Nuno Coimbra

PhD. Student at London Business School CONTACT INFORMATION Tel: +44 7570 037 926 Email: [email protected] Web: https://sites.google.com/site/ntcoimbra

OFFICE ADDRESS London Business School Regent's Park NW1 4SA London United Kingdom

Education 2008-Present

PhD student at London Business School Expected completion date: June 2014

2007-2008

MRes Economics (with Merit), London School of Economics, United Kingdom - visiting under the European Doctoral Program

2006-2007

Master M2 in Economics (First Class Honours), Paris School of Economics, France

2005-2006

Master Economics M1 (First Class Honours) at GREQAM – Marseille, France

1996-2001

Licenciatura in Economics at Universidade do Porto

Research Fields International Macro-Finance, Asset Pricing, Macroeconomic Theory

Research Papers “Sovereigns at Risk: A dynamic model of sovereign debt and banking leverage” Job Market Paper This paper develops a dynamic model with heterogeneous investors and sovereign default to analyze the dynamic link between banking sector capitalization and sovereign bond yields. The banking sector is modelled as operating under a Valueat-Risk (VaR) constraint, which can bind occasionally. As default risk rises, the constraint may bind, generating a fall in demand for sovereign bonds that can be accompanied by a rise in the risk premium if other agents are more risk averse. In turn, the rise in risk premium leads to a feedback effect through debt accumulation dynamics and the probability of government default. The model can be quantified and allows for the analysis of the effect on yields of recent unconventional monetary policies, such as the European Central Bank's Long Term Refinancing Operations.

“An Iberian Disease? On current account imbalances within a monetary

union”

During the process of accession to the Eurozone, some member countries experienced a rapid increase in credit availability fuelled by the fast convergence of interest rates. This was accompanied by large current account deficits and booms in the housing sector. This paper argues that these features are intimately related to

the fast expansion of the household credit market, namely the financing of housing purchases. A model is presented of a small open economy where the fall of interest rates is associated with an increase in the collateral value of housing, which in turn shifts production towards the housing sector. This also impacts on competitiveness, leading to a deterioration of the trade balance. Similar effects may also imply an asymmetry across member countries in the transmission of monetary policy, depending on how important collateral constraints are in each country.

Work in progress “Asset pricing with incomplete markets, heterogeneous agents and deep recessions” joint with Francisco Gomes We develop a dynamic asset pricing model with incomplete markets and heterogeneous agents in which the economy features large sporadic shocks. The goal is to build on the results of the incomplete markets literature and use non-Gaussian shocks to generate countercyclical cross-sectional variance of consumption. We will then try to provide an alternative explanation to the equity premium which requires less severe and relatively more frequent recessions, as implied by macro and equity index option data.

Research and Teaching activities Teaching • Teaching assistant, The Global Macroeconomy, Master level course, London Business School, 2010/11, 2011/12 and 2012/13. (Average evaluations: 4.04/5). • Teaching assistant, Macroeconomic Principles, undergraduate level course, London School of Economics, 2007-2008

Research • Internship at the European Central Bank, Research Division, Summer 2008 • Amsterdam Macroeconomics Summer School 2010 by Prof. Wouter den Haan o Computational methods for heterogeneous agents models

Presentations Conferences • • • •

NBER Summer Institute, Boston, 2010 London Macroeconomics Workshop, London School Economics, 2013 UECE Conference on Economic and Financial Adjustments in Europe 2013 Transatlantic Doctoral Conference, LBS, London, 2010

Seminars • London Business School 2009-2013

Invited discussions • CEPR Working Group on Macroeconomics of Global Interdependence 2011 o Discussion on “House Price Booms and the Current Acccount” by Klaus Adam and Albert Marcet • Royal Economic Society, Annual Conference 2013 o Discussion on “International Debt Deleveraging” by Luca Fornaro

Other Professional activities • Executive Director at Vinprom Service – Portugal Cork, Sofia, Bulgaria, 2004 o Operational and financial management of the company • International Internship Program Contacto@ICEP at Vinprom Service – Portugal Cork, Sofia, Bulgaria, 2003 • Real-Estate Consultant at Colliers P&I – Consultores em imobiliário, Portugal, 2001-2002

Scholarships 2012-2013 2008-2012

Merrell Foundation Scholarship Economic and Social Research Council Scholarship

Software Skills Matlab, Fortran, Stata

Languages Portuguese (native), English, French, Bulgarian, Spanish

References Prof. Hélène Rey London Business School NW1 4SA United Kingdom [email protected] +44 207 000 8412

Prof. Richard Portes London Business School NW1 4SA United Kingdom [email protected] +44 207 000 8424

Prof. Francisco Gomes London Business School NW1 4SA United Kingdom [email protected] +44 207 000 8215