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 >

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:

Publication Updates

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).

The safety and soundness effects of bank M&A in the EU: Does prudential regulation have any impact?

European Financial Management 21 (3), June 2015, pp. 462-490.
Jens Hagendorff (Univ. of Edinburgh),
Maria J. Nieto (Banco de España).

News and highlights

Fiscal Sustainability, XXI Century


During the week of 6-10 June, 2016, the Banco de España and the Barcelona Graduate School of EconomicsAbre en nueva ventana (BGSE) organized a Joint Fiscal Policy Week entitled Fiscal Sustainability: XXI Century. The Policy Week addressed theoretical, empirical, and policy-oriented research on fiscal policy, with a particular focus on the question of sustainability, which has become a central issue worldwide and especially in Europe in the aftermath of the crisis. Topics addressed included measuring fiscal sustainability, monitoring compliance with fiscal rules, coordination of fiscal policies across and within countries, and the interaction of monetary, fiscal, and financial stability policies in the context of a monetary union.

The Policy Week consisted of two events: a conference at the Banco de España, in Madrid, on 6-8 June, followed by a workshop at the the BGSE, in Barcelona, on 9-10 June, which was part of the 2016 BGSE Summer ForumAbre en nueva ventana. Presentations at the Madrid conference emphasized more policy-oriented topics, while those in Barcelona included more theoretical work.

Conference programme >Abre en nueva ventana

Labor Markets: Growth, Productivity and Inequality


On 16-17 June, 2016, the Banco de España and the World Bank organized a conference in Madrid entitled "Labor Markets: Growth, Productivity and Inequality". The conference studied new evidence on the labor market responses to macroeconomic and policy changes after the Great Recession, and on the effects of labor market policies on employment levels, employment quality, wages, labor productivity, and growth. The scope of the conference was global, with special attention to emerging markets, and Latin America in particular. Twelve papers were presented, both theoretical and empirical, and David CardAbre en nueva ventana (UC Berkeley) participated in two panel discussions.

Conference programme >Abre en nueva ventana

Restructuring of research at the 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 >

Current visiting researchers


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