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Rubén Fernández-Fuertes

PhD Candidate in Finance · Bocconi University

Academic Job Market — November 2025

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References

Professor Max Croce
Department of Finance · Bocconi University mmc287@gmail.com
Professor Carlo A. Favero
Department of Economics · Bocconi University carlo.favero@unibocconi.it
Professor Claudio Tebaldi
Department of Finance · Bocconi University claudio.tebaldi@unibocconi.it

Research Interests

Macro Finance, Monetary Policy, and Large Language Models.

Job Market Paper

Monetary Policy Shocks: A New Hope — LLMs and Central Bank Communication

I develop a multi-agent LLM framework that processes Federal Reserve communications to construct narrative monetary policy surprises. By analyzing Beige Books and Minutes released before each FOMC meeting, the system generates conditional expectations that yield less noisy surprises than market-based measures. These surprises produce theoretically consistent impulse responses where contractionary shocks generate persistent disinflationary effects, and enable profitable yield curve trading strategies that outperform alternatives. By directly extracting expectations rather than cleaning surprises ex post, this approach demonstrates how multi-agent LLMs can implement narrative identification at scale without contamination in high-frequency measures.

Education

Ph.D. in Economics and Finance
Università Bocconi · Milan, Italy 2021 — Present
  • BIS PhD Fellowship (2025)
  • Baffi Centre Merit Grant (5th year)
M.Sc. in Mathematical Finance
University of Manchester · United Kingdom · 82/100 (Distinction) 2020 — 2021

Thesis: Reinforcement Learning Approach to Continuous Mean-Variance Portfolio Selection.

M.Sc. in Secondary Education
Universidad Europea · Madrid, Spain · 9/10 2020

Thesis: Around the Validity of International Assessments on Mathematics during Obligatory School.

Professional Music Qualification in Viola
Conservatorio Profesional de Arturo Soria · Madrid, Spain · 9/10 2020
B.Sc. in Mathematics
Universidad Autónoma de Madrid · Madrid, Spain · 8.76/10 2015 — 2019

Thesis: The Geometry of Tessellations. The (2,3,7)-tessellation.

Working Papers

Scoring in the Transition
With G. Bezzi, Max Croce, and G. Gigante October 2025

We propose a progress-oriented score that improves capital allocation when firms have valuable environmental growth options and CEOs hold private information about quality. Assessing decarbonization plans separates good (green) from bad (brown) options and yields superior investment performance.

The Scope of Scope 3
With Max Croce, Nicolás Guíñez, Alejandra Inzunza-Méndez and Claudio Tebaldi October 2025

We introduce a network-based methodology to measure emissions along complex international supply chains, enabling counterfactual experiments and forecasts for high-scope emissions under scenarios like maritime disruption, conflicts, trade wars, and revised carbon taxes.

Monetary Policy in the COVID Era and Beyond
With Carlo A. Favero September 2023

We study stochastic-trend monetary policy rules linking potential output growth, demographics, and inflation expectations to prevailing rate trends. The model improves US short-rate forecasts; for the Eurozone, cautious policy following the US proves more effective than fragmentation-focused rules.

Work in Progress

Green DAOs for Brown Networks
With Max Croce, Nicolás Guíñez, Alejandra Inzunza-Méndez and Claudio Tebaldi October 2025

We model networks with emission externalities where greenness shapes borrowing constraints. A DAO that allocates capital internally and records emissions on-chain replicates the first-best; preliminary evidence suggests sizeable welfare gains.

Published Papers

Towards Data-Congruent Models of the Term Structure of Interest Rates
With Carlo A. Favero · Econometric Reviews, 2025

We show that aligning term-structure models with salient data features improves forecasts of US short rates and yields stationary term premia, highlighting the benefits of data-congruent specifications.

Conferences

  • AFA 2026 — Poster: Monetary Policy Shocks: A New Hope — LLMs and Central Bank Communication
  • PhD Macroeconomics Conference — Lausanne, Dec 4–5, 2025 · Presentation: Monetary Policy Shocks: A New Hope — LLMs and Central Bank Communication
  • PhD Alumni Conference — Bocconi University · Presentation: Monetary Policy Shocks: A New Hope — LLMs and Central Bank Communication
  • 4th Frontiers of Factor Investing Conference — 2024 · Presentation: Towards Data-Congruent Models of the Term Structure of Interest Rates
  • BSE Summer Forum — Poster: Modelling the Term Structure with Trends in Yields and Cycles in Excess Returns

Other Education

  • Local Projection Methods for Time Series and Panel Data — CEMFI · Prof. Òscar Jordà · Sep 2024
  • Data Science Summer School — Harnessing Language Models — Barcelona School of Economics · Grade: 9.5/10 (A+) · Jul 2024
  • CREI Macroeconomics Summer School — Barcelona School of Economics · Jun 2023

Work Experience

  • Senior Associate — Bank of International Settlements (BIS) · Apr–Jun 2025
  • Monetary Policy Expert Panel (Bocconi Group) — 2024–2028 · Bottazzi, Favero, Fernández-Fuertes, Giavazzi, Guerrieri, Lorenzoni, Monacelli, Sala, Trigari
  • Research Assistant — EI MUSA (Multilayered Urban Sustainability Action) · Nov 2023 – Mar 2024
  • Research Assistant — Banco de España, Monetary Policy and Capital Markets · Jul 2023
  • Research Assistant — Università Bocconi (Big Data and Data Analysis) · 2022–2023

Computer Skills

Advanced: Python, Matlab, C++, LaTeX

Intermediate: R, RStudio, Git, GitHub, AWS

Basic: HTML, CSS, JavaScript

Languages

Spanish (Native) · English (Advanced) · Italian (Advanced)

Honours

Baffi Centre Research Grant (2025); BIS PhD Fellowship (2025); Bocconi Merit-Based Fellowship (2021); MSc Mathematical Finance with Distinction; High Honours in Modelisation and Complex Analysis (2017); High Honours in Bachillerato (2015); Becas Europa (Top 200 students, 2014).