IMF RESEARCHER

Bruno Albuquerque is a senior 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/view/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, Journal of Banking & Finance, Journal of Housing Economics, Journal of International Money and Finance, Journal of Macroeconomics, Macroeconomic Dynamics, North American Journal of Economics and Finance, Oxford Bulletin of Economics and Statistics, Quarterly Review of Economics and Finance, Portuguese Economic Journal, 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, Macrofinancial Unit

IMF Books and Working Papers:

The Housing Supply Channel of Monetary Policy , Working Paper No. 2024/023 , February 02, 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 04, 2022

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

IMF Country Reports

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

Publications in Journals (Refereed)

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

Role of government policies in smoothing borrowers’ spending during stress: Evidence from UK mortgage moratoria (with Alex Varadi), IMF Economic Review, forthcoming.

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

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.

Bruno Albuquerque is a senior 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/view/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, Journal of Banking & Finance, Journal of Housing Economics, Journal of International Money and Finance, Journal of Macroeconomics, Macroeconomic Dynamics, North American Journal of Economics and Finance, Oxford Bulletin of Economics and Statistics, Quarterly Review of Economics and Finance, Portuguese Economic Journal, 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, Macrofinancial Unit

IMF Books and Working Papers:

The Housing Supply Channel of Monetary Policy , Working Paper No. 2024/023 , February 02, 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 04, 2022

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

IMF Country Reports

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

Publications in Journals (Refereed)

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

Role of government policies in smoothing borrowers’ spending during stress: Evidence from UK mortgage moratoria (with Alex Varadi), IMF Economic Review, forthcoming.

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

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.