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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

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).

Saudi Arabia and the oil market

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

Fiscal data revisions in Europe

Journal of Money, Credit and Banking 45 (6), September 2013, pp. 1187-1209.
Francisco de Castro (Banco de España),
Javier J. Pérez (Banco de España),
Marta Rodríguez-Vives (ECB).

Regulatory bias in the price structure of local telephone service

International Journal of Industrial Organization 31 (5), September 2013, pp. 462-476.
Carlos Pérez Montes (Banco de España).

How does competition affect bank risk-taking?

Journal of Financial Stability 9 (3), June 2013, pp. 185-195.
Gabriel Jiménez (Banco de España) Jose A. Lopez (FRB San Francisco),
Jesús Saurina (Banco de España).

Valuation of VIX derivatives

Journal of Financial Economics 108 (2), May 2013, pp. 367-391.
Javier Mencía (Banco de España),
Enrique Sentana (CEMFI).

News and highlights

Banco de España Research Update

BANCO DE ESPAÑA

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 >

European Summer Symposium on International Macroeconomics (ESSIM) 2014

CENTRE FOR ECONOMIC POLICY RESEARCH

On 27-30 May 2013, the Banco de España will host the twenty-second 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.

Conference programme >

III Workshop on International Financial Markets

BANCO DE ESPAÑA

On 9-10 June 2014, the Banco de España and the Bank of Canada will jointly organize a workshop in Madrid on international financial markets. Topics of interest include exchange rates, capital flows, monetary policy spillovers, and the impact of regulation and policy on international financial markets. Both central bankers and academics are encouraged to participate.

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

BANCO DE ESPAÑA

On 23-24 June 2014, the Banco de España and the World Bank will jointly organize a workshop in Madrid on the relation between finance and growth. In particular, the conference will analyze 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 will focus especially on emerging markets and Latin America; both central bankers and academics are encouraged to participate.

Celebrating 25 years of TRAMO -SEATS

BANCO DE ESPAÑA

On 13-14 March 2014, the Banco de España organized a conference on time series analysis, entitled "Celebrating 25 years of TRAMO-SEATS". The conference also honored the 70th birthday of Agustín Maravall, who developed the TRAMO-SEATS software suite.

Workshop programme >

XI Emerging Markets Workshop

BANCO DE ESPAÑA

The eleventh edition of the Emerging Markets Workshop took place on 4-5 November 2013 in Madrid, at the Banco de España headquarters.This year, its theme was the 'The new economic and financial landscape in the aftermath of the crisis'. In particular, the workshop addressed how emerging market economies are faring in this new environment.

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: