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.

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

Publication Updates

The public sector wage premium in Spain: Evidence from longitudinal administrative data.

Labour Economics 42, October 2016, pp. 101-122.
Laura HospidoAbre en nueva ventana (Banco de España),
Enrique Moral-BenitoAbre en nueva ventana (Banco de España).

The response of household wealth to the risk of job loss: Evidence from differences in severance payments

Labour Economics 39, April 2016, pp. 35-54
Cristina BarcelóAbre en nueva ventana (Banco de España),
Ernesto VillanuevaAbre en nueva ventana(Banco de España).

Growth empirics in panel data under model uncertainty and weak exogeneity

Journal of Applied Econometrics 31 (3), April/May 2016, pp. 584-602
Enrique Moral-BenitoAbre en nueva ventana (Banco de España).

International reserves and gross capital flows dynamics

Journal of International Money and Finance 60, February 2016, pp. 151-171
Enrique Alberola (BIS),
Aitor ErceAbre en nueva ventana (ESM and Banco de España),
José Mª SerenaAbre en nueva ventana (Banco de España).

The impact of financial regulation on current account balances

European Economic Review 81, January 2016, pp. 148-166.
Enrique Moral-BenitoAbre en nueva ventana (Banco de España),
Oliver Roehn  (OECD).

True versus spurious long memory: Some theoretical results and a Monte Carlo comparison

Econometric Reviews 34 (4), 2015, pp. 452-479
Arturo Leccadito (Università della Calabria),
Omar RachediAbre en nueva ventana (Banco de España),
Giovanni Urga (Cass Business School and Bergamo University).

Extracting non linear signals from several economic indicators

Journal of Applied Econometrics 30 (7), November/December 2015, pp. 1073-1089.
M. Camacho (Universidad de Murcia),
Gabriel Pérez-QuirósAbre en nueva ventana (Banco de España),
Pilar Poncela (Universidad Autónoma de Madrid).

Precautionary price stickiness

Journal of Economic Dynamics and Control 58, September 2015, pp. 218-234.
James Costain (Banco de España),
Anton Nakov (ECB).

Returns to skills and the distribution of wages: Spain 1995-2010

Oxford Bulletin of Economics and Statistics 77 (4), August 2015, pp. 542-565.
Raquel Carrasco (Univ. Carlos III),
Juan F. Jimeno (Banco de España),
Carolina Ortega (Univ. Nacional de Tucumán).

Disentangling contagion among sovereign CDS spreads during the European debt crisis

Journal of Empirical Finance 32, June 2015, pp. 165-179.
Carmen Broto (Banco de España),
Gabriel Pérez-Quirós (Banco de España).

News and highlights

Banco de España Welcomes New Researchers

BANCO DE ESPAÑA

BdE offers a warm welcome to our new six researchers, who have recently joined the regular staff of the ADG Economics and Research and the Department of Financial Stability.

The six researchers were recruited on the international job market, where the Banco de España has established a long tradition of hiring fresh PhDs from the most prestigious universities worldwide.

Find out more about our new researchers:

Mario AllozaAbre en nueva ventana is joining the Conjunctural Analysis Division at the ADG Economics and Research. Mario has just obtained his PhD in Economics at the University College London. His research focuses on applied macroeconomics and fiscal policy.

Yuliya KulikovaAbre en nueva ventana is joining the Microeconomic Analysis Division at the ADG Economics and Research. Yuliya has just obtained her PhD in Economics at the Universidad Autonoma de Barcelona. Her research focuses on Labor Economics, Quantitative Macroeconomics and Family Economics. Yuliya was also a visiting graduate student at the W.P. Carey School of Business at Arizona State University.

Sergio MayordomoAbre en nueva ventana is joining the Financial Analysis Division at the ADG Economics and Research. Sergio has obtained his PhD in Finance at the Universidad Carlos III de Madrid. Before joining the Banco de España, Sergio was an Associate Professor at the Universidad de Navarra and research economist at the Spanish Securities Markets Commission (CNMV). Sergio has also held some visiting positions at the European Central Bank. His research focuses on systemic risk and financial derivatives, and has been published in journals such as the Journal of Banking and Finance, the Journal of Empirical Finance, and Quantitative Finance.

María Rodríguez MorenoAbre en nueva ventana is joining the Department of Financial Stability. Maria obtained her PhD in Finance at the Universidad Carlos III de Madrid. Before joining the Banco de España, Maria was an Assistant Professor at the Universidad de Navarra and a trainee at the European Central Bank. Her research focuses on systemic risk and financial derivatives, and has been published at the Journal of Banking and Finance and Quantitative Finance.

Carlos SanzAbre en nueva ventana is joining the Microeconomic Analysis Division at the ADG Economics and Research. Carlos has just obtained her PhD in Economics at Princeton University. His research focuses on Public Finance, Political Economy, and Applied Microeconomics.

Dominik ThalerAbre en nueva ventana is joining the Monetary Policy and Euro Area Division at the ADG Economics and Research. Dominik has just obtained his PhD in Economics at the European University Institute. His research focuses on Macro-Finance, International Macroeconomics, and Computational Economics. Dominik was also a visiting graduate student at the University of Pennsylvania.

 

Visiting scholars

BANCO DE ESPAÑA

The Banco de España has established a Visiting Scholar Program with the aim of keeping the Banco at the forefront of central bank research. Participants are accomplished academic researches with an established reputation in the fields of economics and finance. The Program accommodates various visiting schedules.

Regular Visiting Scholars visit the Banco regularly, typically on a weekly or bi-weekly basis. Right now, the following scholars have the status of Regular Visitors:

Javier AndrésAbre en nueva ventana(Univesitat de València)

Jesús GonzaloAbre en nueva ventana (Universidad Carlos III de Madrid)

Nezih GunerAbre en nueva ventana (CEMFI)

José María LabeagaAbre en nueva ventana (UNED)

Sara OtalAbre en nueva ventana (Universidad de Alcala)

José Luis PeydróAbre en nueva ventana (Universitat Pompeu Fabra)

Resident Visiting Scholars visit the Banco for closed-stays of variable duration, from few months up to a year. Resident Scholars are selected every year through a process with starts around February, when the Banco de España releases a Call of Application for Research Projects in EconomicsAbre en nueva ventana. This year the following scholars will be visiting the Banco:

Ana MillanAbre en nueva ventana (Universidad Autónoma de Barcelona), from October 1, 2016 until March 31, 2017.

Danilo LeyvaAbre en nueva ventana (Central Bank of Chile), from November 1, 2016 until February 28, 2017.

Emiliano SantoroAbre en nueva ventana (University of Copenhagen), from January 15, 2017 until April 15, 2017.

Yunus AksoyAbre en nueva ventana (Birbeck College, University of London), from Abril 1, 2017 until July 31, 2017.

 

Restructuring of research at the Banco de España

BANCO DE ESPAÑA

On 17 November, 2015, the Banco de España announced a restructuring of its main research directorate, the Directorate General of Economics, Statistics and Research, as advised by its recently-appointed Director General, Pablo Hernández de Cos

The restructuring merges two departments (Monetary and Financial Studies, and Economic Analysis and Forecasting) into a single Associate Directorate General of Economics and Research, to be headed by Óscar Arce. The restructuring is intended to further spread out research at the Banco de España, to foster collaboration between staff in previously separate departments, and to better integrate research into policy work. 

The ADG Economics and Research will include four divisions devoted to ongoing monitoring, analysis, and forecasting of the Spanish economy and its international environment (Conjunctural Analysis, Structural Analysis, Financial Analysis, and Monetary Policy and Euro Area). It will also have two divisions with a deeper dedication to research and methodology (Microeconomic Analysis and Modelling and Macroeconomic Analysis).

Press release (English) >Abre en nueva ventana

Comunicado de prensa (Español) >Abre en nueva ventana

See the new organizational structure >

 

External evaluation of Banco de España research

In 2011, by request of the Governor, the research activities of the Banco de España were evaluated by an external panel, constituted by Professors Ricardo Caballero (MIT), Jordi Galí (UPF), and Lucrezia Reichlin (LBS), and Dr. Luis Servén (World Bank). The report and the response of the Banco de España are available here: