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.
The impact of the 2011 short-sale ban on financial stability: Evidence from the Spanish stock market
Policy spillovers and synergies in a Monetary Union
The public sector wage premium in Spain: Evidence from longitudinal administrative data.
Envy and habits: Panel data estimates of interdependent preferences
Oxford Bulletin of Economics and Statistics 78 (4), pp. 443-469.
Francisco Álvarez-Cuadrado (McGill University),
José María Casado (Banco de España),
José María Labeaga (UNED)
The distribution of debt across euro area countries:The role of individual characteristics, institutions and credit conditions
The response of household wealth to the risk of job loss: Evidence from differences in severance payments
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-Benito (Banco de España).
International reserves and gross capital flows dynamics
The impact of financial regulation on current account balances
European Economic Review 81, January 2016, pp. 148-166.
Enrique Moral-Benito (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 Rachedi (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-Quirós (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).
News and highlights
25th CEPR European Summer Symposium in International Macroeconomics (ESSIM), Roda de Bará, TarragonaBANCO DE ESPAÑA
The 25th edition of the CEPR European Summer Symposium in International Macroeconomics (ESSIM) will be hosted by the Banco de España from Tuesday to Friday, May 23-26, 2017, in Tarragona, Spain. ESSIM is an annual meeting that brings together about 75 economists from across Europe and key researchers from outside the region. The conference will cover the CEPR programme areas of Monetary Economics and Fluctuations, International Money and Finance, and Macroeconomics and Growth.
The organizers of the conference will be Philippe Bacchetta (University of Lausanne and CEPR), Francesco Caselli (LSE and CEPR), Wouter den Haan (LSE and CEPR), and James Costain (Banco de España). The Call for Papers is now available at the CEPR website. The deadline for submissions is 18:00 GMT on Monday, January 16, 2017.
First Joint BdE-CEMFI Research WorkshopBANCO DE ESPAÑA
On October 5, 2016, the Banco de España hosted a joint workshop with CEMFI in which researchers from both institutions discussed their recent work on financial markets, investment, and productivity. This meeting was the first in a series of regular workshops intended to forge stronger links between the Banco de España and the wider Madrid research community.
Banco de España Welcomes New ResearchersBANCO 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 Alloza 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 Kulikova 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 Mayordomo 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 Moreno 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 Sanz 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 Thaler 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 scholarsBANCO 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 Bank regularly, typically on a weekly or bi-weekly basis. Right now, the following scholars have the status of Regular Visitors:
Javier Andrés (Universitat de València)
Jesús Gonzalo (Universidad Carlos III de Madrid)
Nezih Guner (CEMFI)
José María Labeaga (UNED)
Sara Otal (Universidad de Alcala)
José Luis Peydró (Universitat Pompeu Fabra)
Resident Visiting Scholars visit the Banco de España 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 Economics. This year the following scholars will be visiting the Bank:
Danilo Leyva (Central Bank of Chile), from November 1, 2016 until February 28, 2017.
Francesco Furlanetto (Norges Bank), from January 16, 2017 until March 21, 2017.
Emiliano Santoro (University of Copenhagen), from January 15, 2017 until April 15, 2017.
Yunus Aksoy (Birbeck College, University of London), from April 1, 2017 until July 31, 2017.
Restructuring of research at the Banco de EspañaBANCO 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).
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: