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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

Wage dynamics in the presence of unobserved individual and job heterogeneity

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

Liquidity, term spreads and monetary policy

Economic Journal 124 (581), December 2014, pp. 1234-1278.
Yunus Aksoy (Birkbeck, Univ. of London),
Henrique Basso (Banco de España).

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).

News and highlights

Structural reforms in the wake of recovery: Where do we stand?


On 18-19 June 2015, the Banco de España will host a research conference, jointly organized with the Banque de France, entitled "Structural reforms in the wake of recovery: Where do we stand?" The conference seeks to bring together academics and policy makers to discuss the aggregate implications of recent structural reforms, both from a theoretical and an empirical perspective. Confirmed speakers include Yann Algan (Sciences Po Paris), Jordi Galí (UPF), Luis Garicano (LSE), and Francesco Giavazzi (Bocconi).

Call for papers (deadline 28 February 2015) >

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) >

Announcement: Research fellowships 2015-2016


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. Proposals should follow the application guidelines, and should be submitted no later than 14:00 on March 23, 2015.

Current visiting researchers include: