Ricardo Nunes is a Professor in the School of Economics at the University of Surrey. He graduated from Universitat Pompeu Fabra (Barcelona, Spain) obtaining a MSc in Economics in 2003 and a PhD in Economics in 2007. After graduating he spent 10 years in the Federal Reserve System under various roles. In 2007 he joined the Board of Governors of the Federal Reserve System, where he worked as an economist and senior economist. In 2014 he moved to the Federal Reserve Bank of Boston working as a senior economist and policy advisor. He has held research visitor roles at several central banks and international institutions such as the Federal Reserve Bank of Boston, the Bank of England, the IMF, and the Bank of Portugal. In February 2018 he was appointed to the Council of Economic Advisers to the Chancellor of the Exchequer.
His main research is on monetary and fiscal policy, both theoretical and applied. He has published in leading academic journals including the Quarterly Journal of Economics, Journal of Monetary Economics, Journal of Economic Theory, Journal of the European Economic Association, among others.
Areas of specialism
University roles and responsibilities
- Recruiting Committee
- Direction of Centre of International Macroeconomic Studies
Affiliations and memberships
Previous Work Experience
Federal Reserve Bank of Boston
Senior Economist and Policy Advisor, 2016-2017
Senior Economist, 2014-2015
Board of Governors of the Federal Reserve System
Senior Economist, 2015
Barcelona Graduate School of Economics UAB
Invited Lecturer, 2009-2015
International Monetary Fund
Visiting Scholar, Dec. 2012
Intern Economist, May 2006-Sept. 2006
Bank of Portugal
Visiting Scholar, Sept. 2012-Dec. 2012
Intern Economist, Sept. 2001-Mar. 2002
Universitat Pompeu Fabra
Research Assistant, 2005-2006
Teaching Associate, 2005-2006
Teaching Assistant, 2003-2004
Ph.D., Universitat Pompeu Fabra, Summa Cum Laude, 2007
M.Sc., Universitat Pompeu Fabra, Honors, 2003
B.Sc., Universidade Técnica de Lisboa,Honors, 2001
In the media
His main research interests are in the area of macroeconomics, both theoretical and applied. He has published research examining the design of monetary policy, expectations formation, inflation dynamics, central banking communication and forward guidance, policy credibility, sovereign bond default, maturity structure, and monetary and fiscal policy interactions, among other topics.
Undergraduate, Intermediate Macroeconomics (ECO2046)
PhD, Advanced Macroeconomics II (ECOD004)
PhD, Topics in Macroeconomic Modelling II (ECOD012)
government can perfectly commit, it fully insulates the economy against government spend-
ing shocks by purchasing short-term assets and issuing long-term debt. These positions are
quantitatively very large relative to GDP and do not need to be actively managed by the
government. Our main result is that these conclusions are not robust to the introduction of
lack of commitment. Under lack of commitment, large and tilted debt positions are very expensive to finance ex-ante since they exacerbate the problem of lack of commitment ex-post.
In contrast, a
flat maturity structure minimizes the cost of lack of commitment, though it
also limits insurance and increases the volatility of fiscal policy distortions. We show that the
optimal time-consistent maturity structure is nearly
at because reducing average borrowing costs is quantitatively more important for welfare than reducing fiscal policy volatility.
Thus, under lack of commitment, the government actively manages its debt positions and
can approximate optimal policy by confining its debt instruments to consols.
central banks, as parsimonious approximations to social welfare. We show, both analytically and
quantitatively, that simple loss functions should feature a high weight on measures of economic
activity, sometimes even larger than the weight on inflation. Two main factors drive our result.
First, stabilising economic activity also stabilises other welfare-relevant variables. Second, the
estimated model features mitigated inflation distortions due to a low elasticity of substitution
between monopolistic goods and a low interest rate sensitivity of demand. The result holds
up in the presence of measurement errors, with large shocks that generate a trade-o¤ between
stabilising inflation and resource utilisation, and also when imposing a moderate degree of
interest rate volatility.