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.
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:
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).
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
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-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).
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
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).
News and highlights
Call for Papers: "Labor Markets: Growth, Productivity and Inequality"BANCO DE ESPAÑA - WORLD BANK
On 16-17 June, 2016, the Banco de España and the World Bank will organize a conference in Madrid entitled "Labor Markets: Growth, Productivity and Inequality". The conference seeks 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 is global, but special consideration will be given to papers on emerging markets, and Latin America in particular. The conference will feature approximately ten papers, both theoretical and empirical, as well as a policy panel and a keynote address by David Card (UC Berkeley).
Call for Papers: "Fiscal Sustainability, XXI Century"BANCO DE ESPAÑA - BARCELONA GSE
During the week of 6-10 June, 2016, the Banco de España and the Barcelona Graduate School of Economics (BGSE) will organize a Joint Fiscal Policy Week on the topic of Fiscal Sustainability: XXI Century. The Policy Week will address 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 of particular concern include 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 will consist of two events. First, the Banco de España will host a conference at its headquarters in Madrid from Monday 6 June until the morning of Wednesday 8 June. The Banco de España conference will focus on more policy-oriented papers applicable to current debates about reforming Eurozone institutions. Second, the BGSE will host a workshop in Barcelona with more academically-oriented papers, on Thursday and Friday, 9-10 June, which will be included as part of the 2016 BGSE Summer Forum. Papers will not be repeated at the two events, but presenters and discussants at either event are welcome to attend both events.
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).BANCO DE ESPAÑA - BANQUE DE FRANCE
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 Algan (Sciences Po Paris), Jordi Galí (UPF), and Francesco Giavazzi (Bocconi).CENTRE FOR ECONOMIC POLICY RESEARCH
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.
Current visiting fellowsBANCO 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:
Prof. Antoine Loeper of Universidad Carlos III de Madrid is visiting from September 2015 to July 2016.
Project: Bargaining in legislatures and monetary policy committees
Dr. Mihaly Borsi (PhD Alicante) is visiting from October 2015 to June 2016.
Project: The role of finance in explaining labor market dynamics