Chiara Punzo

Welcome to my website. I currently work for the Bank of England where I am Senior Researcher in the Framework Team in the Macro-prudential Strategy and Support Division of the Financial Stability Strategy and Risk (FSSR) Directorate . The Framework Team is responsible for the development of a clear and consistent macro-prudential framework and strategy, underpinned by medium-term analysis and research. The Framework Team works with divisions in FSSR Directorate, International Directorate, Markets to provide the Financial Policy Committee (FPC) with a quarterly assessment of the risk environment, and advice on the use of its policy to address systemic risks, including the UK counter-cyclical capital buffer. The Framework Team advise the FPC on what matters most, including through its role in shaping the FPC's medium term priorities. And the Framework Team provides high-quality advice to external members to help them to maximize their personal impact. I also conduct research about monetary policy for academic and broader audiences. 

Before joining the Bank of England, I was Research Economist in Financial Stability Department of the Banque de France. In that role, I supported the Countercyclical Buffer process for the Haut Conseil de Stabilité Financière (HCSF) allowing the quarterly proposal by calculating the indicators needed for the decision. I supported third country process for HCSF to ensure tracking and designation as required by regulation. I contributed to impact analyses on capital buffer issues.

Before this, I was post doctoral researcher at Università Cattolica del Sacro Cuore di Milano. 

I completed my PhD in November 2016 at Università degli Studi di Milano, where my thesis jury was Tommaso Monacelli (Bocconi University) and Alessandro Missale. 

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

Research in progress 

• Monetary Policy, State-Dependent Bank Capital Requirements and the role of Non-Bank Financial Intermediaries with Manuel Gloria 

Presentations: Central Bank of Ireland – University College Dublin workshop on macro-finance and financial stability policies, Dynare Conference

• Money, Public Debt and Redistribution with Giulia Rivolta.

 Presentations: The Liverpool and CEPR Workshop on Macroeconomics

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

Invited discussions 

• 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