CADAMURO LEONARDO

LEONARDO CADAMURO

Since 2025, I have been a Lecturer at CUNEF Universidad in Madrid. From 2023 to 2025, I was a Postdoctoral Fellow at LUISS Guido Carli, while from 2024 to 2025 I was also a visiting researcher at the Leibniz Institute SAFE in Frankfurt. I completed my Ph.D. in Economics at Hitotsubashi University (2019–2024), under the supervision of Professor Tokuo Iwaisako. In addition, I collaborate sporadically with the Bruegel think tank, contributing to research projects on European economic challenges.

My research focuses on Finance, Asset Pricing, Market Microstructure, and Monetary Policy. In particular, I have investigated the ETF markets, analyzing how the Bank of Japan’s interventions affected volatility and how the ETF Purchase Program incentivized greater participation by private investors in this market.

Beyond this, my work also extends to policy-oriented research, exploring macroeconomic policy dynamics and financial fragmentation within the Eurozone

Leonardo Cadamuro 2024

RESEARCH AND WORK EXPERIENCES

Lecturer
2025-Actual
CUNEF Universidad en Madrid
Post-Doc Fellow
2022-2025
LUISS Guido Carli
Visiting Researcher
2024-2025
Leibniz Institute for Financial Research SAFE
External Collaboration
2021-2022
Bruegel Institute
Research Assistant
2019-2023
Hitotsubashi University
Research Assistant
2018
SAFE-Goethe University,Frankfurt

EDUCATION

Ph.D. in Economics
2019-2024
Hitotsubashi University - Graduate School of Economics
International Master in Economics and Finance
2017-2018
Ca’ Foscari - University of Venice
M.Sc. Economics and Business Development
2015-2017
Ca’ Foscari - University of Venice
B.Sc. Economics - Foreign Trade
2012-2015
Ca’ Foscari - University of Venice
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PUBBLICATION

Cadamuro L. (2025) "How Does the Attitude of ETF Investors Affect the Volatility of the Underlying Assets? The Case of the Bank of Japan", Forthcoming on International Journal of Central Banking (IJCB)
Cadamuro L. and Papadia F. (2025) "Successful central banks can afford to exert scant attention on monetary developments" The Manchester School, Volume 93, Issue 2, pages 199-215.
Cadamuro L. and Iwaisako T. (2023) ”Japan’s Value Premium: A Statistical (Re)examination”, TCER Working Paper Series

WORKING PAPERS

Cadamuro L., Geeroms H. and Papadia L. (2025) "Guesstimates of the effect of SIU on investment, saving and the current account"
Cadamuro L. and Papadia F.(2024) ”Stronger markets, weaker public governance? The case of Europe”
Cadamuro L. (2022) ”BoJ ETFs Purchasing Program and media impact on private investors”
Cadamuro L. (2021) ”Corporate Bond ETF in COVID-19 crisis: a Liquidity Puzzle”
Cadamuro L. and Papadia F.(2020) ”An empirical long-term assessment of four Europeanization components”

BLOGS

Cadamuro L. and Papadia F. (2022)     ”National policies are the best protection against euro-area financial fragmentation risks” Blog on Bruegel
Cadamuro L., Papadia F. and Scott J. M. (2022)     ”COVID-19 in the European Union: health impacts and effects on economic activity” Blog on Bruegel
Cadamuro L. and Papadia F. (2021)     ”Does Money Growth tell us anything about inflation?” Blog on Bruegel
Cadamuro L. and Papadia F. (2021)     ”Emergency Liquidity Assistance: a new lease of life or kiss of death?” Blog on Bruegel
Cadamuro L. and Papadia F. (2020)     ”Three macroeconomics issues and Covid-19” Blog on Bruegel
Cadamuro L. and Papadia F. (2020)     ”Market versus policy Europeanisation: has an imbalance grown over time?” Blog on Bruegel

TEACHING EXPERIENCES

CUNEF Universidad en Madrid
2025-Actual
• "G14 - Financial Markets and Institution" at Double Bachelor in Business Administration and Law - School of Business, Economics and Law
Sept 2025
• "G96 - Financial Markets" at Bachelor in Economics - School of Business, Economics and Law
Sept 2025

TEACHER ASSISTANT

LUISS Guido Carli
2024-2023
• ”Financial Market Analysis” Course (by Rillo G.)
• ”Teoria e Gestione del Portafoglio” Course (by Borri N.)
Hitotsubashi University
2022-2020
• ”Introductory Microeconomics” Course (by Nyamdavaa T.)
• ”Intermediate Econometric” Course (by Yamamoto Y.)
Ca’ Foscari - University of Venice
2016-2017
• ”Economia e Politica dello Sviluppo” Course (by Corò G.)
• ”Economia Politica” Course (by Roson R.)

CONFENCES

7th International Conference on European Economics and Politics
2025
CefES International Conferences
• ”Stronger markets, weaker public governance? The case of Europe” (with Papadia F.)
Nippon Finance Association
2022
4th Fall Conference (main session)
• ”Had BoJ intervention attract ETFs’ private investment?”
Japanese Society of Monetary Policy
2022
Fall Meeting (main session)
• ”Does central bank ETFs ownership boost the volatility of underlying assets?”
Japanese Economic Association
2022
Autumn Meeting (main session)
• ”Had BoJ intervention attract ETFs’ private investment?”
Japan Finance Association
2022
46th Annual Meeting (main session)
• ”Does central bank ETFs ownership boost the volatility of underlying assets?”
Nippon Finance Association
2022
30th Anniversary Annual Meeting (main session)
• ”Japan’s Value Premium: A Statistical (Re)examination” (with Iwaisako T.)
Nippon Finance Association
2020
2nd Fall Conference (junior session/on-line)
• ”ETF Ownership and Underlying Volatility Public vs Private”
RANEPA and CIIR conference
2019
”Experts Discussed Key Global Challenges and Prospects of the Global Governance System”
• ”An empirical long-term assessment of four Europeanization components” (with Papadia F.)
Calle Almansa, 101, Madrid 28040, España Download CV [email protected]