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.
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:
Journal of Business and Economic Statistics 31 (4), October 2013, pp. 451-472.
Enrique Moral (Banco de España).
International Journal of Industrial Organization 31 (5), September 2013, pp. 462-476.
Carlos Pérez Montes (Banco de España).
Journal of International Money and Finance 35, June 2013, pp. 124-145.
Óscar Arce (Banco de España),
Sergio Mayordomo (Univ. of Navarra),
Ignacio Peña (Univ. Carlos III).
Journal of Financial Economics 108 (2), May 2013, pp. 367-391.
Javier Mencía (Banco de España),
Enrique Sentana (CEMFI).
European Economic Review 59, April 2013, pp. 19-34.
Óscar Arce (Banco de España),
Jose Manuel Campa (IESE Business School),
Ángel Gavilán (BBVA).
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).
The Banco de España wishes to hire experienced or newly qualified PhD economists for positions at its headquarters in Madrid. Desired areas of expertise include monetary policy, international economics, macro-finance, banking and finance, industrial organization, and applied micro- and macroeconomics. Applications should be emailed to the Recruitment Division by November 30, 2013.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.OBSERVATORIO DEL BANCO CENTRAL EUROPEO
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.BANCO DE ESPAÑA
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.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.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.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: