Francesco BRUNAMONTI

Thank you for visiting my web page.

I am a PhD candidate in Financial Economics, at the University of Lausanne (HEC) and the Swiss Finance Institute.

My main research interests are financial intermediation, bond markets and OTC markets, macroeconomics.

You can find my CV here, and contact me at francesco.brunamonti@unil.ch.

Working papers

Anchored expectations? Institutional and household demand for inflation protection (2026)
Francesco Brunamonti.

Draft coming soon!

How SALT spiced up municipal bond markets (2026)
Lorenzo Bretscher, Francesco Brunamonti, Norman Schurhoff.

In segmented municipal bond markets, local public investment is tied to local wealth. We study whether mutual fund intermediation loosens this link. The 2017 Tax Cuts and Jobs Act capped the deductibility of state and local taxes from federally-taxable income, raising effective tax rates for high-income households, and making tax-exempt municipal bonds more attractive. The resulting demand shock flowed into state-specific municipal bond funds. Within states, low-income counties increased borrowing far more than the high-income counties where the demand originated. The response is concentrated among fiscally strained counties, in new-money bonds, and in revenue bonds tied to investment projects. This evidence is consistent with financing constraints that create latent demand for public investment. By pooling household demand at the state level, fund intermediation expands borrowing capacity where constraints bind most. A federal tax increase aimed at high earners thus shifted municipal borrowing toward low-income communities.

Selected presentations: Swiss Finance Institute Research Days (2025); Chicago Federal Reserve Conference on Municipal Bond Markets (2025); Municipal Finance Conference at the Brookings Institute (2026).

Insurer-dealer networks, risks, and bond markups (2026)