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Economic Research Portal

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

Macroeconomic adjustment under loose financing conditions in the construction sector

European Economic Review 59, April 2013, pp. 19-34.
Óscar Arce (Banco de España),
Jose Manuel Campa (IESE Business School),
Ángel Gavilán (BBVA).

Collective bargaining, firm heterogeneity and unemployment

European Economic Review 59, April 2013, pp. 63-79.
Juan F. Jimeno (Banco de España),
Carlos Thomas (Banco de España).

The motherhood earnings dip: evidence from administrative records

Journal of Human Resources 48 (1), Spring 2013, pp. 169-197.
Daniel Fernández-Kranz (IE Business School),
Aitor Lacuesta (Banco de España),
Nuria Rodríguez-Planas (IAE-CSIC).

Banking competition, housing prices and macroeconomic stability

The Economic Journal 122, December 2012, pp. 1346-1372.
Javier Andrés (Univ. de Valencia),
Óscar Arce (Banco de España).

Estimating nonlinear models with multiple fixed effects: a computational note

Oxford Bulletin of Economics and Statistics 74 (5), October 2012, pp. 760-775.
Laura Hospido (Banco de España).

Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications

American Economic Review 102 (5), August 2012, pp. 2301-2326.
Gabriel Jiménez (Banco de España),
Steven Ongena (CentER-Tilburg),
José Luis Peydró (Univ. Pompeu Fabra),
Jesús Saurina (Banco de España).

Assessing the risk-return trade-off in loan portfolios

Journal of Banking and Finance 36 (6), June 2012, pp. 1665-1677.
Javier Mencía (Banco de España).

The international risk sharing puzzle is at business cycle and lower frequency

Canadian Journal of Economics 45 (2), May 2012, pp. 448-471.
Giancarlo Corsetti (Cambridge University),
Luca Dedola (European Central Bank),
Francesca Viani (Banco de España).

Determinants of economic growth: a Bayesian panel data approach

Review of Economics and Statistics 94 (2), May 2012, pp. 566-579.
Enrique Moral (Banco de España).

News and highlights

Call for papers: XI Emerging Markets Workshop

BANCO DE ESPAÑA

The eleventh edition of the Emerging Markets Workshop will take place on 4-5 November 2013 in Madrid, at the Banco de España headquarters.This year, it will aim at taking a wider view on the “The new economic landscape in the aftermath of the crisis” and, in particular, on how emerging market economies are faring in this new environment. The conference organizers invite submissions of extended abstracts from researchers at central banks and international financial organizations.

Call for papers (Deadline 15 May 2013) >

Call for papers: "The crisis in the Spanish economy"

SERIEs

SERIEs, the journal of the Spanish Economic Association, announces a call for papers on "The crisis in the Spanish economy". The issue will address the causes and policy implications of the current crisis. Topics of particular interest include unemployment, the housing market, banks, structural reforms, sovereign debt, Eurosystem reforms, and political economy issues. The guest editors for the special issue will be Juan Francisco Jimeno (Banco de España) and Tano Santos (Columbia University).

Webpage for submissions (Deadline 31 May 2013) >

International Financial Integration and Fragmentation: Drivers and Policy Responses

BANCO DE ESPAÑA

On 12 March 2013, the Banco de España hosted a policy conference, jointly organized with the Reinventing Bretton Woods Committee, on "International Financial Integration and Fragmentation: Drivers and Policy Responses". The conference gathered a selected group of academics, policymakers and private sector analysts, and it was opened by the Governor of Banco de España. The seminar analyzed challenges in the new financial landscape, including the situation of financial fragmentation in the euro area.

Conference programme >

2012 John W. Kendrick Prize

BANCO DE ESPAÑA

The Banco de España congratulates Olympia Bover, the head of its Microeconomic Studies Unit, who has been awarded the John W. Kendricks Prize for the best microeconomics paper published in 2010 or 2011 in the Review of Income and Wealth. The award recognizes her paper Wealth Inequality and Household Structure: U.S. vs. Spain, published in June 2010. The paper shows how the different household structures of the two countries affect their wealth distributions, comparing data from the Survey of Consumer Finances in the United States with data from the Encuesta Financiera de las Familias (the Spanish Survey of Household Finances), which is constructed by the Banco de España under Dr. Bover's guidance.

2012 ESCB Day Ahead Conference

European System of Central Banks

In Málaga, on Sunday, August 26, 2012, the Banco de España hosted a Day-Ahead Conference to precede the EEA-ESEM meetings, on behalf of the European System of Central Banks. The conference, entitled "Financial stability: measurement, theory, and policy analysis", addressed recent trends in credit supply, capital and liquidity regulation in banking, and the dynamics of the housing market, among other issues.

Conference programme >

Current visiting researchers

BANCO 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: