Leonardo Cadamuro
Lecturer in Economics, CUNEF Universidad Madrid
Leonardo Cadamuro is a Lecturer in Economics at CUNEF Universidad in Madrid. His research lies at the intersection of finance and macroeconomics, with particular emphasis on asset pricing, market microstructure and monetary policy.
He studies the interaction between financial markets and central bank interventions, with a specific focus on exchange-traded funds (ETFs) and the implications of quantitative easing. His recent work analyses how the Bank of Japan’s ETF Purchase Program influenced market volatility and stimulated private investor participation. Beyond financial markets, his research also engages with broader policy-oriented questions related to macroeconomic governance, monetary transmission and financial fragmentation within the euro area.
He collaborates with the Bruegel think tank on European economic policy issues and previously held academic positions as a Postdoctoral Fellow at LUISS Guido Carli and as a visiting researcher at the Leibniz Institute SAFE in Frankfurt. He obtained his PhD in Economics from Hitotsubashi University, where he was supervised by Professor Tokuo Iwaisako
Featured work
Forty years of European History: Crisis, Resilience, Development and Opportunity
Successful central banks can afford to pay scant attention to money
National policies are the best protection against euro-area financial fragmentation risks
An analysis of German-Italian spreads under five Italian governments shows that the gap was biggest when Italian policies worried markets most.
COVID-19 in the European Union: health impacts and effects on economic activity
What matters when it comes to managing the pandemic is to prevent intensive-care admissions and deaths arising from COVID-19.
All work
External publication
10 November 2025
External publication
12 December 2024
Blog post
24 October 2022
National policies are the best protection against euro-area financial fragmentation risks
An analysis of German-Italian spreads under five Italian governments shows that the gap was biggest when Italian policies worried markets most.
Working paper
19 July 2022
COVID-19 in the European Union: health impacts and effects on economic activity
What matters when it comes to managing the pandemic is to prevent intensive-care admissions and deaths arising from COVID-19.
Working paper
04 November 2021
Does money growth tell us anything about inflation?
The view of one of the authors of this paper about the relationship between money and inflation can be summarised in two anecdotes.
Blog post
28 May 2021
Emergency Liquidity Assistance: A new lease of life or kiss of death?
Use of Emergency Liquidity Assistance to prop up euro-area banks needs to be more transparent; available evidence suggests its use has not always been
Blog post
10 March 2020
Three macroeconomic issues and Covid-19
COVID-19 raises a number of serious issues of a sanitary, social and economic nature. While recognizing the difficulty of giving definitive answers at
Policy Brief
09 January 2020
Market versus policy Europeanisation: has an imbalance grown over time?
This Policy Contribution tests the hypothesis that an imbalance has grown in Europe over the last few decades because markets have integrated to a gre