-with-care-regulatory-easing-in-times-of-covid-19-50126), Working Paper No. 2021/049 , February 26, 2021",
    "[Wage Growth and Inflation in Europe: A Puzzle?](https://www.imf.org/en/publications/wp/issues/2019/12/20/wage-growth-and-inflation-in-europe-a-puzzle-48845), Working Paper No. 2019/280 , December 20, 2019",
    "[Automation, Skills and the Future of Work: What do Workers Think?](https://www.imf.org/en/publications/wp/issues/2019/12/20/automation-skills-and-the-future-of-work-what-do-workers-think-48791), Working Paper No. 2019/288 , December 20, 2019",
    "[A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers](https://www.imf.org/en/publications/wp/issues/2018/01/24/a-new-wave-of-ecbs-unconventional-monetary-policies-domestic-impact-and-spillovers-45577), Working Paper No. 2018/011 , January 24, 2018",
    "[Regional Economic Outlook: Europe, 2019, Chapter 2, Wage Growth and Inflation in Europe: A Puzzle?](https://www.imf.org/en/Publications/REO/EU/Issues/2019/10/24/REO-EUR-1119#Wage%20Growth%20and%20Inflation%20in%20Europe:%20A%20Puzzle?)",
    "[Not all housing cycles are created equal: Macroeconomic consequences of housing booms, Journal of International Money and Finance, Volume 161, February 2026, 103496, with B. Albuquerque, E. Cerutti, and Y. Kido.](https://www.sciencedirect.com/science/article/pii/S0261560625002311?dgcid=author)",
    "[Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks, Journal of Corporate Finance, Volume 80, 2023, 102416, with S. Haque.](https://www.sciencedirect.com/science/article/pii/S0929119923000652)",
    "[Politically connected firms and privileged access to credit: Evidence from Central and Eastern Europe, European Journal of Political Economy, Volume 71, 102073, 2022, with M. Bussolo, F. de Nicola, and U. Panizza.](https://doi.org/10.1016/j.ejpoleco.2021.102073)",
    "[Handle with care: Regulatory easing in times of COVID-19, The BE Journal of Macroeconomics, vol. 22, no. 1, 2022, pp. 363-396, with F. Valencia, W. Yao, and J. Yépez.](https://doi.org/10.1515/bejm-2020-0270)",
    "[Wage growth and inflation in Europe: a puzzle?, Oxford Economic Papers, Volume 73, Issue 4, October, 2021, Pages 1427–1453, with V. Boranova, R. Huidrom, S. Nowak, P. Topalova, and V. Tulin.](https://doi.org/10.1093/oep/gpab051)",
    "[Not all housing cycles are created equal: Macroeconomic consequences of housing booms, 2025, VoxEU with B. Albuquerque, E. Cerutti, and Y. Kido](https://cepr.org/voxeu/columns/not-all-housing-cycles-are-created-equal-macroeconomic-consequences-housing-booms)",
    "[Not all housing cycles are created equal: Macroeconomic consequences of housing booms, 2025, SUERF Policy Brief No, 1159, with B. Albuquerque, E. Cerutti, and Y. Kido](https://www.suerf.org/publications/suerf-policy-notes-and-briefs/not-all-housing-cycles-are-created-equal-macroeconomic-consequences-of-housing-booms/)",
    "[Calm before the storm: The overlooked predictive power of asset prices for financial stability, 2023, VoxEU with T. Hennig and P. Iossifov](https://cepr.org/voxeu/columns/calm-storm-overlooked-predictive-power-asset-prices-financial-stability)",
    "[Carbon policies and stock returns: Signals from financial markets, 2023, VoxEU, with M. Hengge and U. Panizza](https://cepr.org/voxeu/columns/carbon-policies-and-stock-returns-signals-financial-markets)",
    "[COVID-19, Corporate Leverage, and Financial Fragility, 2021, CLS Blue Sky Blog, with S. Haque](https://clsbluesky.law.columbia.edu/2021/10/05/covid-19-corporate-leverage-and-financial-fragility/)",
    "[Handle with Care: Regulatory Easing in Times of Covid-19, 2021, BCC Blog, with F. Valencia, W. Yao, and J. Yépez](https://bccprogramme.org/handle-with-care-regulatory-easing-in-times-of-covid-19/)",
    "[Wage Growth and Inflation in Europe: A Puzzle?, 2020, BCC Blog, with R. Huidrom and P. Topalova](https://bccprogramme.org/wage-growth-and-inflation-in-europe-a-puzzle/)",
    "[Political connections, privileged access to credit, and welfare costs, 2020, VoxEU, M. Bussolo, F. de Nicola, and U. Panizza.](https://voxeu.org/article/political-connections-privileged-access-credit-and-welfare-costs)",
    "[Public debt and private investment, 2019, VoxEU, with Y. Huang and U. Panizza](https://voxeu.org/article/public-debt-and-private-investment)"
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