ICMS Lecturer Wins Top Economics Award

“I’d like to warmly congratulate Dr Andre Brunelli on this outstanding achievement,” said ICMS Associate Professor Betul Sekendiz, Associate Dean (Scholarship).  

“This prestigious recognition reflects the scholarly excellence of his work, which goes beyond academia to contribute to real-world economic thinking, inform policy, and ultimately support stronger outcomes for communities.  

“It’s a strong reflection of the kind of meaningful, real-world impact we aim for in our scholarship at ICMS.” 

Award-Winning Research

The paper, Liquidity or Wealth? Consumption, Debt, and Financial Fragility After a Windfall, was co-authored with Bruno Martins, a former colleague from the Central Bank of Brazil, and Carlos Carvalho, Brunelli’s PhD supervisor.  

It examines how households react to financial windfalls, focusing on whether they see the extra money as liquidity or wealth.  

This perception shapes how they spend, borrow, and manage financial risks. The research offers fresh insights for policymakers and academics alike. 

“It’s an honour to receive this award, especially given the high-quality research produced by the Central Bank and other institutions,” Dr Brunelli said.  

“I hope this work helps advance discussions on household finance, credit markets, and economic stability.” 

Next Steps

The award was presented at the Central Bank Annual Conference 2026 in Brasília which took place from 13 to 15 May.  

Brunelli, Martins, and Carvalho are already building on their research with a collaborator from Northwestern University in Illinois, USA, aiming to publish in a top-tier economics journal within two years. 

Real-World Benefits for ICMS Students

Dr Brunelli’s research success brings real-world insights into ICMS classrooms.  

“This recognition helps me show students how economic theory connects to policy and everyday issues,” he said.  

“It’s about making economics practical and relevant.”