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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

Optimal monetary policy with state-dependent pricing

International Journal of Central Banking 10 (3), September 2014, pp. 49-94.
Anton Nakov (ECB),
Carlos Thomas (Banco de España).

Green shoots and double dips in the euro area: A real time measure

International Journal of Forecasting 30 (3), July-September 2014, pp. 520-535.
Gabriel Pérez-Quirós (Banco de España),
Máximo Camacho (Univ. de Murcia),
Pilar Poncela (Univ. Autónoma de Madrid).

The effect on competition of banking sector consolidation following the financial crisis of 2008

Journal of Banking & Finance 43, June 2014, pp. 124-136.
Carlos Pérez Montes (Banco de España).

Hazardous times for monetary policy: What do twenty-three million bank loans say about the effects of monetary policy on credit risk-taking?

Econometrica 82 (2), March 2014, pp. 463-505.
Gabriel Jiménez (Banco de España),
Steven Ongena (Univ. of Zurich),
José-Luis Peydró (Univ. Pompeu Fabra),
Jesús Saurina (Banco de España).

Sovereign debt markets in turbulent times: Creditor discrimination and crowding-out effects

Journal of Monetary Economics 61, January 2014, pp. 114-142.
Fernando Broner (CREI),
Aitor Erce (Banco de España),
Alberto Martín (CREI),
Jaume Ventura (CREI).

Saudi Arabia and the oil market

Economic Journal 123 (573), December 2013, pp. 1333-1362.
Anton Nakov (ECB),
Galo Nuño (Banco de España).

Patterns of convergence and divergence in the Euro Area

IMF Economic Review 61 (4), December 2013, pp. 601-630.
Ángel Estrada (Banco de España),
Jordi Galí (Univ. Pompeu Fabra),
David López-Salido (Board of Governors).

Banking competition, collateral constraints, and optimal monetary policy

Journal of Money, Credit and Banking 45 (s2), December 2013, pp. 87-125.
Javier Andrés (Univ. de Valencia),
Óscar Arce (Banco de España),
Carlos Thomas (Banco de España).

Likelihood-based estimation of dynamic panels with predetermined regressors

Journal of Business and Economic Statistics 31 (4), October 2013, pp. 451-472.
Enrique Moral (Banco de España).

Why high productivity growth of banks preceded the financial crisis

Journal of Financial Intermediation 22 (4), October 2013, pp. 688-712.
Alfredo Martín-Oliver (Banco de España),
Sonia Ruano (Banco de España),
Vicente Salas-Fumás (Univ. de Zaragoza).

News and highlights

European Summer Symposium on International Macroeconomics (ESSIM) 2015


On 26-29 May 2015, the Banco de España will host 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.

Previous conference programme (2014) >

Special issue: "The crisis of the Spanish economy"


SERIEs, the journal of the Spanish Economic Association, 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 Santos (Columbia University).

Volume 5, Issue 2-3 (August 2014) >

Banco de España Research Update


On May 7, the Banco de España published the first issue of its new Research Update series. The Update will be published twice each year, and will include information on the latest working papers, refereed publications, and conferences of the Banco de España. It will also feature short article summaries by, and profiles of, researchers associated with the Banco de España.

Download Research Update, Spring 2014 issue >

III Workshop on International Financial Markets


On 9-10 June 2014, the Banco de España and the Bank of Canada jointly organized a workshop in Madrid on international financial markets. Topics covered included exchange rates, capital flows, monetary policy spillovers, and the impact of regulation and policy on international financial markets.

Conference programme >

3rd WB-BE Research Conference: "Financing growth: levers, boosters, and brakes".


On 23-24 June 2014, the Banco de España and the World Bank jointly organized a workshop in Madrid on the relation between finance and growth. In particular, the conference analyzed how finance can support investment, innovation, and productivity; and also how policy responses to the 2008 financial crisis are affecting the real economy. The conference focused especially on emerging markets and Latin America; both central bankers and academics took part.

Current visiting researchers


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: