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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

Celebrating 25 years of TRAMO-SEATS


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 >

Call for papers: III Workshop on International Financial Markets


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.

Call for papers (deadline 1 April 2014) >

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


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.

Call for papers (deadline 13 April 2014) >

XI Emerging Markets Workshop


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 >

2012 Bernácer Prizewinner


The 2012 Germán Bernácer Prize of the Observatorio del Banco Central Europeo (OBCE) was awarded to Nicholas Bloom of Stanford University for his work on the role of uncertainty in the business cycle, as well as his research on management practices. The prize is awarded annually to an outstanding European economist under forty years of age. The award ceremony took place on September 24, 2013, at the Madrid headquarters of the Banco de España.

Workshop on "Expectations and Macroeconomics"


On 10-11 June 2013, the Banco de España hosted a workshop on "Expectations and Macroeconomics" at its headquarters in Madrid. The conference, organized by Juan F. Jimeno of the Banco de España, and Albert Marcet of IAE-CSIC, analyzed recent work modeling consumers' and investors' expectations to better understand instability in financial markets and the macroeconomy. It also evaluated these theoretical models in the light of new survey data.

Workshop programme >

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: