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Economic Research Portal

Welcome to the Economic Research Portal at the Banco de España

This website offers information and updates about economic research activities at the Banco de España (Bank of Spain). This research aims to provide high-quality economic analysis to support the Banco de España in its role as Spain's central bank and as a member of the Eurosystem. It includes the regular monitoring of the Spanish, Euro-zone and world economies; the evaluation of relevant economic policies; financial regulation and supervision; and the compilation of statistics. It also aims to advance economic knowledge in areas of interest for central banking.

In the past, research at the Banco de España was mostly conducted in the Directorate General - Economics, Statistics and Research (DG Servicio de Estudios). More recently, other units of the Banco de España have also begun to contribute to research, and to providing information, services, and ideas to the whole professional community, according to their areas of responsibility.

More information about research activities in each department of the Banco de España >

Publication updates

A systematic approach to multi-period stress testing of portfolio credit risk

Journal of Banking and Finance 36 (2), February 2012, pp. 332-340.
Thomas Breuer (FH Vorarlberg),
Martin Jandacka (FH Vorarlberg),
Javier Mencía (Banco de España),
Martin Summer (Oesterreichische Nationalbank).

Wage inequality, segregation by skill and the price of capital in an assignment model

European Economic Review 56 (1), January 2012, pp. 116-137.
Ángel Gávilan (Banco de España).

Public and private sector wages interactions in a general equilibrium model

Public Choice 150 (1-2), January 2012, pp. 309-326.
Gonzalo Férnandez-de-Córdoba (Univ. de Málaga),
Javier J. Pérez (Banco de España),
José L. Torres (Univ. de Málaga).

Distributional dynamics under smoothly state-dependent pricing

Journal of Monetary Economics 58 (6-8), Sept.-Nov. 2011, pp. 646-665.
James Costain (Banco de España),
Anton Nakov (Federal Reserve Board).

Optimal research and development and the cost of business cycles

Journal of Economic Growth 16 (3), September 2011, pp. 257-283.
Galo Nuño (Banco de España).

Search frictions, real rigidities, and inflation dynamics

Journal of Money, Credit and Banking 43 (6), September 2011, pp. 1131-1164.
Carlos Thomas (Banco de España).

IT investment and intangibles: evidence from banks

Review of Income and Wealth 57 (3), September 2011, pp. 513-535.
Alfredo Martín-Oliver (Banco de España),
Vicente Salas-Fumás (Universidad de Zaragoza).

Measuring and explaining the volatility of capital flows toward emerging countries

Journal of Banking and Finance 35 (8), August 2011, pp. 1941-1953.
Carmen Broto (Banco de España),
Javier Díaz-Cassou (London School of Economics),
Aitor Erce (Banco de España).

News and highlights

European Summer Symposium on International Macroeconomics (ESSIM) 2012

Centre for Economic Policy Research

This conference, now in its twentieth year, is being co-organized by the CEPR and the Banco de España. It will take place on May 22-25, 2012, at the Banco de España's facilities at Roda de Bara (Tarragona), Spain. The deadline for application to this conference has now passed.

2012 ESCB Day Ahead Conference

European System of Central Banks

In Málaga, on Sunday, August 26, 2012, the Banco de España will host a Day-Ahead Conference to precede the EEA-ESEM meetings, on behalf of the European System of Central Banks. The conference, entitled "Financial stability: measurement, theory, and policy analysis" will focus on policy-relevant research in the fields of banking, finance, and monetary economics. Papers relevant to ongoing policy reforms in the Eurozone and in the international regulation of banking and finance are especially welcome.

Call for papers (Deadline March 1, 2012) >

Debt and credit, growth and crises

BANCO DE ESPAÑA

On June 18-19, 2012, the Banco de España will host a conference, jointly organized with the World Bank, on "Debt and credit, growth and crises". The conference will address credit provision, debt accumulation, growth patterns, and incidence of financial crises, worldwide and especially in emerging markets. Theoretical, empirical, and policy-oriented papers are welcome.

Call for papers (Deadline March 30, 2012) >

Current visiting researchers

BANCO DE ESPAÑA

In keeping with its support for economic research in Spain, the Banco de España regularly invites proposals from expert scholars to undertake research projects at its headquarters in Madrid. Current visiting researchers include: