Macroeconomics and Finance

Pau
Belda

Research Economist
Bank of England

I study how expectations and financial markets shape macroeconomic cycles, wealth inequality and economic policy.

I am a Research Economist at the Bank of England, in the Monetary and Financial Conditions Division, and a member of the Centre for Macroeconomics.

Previously, I was a Visiting Researcher at CREi and an Economist at the Federal Reserve Board. I hold a PhD in Economics from the Barcelona School of Economics, where I was advised by Albert Marcet.

Download CV Research

Fields

Macroeconomics and Finance

Asset Pricing
Public Finance
Capital Taxation
Fluctuations
Expectations
Inequality
Balance Sheets
Optimal Policy

Featured paperReview & Resubmit, American Economic Review

Capital Gains Taxation and Asset Price Volatility

Do capital gains tax cuts destabilize or stabilize asset prices? In an asset pricing model with heterogeneous agents and realization-based taxation, a tax cut has two opposing effects.

Read the paper (PDF)Abstract and all papers

Positions

2025 – presentResearch EconomistBank of EnglandMonetary Analysis Directorate · Monetary and Financial Conditions Division
2025Visiting ResearcherCREi
2023 – 2025EconomistFederal Reserve BoardResearch and Statistics Division · Capital Markets Section

Education

2023PhD in EconomicsBarcelona School of EconomicsAdvisor: Albert Marcet
2015MSc in Economic HistoryUniversitat de Barcelona
2014BSc in EconomicsUniversitat de València

Contact

The best way to reach me is by email.

Email: pau.beldaitortosa@gmail.com
X: @pauism
CV: Download (PDF)

Pau Belda