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I am a researcher working on macroeconomics, monetary policy and central banking.
My research examines how monetary policy transmits through the economy and how risk shapes its effects.
I am a Visiting Economist at the Bank for International Settlements. Previously, I was a Deputy Advisor at the Central Bank of Brazil and a lecturer at PUC-Rio.
I hold a Ph.D. in Economics from PUC-Rio. My thesis received the Haralambos Simeonidis 2022 prize for best Ph.D. thesis.
Email: eduardo.amaral@bis.org
GitHub: https://github.com/edugca
Selected Work
The Capital Puzzle Is Not About Capital
The Capital Puzzle Is Not About Capital
Eduardo Amaral · 2026 · Working paper
Can monetary tightening lower real interest rates? I show why conventional measures of the real interest rate gap can misrepresent the monetary policy stance and propose an alternative measure.
Abstract & citation · Latest paper · Policy brief
Related BIS version: The capital puzzle, Working Paper 1288 (2025).
Suggested citation
Amaral, Eduardo (2026). “The Capital Puzzle Is Not About Capital.” Working paper. SSRN 6597968.
Core Inflation Communication in Practice
Core Inflation Communication in Practice
Eduardo Amaral, Alejandrina Salcedo, Ilhyock Shim and Mark Wynne · September 2026 · BIS Quarterly Review
Using a large language model to read central bank publications, we uncover patterns in how central banks communicate about core inflation. We find that references to core inflation have become more frequent and the range of metrics cited has broadened.
Suggested citation
Amaral, Eduardo, Alejandrina Salcedo, Ilhyock Shim, and Mark A. Wynne (2026). “Core inflation communication in practice.” BIS Quarterly Review, September, pp. 69–82.
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