About

Manuel Adelino is a Senior Associate Dean for Faculty and a Professor of Finance at the Fuqua School of Business at Duke University. He conducts research on household finance, climate finance, and financial intermediation. His current work focuses on the effect of the availability of credit on the carbon footprint of new and existing housing, the role of information frictions in the secondary mortgage market, and how forbearance affects household consumption and savings. He has received a Ph.D. in Financial Economics from MIT Sloan School of Management. Prior to his academic career, he worked in the Lisbon office of McKinsey as a Business Analyst.

Research topics

• Finance
• Monetary economics
• Business
• Economics
• International economics
• Macroeconomics
• Econometrics
• Financial system

Selected publications

• Interest Rate Pass-Through With Adjustable Rate Mortgages

  National Bureau of Economic Research · 2026-02-01

  reportOpen access1st authorCorresponding

  Adjustable-rate mortgages (ARMs) transmit monetary policy less directly than often assumed.We exploit quasi-experimental variation in ARM rate reset timing in Portugal-where over 92% of mortgages are indexed to Euribor-around the ECB's 2022-2023 tightening cycle to estimate responses to mortgage payment shocks.After reset dates, mortgage renegotiations increase by 10 percentage points, lender switching by 4, partial prepayments by 5, and full prepayments by 3, offsetting about 17% of the payment increase implied by policy rates.Responses occur only immediately after resets, consistent with selective inattention, and are largest among younger, more educated, and higher-balance borrowers.Supply-side factors amplify these effects: as rates rise and bank competition intensifies, households at more flexible banks renegotiate, switch lenders, and prepay more, while greater broker presence further increases lender switching.Our findings suggest that monetary policy pass-through in ARM-dominated markets depends on borrower behavior, market frictions, and sticky deposit rates.

  PublisherDOI

• Replication Package for: Mutual Fund Flows and the Supply of Capital in Municipal Financing

  Harvard Dataverse · 2026-03-22

  datasetOpen access

  Replication code and data

  PublisherDOI

• Screen More, Sell Later: Screening and Dynamic Signaling in the Mortgage Market

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Interest Rate Pass-Through With Adjustable Rate Mortgages

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• The Heterogeneous Effects of Household Debt Relief

  SSRN Electronic Journal · 2025-01-01

  articleOpen access
  PublisherDOI

• Interest Rate Pass-Through With Adjustable Rate Mortgages

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Credit supply and house prices: Evidence from mortgage market segmentation

  Journal of Financial Economics · 2024 · 57 citations

  1st authorCorresponding
  • Economics
  • Monetary economics
  • Business
  PublisherDOI

• The Heterogeneous Effects of Household Debt Relief

  SSRN Electronic Journal · 2024-01-01 · 1 citations

  articleOpen access1st authorCorresponding
  PublisherDOI

• The Environmental Cost of Easy Credit: The Housing Channel

  National Bureau of Economic Research · 2023-10-01 · 2 citations

  reportOpen access1st authorCorresponding

  Heating, cooling, and powering the residential housing stock accounts for about one-fifth of total annual greenhouse gas emissions in the US. Home size is a key determinant of energy intensity. The average newly built single-family home is 50% larger than in the 1950s. Using distinct identification strategies spanning the last four decades of banking history, we show that more abundant credit increases average new home size. It also facilitates more construction but does not produce offsetting increases in home quality or durability. These results highlight potential environmental costs associated with monetary policies that expand access to credit.

  PublisherDOI

• Mutual Fund Flows and the Supply of Capital in Municipal Financing

  SSRN Electronic Journal · 2023-01-01 · 2 citations

  articleOpen access1st authorCorresponding
  PublisherDOI

Frequent coauthors

• Antoinette Schoar

  National Bureau of Economic Research

  124 shared

• Felipe Severino

  62 shared

• Miguel A. Ferreira

  European Corporate Governance Institute

  54 shared

• Mariassunta Giannetti

  39 shared

• William McCartney

  State Street (United States)

  36 shared

• Kristopher Gerardi

  Federal Reserve Bank of Atlanta

  26 shared

• Paul Willen

  24 shared

• David T. Robinson

  Duke University

  22 shared