Meet the Researchers
Bernardo C. Morais
Principal Economist
Emerging Market Economies Section
International Finance
Education
- Ph.D., Economics, Anderson School of Management, University of California - Los Angeles, 2011
- M.A., Economics, UCLA, 2007
- B.A., Business Administration, Universidade Nova de Lisboa, 2003
Economist
Board of Governors of the Federal Reserve System
2012 - 2015Senior Economist
Board of Governors of the Federal Reserve System
2015 - 2018Principal Economist
Board of Governors of the Federal Reserve System
2018 - present
- Related Exposures to Distressed Borrowers and Bank Lending
Sumit Agarwal, Ricardo Correa, Bernardo Morais, Jessica Roldán, and Claudia Ruiz-Ortega
International Finance Discussion Papers (2025)
https://doi.org/10.17016/IFDP.2025.1288r1 - Expansionary Austerity: Reallocating Credit Amid Fiscal Consolidation
Bernardo Morais, Javier Perez-Estrada, Jose-Luis Peydro, and Claudia Ruiz-Ortega
International Finance Discussion Papers (2021)
https://doi.org/10.17016/IFDP.2021.1323 - Owe a Bank Millions, the Bank Has a Problem: Credit Concentration in Bad Times
Sumit Agarwal, Ricardo Correa, Bernardo Morais, Jessica Roldán, and Claudia Ruiz-Ortega
International Finance Discussion Papers (2020)
https://doi.org/10.17016/IFDP.2020.1288 - The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects
Bernardo Morais, José-Luis Peydró, Jessica Roldán-Peña, and Claudia Ruiz
Journal of Finance (2019)
https://doi.org/10.1111/jofi.12735
See also » FRB Working Paper (2015) - The Political Economy of Bank Lending: Evidence from an Emerging Market
Sumit Agarwal, Bernardo Morais, Claudia Ruiz, and Jian Zhang
Policy Research Working Paper Series (2016)
https://doi.org/10.1596/1813-9450-7577 - Risk, Financial Development and Firm Dynamics
Bernardo Morais
International Finance Discussion Papers (2015)
https://doi.org/10.17016/IFDP.2015.1134 - The International Bank Lending Channel of Monetary Policy Rates and Quantitative Easing: Credit Supply, Reach-for-Yield, and Real Effects
Bernardo Morais, Jose-Luis Peydro, and Claudia Ruiz Ortega
Policy Research Working Paper Series (2015)
conference
2015NBER SI
seminar
2015IMF
seminar
2014Bank of Mexico
conference
2014Bank of Portugal
conference
2014Lacea - Mexico
conference
2011Society for Economic Dynamics
seminar
2011Federal Reserve Bank of Boston
seminar
2011HEC - Montreal
seminar
2011ITAM
seminar
2011IESE - Barcelona
seminar
2011University of North Carolina - Chapel-Hill
seminar
2011University of Western Ontario
Last Update:
November 21, 2025