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

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 failure to predict the Great Recession - A view through the role of credit

Journal of the European Economic Association 13 (3), June 2015, pp. 534-559.
María Dolores Gadea Rivas (Univ. of Zaragoza),
Gabriel Pérez-QuirósAbre en nueva ventana (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).

Wage dynamics in the presence of unobserved individual and job heterogeneity

Labour Economics 33, April 2015, pp. 81-93.
Laura Hospido (Banco de España).

Does (average) size matter? Court enforcement, business demography and firm growth

Small Business Economics 44 (3), March 2015, pp. 639-669.
Miguel García-Posada (Banco de España),
Juan S. Mora-Sanguinetti (Banco de España).

Is infrastructure capital productive? A dynamic heterogeneous approach

Journal of Applied Econometrics 30 (2), March 2015, pp. 177-198.
Enrique-Moral-Benito (Banco de España),
César Calderón (The World Bank),
Luis Servén (The World Bank).

Learning from experience in the stock market

Journal of Economic Dynamics and Control 52, March 2015, pp. 224-239.
Anton Nakov (ECB),
Galo Nuño (Banco de España).

Model averaging in economics: an overview

Journal of Economic Surveys 29 (1), February 2015, pp. 46-75.
Enrique Moral-Benito (Banco de España).

News and highlights

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 >

Job openings for PhD economists


The Banco de España wishes to hire experienced or newly qualified PhD economists for positions at its headquarters in Madrid. Desired areas of expertise include monetary policy, international economics, macro-finance, banking and finance, industrial organization, and applied micro- and macroeconomics. Application deadline: 25 November 2015.

See job details at EconJobMarket.org >Abre en nueva ventana

Structural reforms in the wake of recovery: Where do we stand? Abre en nueva ventana


On 18-19 June 2015, the Banco de España hosted a research conference, jointly organized with the Banque de France, entitled "Structural reforms in the wake of recovery: Where do we stand?" The conference was intended to bring together academics and policy makers to discuss the aggregate implications of recent structural reforms, both from a theoretical and an empirical perspective. Keynote speakers included Yann AlganAbre en nueva ventana (Sciences Po Paris), Jordi GalíAbre en nueva ventana (UPF), and Francesco GiavazziAbre en nueva ventana (Bocconi).

Conference programme >Abre en nueva ventana

European Summer Symposium on International Macroeconomics (ESSIM) 2015 Abre en nueva ventana


On 26-29 May 2015, the Banco de España hosted the twenty-third edition of the European Summer Symposium in International Macroeconomics (ESSIM) in Roda de Bará, Tarragona. The conference, jointly organized with the CEPR, brings together top macroeconomists from European and overseas institutions, and is especially intended as an opportunity for young researchers to meet and collaborate with senior economists.

Conference programme >Abre en nueva ventana

Special issue: "The crisis of the Spanish economy" Abre en nueva ventana


SERIEsAbre en nueva ventana, the journal of the Spanish Economic AssociationAbre en nueva ventana, has published a special issue on "The crisis of the Spanish economy", addressing the impact of the Great Recession on the Spanish economy. Papers in the special issue address the markets for labor, real estate, and credit in Spain, and also reassess the behavior of the Spanish output gap. The guest editors for the special issue were Juan Francisco Jimeno (Banco de España) and Tano SantosAbre en nueva ventana (Columbia University).

Volume 5, Issue 2-3 (August 2014) >Abre en nueva ventana

Current visiting fellows


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: