Chiara Punzo

I am a Senior Researcher at the Bank of England, where I shape the UK's macro-prudential strategy to ensure financial stability. My expertise lies at the intersection of academic research and high-level policy advisory, providing the Financial Policy Committee (FPC) with the analytical foundations for systemic risk assessment and CCyB calibration. 

WIth a track record at the Banque de France and PhD from the University of Milan, I specialize translating complex econometric analysis into actionable policy insights. My current research focuses on the evolution of monetary policy in an era of global uncertainty, aiming to bridge the gap between theoretical frameworks and central banking operations. 

Contact: chiara.punzo@bankofengland.co.uk

Published research

• A Money-Financed Fiscal Stimulus: Redistribution and Social Welfare, joint with Lorenza Rossi. Journal of Money, Credit and Banking, Volume 55, March-April 2023, 595-617. 

Presentations: CEF, T2M, Società Italiana degli Economisti

• Bank's leverage behaviour in a two-agent New Keynesian model, joint with Andrea Boitani.  Journal of Economic Behavior and Organization, Volume 162, June 2019, Pages 347-359.

Presentations: 5th Macro Banking and Finance Workshop, Finance and Economic Growth in the Aftermath of the Crisis

Working paper

• Monetary Policy, State-Dependent Bank Capital Requirements and the role of Non-Bank Financial Intermediaries with Manuel Gloria. Bank of England Working Paper Series, 156, November 2025.

Presentations: Second Czech National Bank Workshop on Financial Stability and Macroprudential Policy, 11th research workshop of the Monetary Policy Committee Task Force on Banking Analysis for Monetary Policy,  Central Bank of Ireland – University College Dublin workshop on macro-finance and financial stability policies, Dynare Conference

Research in progress 

• Money, debt and monetary-fiscal regimes: a unified framework with redistribution with Giulia Rivolta.

 Presentations: Liverpool Workshop on Micro Data and Macro Policies, Second Annual Czech National Bank Conference, The Liverpool and CEPR Workshop on Macroeconomics

• State-dependent responses of NBFI net interest rate margins to monetary policy shocks, with Anisa Tiza Mimun

• UK GDP tail risk. The impact of non-bank lenders on shock decomposition, with Alice Albonico and Manuel Gloria

• Banking Fragility and the Capitalization Dilemma, with Max Cowan, Manuel Gloria, Hanbaek Lee, Gonzalo Alberto Marivil Figueroa and Jean-Charles Wijnandts

Invited discussions 

• Monetary Policy Tightening and Macroprudential Policy (Luis Herrera, Caterina Mendicino, Kalin Nikolov and Valerio Scalone) - Second Czech National Bank Workshop on Financial Stability and Macroprudential Policy

• Do Non-bank Lenders Mitigate Credit Supply Shocks? Evidence from a Major Bank Exit (Fergal McCann, Niall McGeever and Oana Peia) – Czech National Bank Workshop on Financial Stability and Macroprudential Policy (Prague)

• Robust design of countercyclical capital buffer rules (Dominik Hecker, Hun Jang, Margarita Rubio and Fabio Verona)  8th Annual Workshop of ESCB Research Cluster 3 on Financial Stability, Macroprudential Regulation and Microprudential Supervision (Rome) 

• The State-dependent impact of changes in bank capital requirements (Jan Hannes Lang and Dominik Menno)  7th Annual Workshop of ESCB Research Cluster 3 on Financial Stability, Macroprudential Regulation and Microprudential Supervision (Saariselkä) 

• Distributional Effects of Bank Equity Losses  (C. Mendicino, L. Nord and M. Peruffo) 20th Workshop on Macroeconomic Dynamics: Theory and Applications (Milan) 

Contribution to external-facing policy work

• The crucial role of financial stability in a central bank's policy strategy framework. Speech by Randy Kroszner at the European Central Bank

• Two sides of the same coin - delivering monetary and financial stability timelessly. Speech by Sarah Breeden at the University of Leeds