Monetary policy

Contribution to monetary policy analysis: Reports and publications

2022:

Banco de España (2022). “Rising global inflation  (3 MB)”, Chapter 3 of Annual Report 2021.

Analytical Articles:

• Castillo Lozoya, Mª. C., E. Esteban García-Escudero and Mª L. Pérez Ortiz (2022). “The effect of TLTRO III on Spanish credit institutions’ balance sheet  (473 KB)”, Analytical Articles, Economic Bulletin 2/2022, Banco de España.
• Menéndez Pujadas, A, and M. Mulino (2022). “April 2022 Bank Lending Survey in Spain  (560 KB)”, Analytical Articles, Economic Bulletin 2/2022, Banco de España.
• Barreira, R., S. Mayordomo, I. Roibás and M. Ruiz-García (2022). “Recent developments in lending to non-financial corporations: supply and demand factors  (448 KB)”, Analytical Articles, Economic Bulletin 1/2022, Banco de España.
• Menéndez Pujadas, A, and M. Mulino (2022). “January 2021 Bank Lending Survey in Spain  (574 KB)”, Analytical Articles, Economic Bulletin 1/2022, Banco de España.

Occasional Papers:

• Álvarez, L., A. Fuertes, L. Molina and E. Múñoz de la Pena (2021). “La captación de fondos en los mercados internacionales de capitales en 2021  (952 KB)”, Occasional Paper No 2211, Banco de España.
• Alves, P., S. Mayordomo and M. Ruiz-García (2022). “La financiación empresarial en los mercados de renta fija: la contribución de la política monetaria a mitigar la barrera del tamaño  (654 KB)”, Occasional Paper No 2209, Banco de España.
• Lamas, M. and S. Romaniega (2022). “Designing a price index for the Spanish commercial real estate market  (1 MB)”, Occasional Paper No 2203, Banco de España.

Working Papers:

• Dipraz, S., H. Le Bihan and J. Matheron (2022). “Make-up Strategies with Finite Planning Horizons but Forward-Looking Asset Prices  (1 MB)”, Working Paper No 2218, Banco de España.
• Carbó, J. M. and S. Gorjón (2022). “Application of machine learning models and interpretability techniques to identify the determinants of the price of bitcoin  (1 MB)”, Working Paper No 2215, Banco de España.
• Carro, A. and P. Stupariu (2022). “Uncertainty, non-linear contagion and the credit quality channel: an application to the Spanish interbank market  (1 MB)”, Working Paper No 2212, Banco de España.
• Banerjee, R. and J. M. Serena (2022). “Dampening the financial accelerator? Direct lenders and monetary policy  (1 MB)”, Working Paper No 2201, Banco de España.

2021:

Analytical Articles:

• Alves, P., J. Cebrián and E. Pérez Asenjo (2021). “Recent developments in financing and bank lending to the non-financial private sector. 3rd quarter of 2021”, Analytical Articles, Economic Bulletin 2021, Banco de España.
• Menéndez Pujadas, A. and M. Mulino (2021). “Economic and financial performance of Spanish firms in 2020 and 2021 according to the central balance sheet data office  (820 KB)”, Analytical Articles, Economic Bulletin 4/2021, Banco de España.
• Menéndez Pujadas, A. and M. Mulino (2021). “October 2021 Bank Lending Survey in Spain  (749 KB)”, Analytical Articles, Economic Bulletin 4/2021, Banco de España.
• Gorjón, S. (2021). “The role of cryptoassets as legal tender: the example of El Salvador  (215 KB)”, Analytical Articles, Economic Bulletin 4/2021, Banco de España.
• Borrallo, F., A. Buesa and S. Párraga (2021). “Inflation in the United States: recent developments and Outlook  (1 MB)”, Analytical Articles, Economic Bulletin 4/2021, Banco de España.
• Pascual González, R. (2021). “Corporate bond issuance during the COVID-19 pandemic: a comparison with the global financial crisis  (1 MB)”, Analytical Articles, Economic Bulletin 4/2021, Banco de España.
• González Martínez, C. I. (2021). “Overview of global and European institutional sustainable finance initiatives  (4 MB)”, Analytical Articles, Economic Bulletin 3/2021, Banco de España.
• González Martínez, C. I. (2021). “The role of central Banks in combating climate change and developing sustainable finance  (408 KB)”, Analytical Articles, Economic Bulletin 3/2021, Banco de España.
• Alves, P., J. Galán, L. Fernández Lafuerza and E. Pérez Asenjo (2021). “Recent developments in financing and bank lending to the non-financial private sector. First half of 2021  (1 MB)”, Analytical Articles, Economic Bulletin 3/2021, Banco de España.
• Menéndez Pujadas, A. and M. Mulino (2021). “The July 2021 Bank Lending Survey in Spain  (674 KB)”, Analytical Articles, Economic Bulletin 3/2021, Banco de España.
• García-Vaquero, V. and J. C. Casado (2021). “Financial flows and balance sheets of households and non-financial corporations in 2020  (498 KB)”, Analytical Articles, Economic Bulletin 3/2021, Banco de España.
• Alves, P. and L. San Juan (2021). “The impact of the COVID-19 health crisis on the housing market in Spain  (839 KB)”, Analytical Articles, Economic Bulletin 2/2021, Banco de España.
• Álvarez, L., A. Fuertes, L. Molina and E. Muñoz de la Peña (2021). “International capital markets during the COVID-19 crisis  (881 KB)”, Analytical Articles, Economic Bulletin 2/2021, Banco de España.
• Menéndez Pujadas, A. and M. Mulino (2021). “April 2021 Bank Lending Survey in Spain  (530 KB)”, Analytical Articles, Economic Bulletin 2/2021, Banco de España.
• Barceló, C., E. Villanueva and E. Vozmediano (2021). “Personal loan rates and household characteristics: Spain compared with other euro area countries  (319 KB)”, Analytical Articles, Economic Bulletin 2/2021, Banco de España.
• Alves, P., F. Arrizabalaga, J. Delgado, J. Galán, E. Pérez Asenjo, C. Pérez Montes and C. Trucharte (2021). “Recent developments in financing and bank lending to the non-financial private sector  (778 KB)”, Analytical Articles, Economic Bulletin 1/2021, Banco de España.
• Menéndez Pujadas, A. and M. Mulino (2021). “January 2021 Bank Lending Survey in Spain  (574 KB)”, Analytical Articles, Economic Bulletin 1/2021, Banco de España.

Occasional Papers:

• Auria, L., M. Bingmer, C. M. Caicedo Graciano, C. Charavel, S. Gavilá, A. Iannamorelli, A. Levy, A. Maldonado, F. Resch, A. M. Rossi and S. Sauer (2021). “Overview of central banks’ in-house credit assessment systems in the euro area  (1 MB)”, Occasional Paper No 2131, Banco de España.

• Escolar, J. and J. R. Yribarren (2021). “European Central Bank and Banco de España measures against the effects of COVID-19 on the monetary policy collateral framework, and their impact on Spanish counterparties  (1 MB)”, Occasional Paper No 2128, Banco de España.
• González, C. I. and S. Núñez (2021). “Markets, financial institutions and central banks in the face of climate change: challenges and opportunities  (2 MB)”, Occasional Paper No 2126, Banco de España.
• Banco de España Strategic Plan 2024: Risk identification for the financial and macroeconomic stability (2021). “How do central banks identify risks? A survey of indicators  (1 MB)”, Occasional Paper No 2125, Banco de España.
• Pacce, M., I. Sánchez and M. Suárez-Varela (2021). “Recent developments in Spanish retail electricity prices: the role played by the cost of CO2 emission allowances and higher gas prices  (663 KB)”, Occasional Paper No 2120, Banco de España.
• Borrallo Egea, F. and P. del Río López (2021). “Monetary policy strategy and inflation in Japan  (2 MB)”, Occasional Paper No 2116, Banco de España.
• Khametshin, D. (2021). “High-Yield bond markets during the COVID-19 crisis: the role of monetary policy  (535 KB)”, Occasional Paper No 2110, Banco de España.

Working Papers:

• González, B., G. Nuño, D. Thaler and S. Albrizio (2021). “Firm heterogeneity, capital misallocation and optimal monetary policy  (1 MB)”, Working Paper No 2145, Banco de España.
• Le Bihan, H., M. Marx and J. Matheron (2021). “Inflation tolerance ranges in the new keynesian model  (945 KB)”, Working Paper No 2142, Banco de España.
• Bánbura, M., D. Leiva-León and J.O. Menz (2021). “Do inflation expectations improve model-based inflation Forecasts?  (1 MB)”, Working Paper No 2138, Banco de España.
• Abbate, A. and D. Thaler (2021). “Optimal Monetary Policy with the risk-taking channel  (555 KB)”, Working Paper No 2137, Banco de España.
• Alonso, I., P. Serrano and A. Vaello-Sebastià (2021). “The impact of heterogeneous unconventional monetary policies on the expectations of market crashes  (1.007 KB)”, Working Paper No 2127, Banco de España.
• Albrizio, S., I. Kataryniuk, L. Molina and J. Schäfer (2021). “ECB euro liquidity lines  (1 MB)”, Working Paper No 2125, Banco de España.
• Peña, J. and E. Prades (2021). “Price setting in Chile: Micro evidence from consumer on-line prices during the social outbreak and Covid-19  (907 KB)”, Working Paper No 2112, Banco de España.
• Istrefi, K. F. Odendahl and G. Sestieri (2021). “Fed communication on financial stability concerns and monetary policy decisions: revelations from speeches  (828 KB)”, Working Paper No 2110, Banco de España.
• Andrés, J., Ó. Arce and P. Burriel (2021). “Market polarization and the Phillips curve  (2 MB)” Working Paper No 2106, Banco de España.

2020:

Banco de España (2020). “Easing of the Eurosystem’s collateral framework  (119 KB)”, Box 3.2 of the Annual Report 2019.

Banco de España (2020). “Impact analysis of the announcement of the Pandemic Emergency Purchase Programme (PEPP)  (259 KB)”, Box 3.3 of the Annual Report 2019.

Analytical Articles:

• Alonso, I. (2020). “The impact of unconventional monetary policies and perceptions of extreme events at times of crisis  (490 KB)”, Analytical Articles, Economic Bulletin 4/2020, Banco de España.
• Lacuesta, A., P. Roldán and D. Serrano-Puente (2020). “Effects of e-commerce on prices and business competition  (312 KB)”, Analytical Articles, Economic Bulletin 4/2020, Banco de España.
• Fernández Lafuerza, L. and J. Mencía (2020). “Recent developments in the cost of bank equity in Europe  (410 KB)”, Analytical Articles, Economic Bulletin 4/2020, Banco de España.
• Aguilar, P. (2020). “Inflation persistence in the euro area: the role of expectations  (326 KB)”, Analytical Articles, Economic Bulletin 4/2020, Banco de España.
• Buesa, A. (2020). “China: impact of the pandemic and economic recovery  (476 KB)”, Analytical Articles, Economic Bulletin 4/2020, Banco de España.
• Menéndez Pujadas, A. and M. Mulino (2020). “October 2020 Bank Lending Survey in Spain  (533 KB)”, Analytical Articles, Economic Bulletin 4/2020, Banco de España.
• Alves, P., R. Blanco, S. Mayordomo, F. Arrizabalaga, J. Delgado, G. Jiménez, E. Pérez Asenjo, C. Pérez Montes and C. Trucharte (2020). “Recent developments in financing and bank lending to the non-financial private sector  (410 KB)”, Analytical Articles, Economic Bulletin 4/2020, Banco de España.
• Menéndez Pujadas, A. (2020). “Bank Lending Survey in Spain. June 2020  (413 KB)”, Analytical Articles, Economic Bulletin 3/2020, Banco de España.
• Alves, P., E. López, C. Martín and I. Roibás (2020). “The Balance of Payments and International Investment Position of Spain in 2019  (608 KB)”, Analytical Articles, Economic Bulletin 2/2020, Banco de España.
• Menéndez Pujadas, A. (2020). “April 2020 Bank Lending Survey in Spain  (573 KB)”, Analytical Articles, Economic Bulletin 2/2020, Banco de España.
• Alves, P., F. Arrizabalaga, J. Delgado and A. Ferrer (2020). “Recent developments in financing and bank lending the non-financial private sector 2019 H2  (568 KB)”, Analytical Articles, Economic Bulletin 1/2020, Banco de España.
• Álvarez, L. J., A. Gómez Loscos and Mª Dolores Gadea (2020). “The relationship between inflation rates in advanced economies  (305 KB)”, Analytical Articles, Economic Bulletin 1/2020, Banco de España.
• Menéndez Pujadas, A. (2020). “January 2020 Bank Lending Survey in Spain  (547 KB)”, Analytical Articles, Economic Bulletin 1/2020, Banco de España.

Occasional Papers:

• Aguilar, P., Ó. Arce, S. Hurtado, J. Martínez-Martín, G. Nuño and C. Thomas (2020). “The ECB monetary policy response to the COVID-19 crisis  (596 KB)”, Occasional Paper No 2026, Banco de España.
• Esteban García-Escudero, E. and E. J. Sánchez Pérez (2020). “Central-bank currency swap lines  (741 KB)”, Occasional Paper No 2025, Banco de España.
• Álvarez, L. J., and M. Correa-López (2020). “Inflation expectations in euro area Phillips curves  (449 KB)”, Occasional Paper No 2018, Banco de España.
• Ortega, E. and C. Osbat (2020). “Exchange rate pass-through in the euro area and EU countries  (3 MB)”, Occasional Paper No 2016, Banco de España.
• Ayuso, J. and C. Conesa (2020). “An introduction to the current debate on central bank digital currency (CBDC)  (530 KB)”, Occasional Paper No 2005, Banco de España.

Working Papers:

• Ivashina, V., L. Laeven and E. Moral-Benito (2020). "Loan types and the bank lending channel  (1 MB)”, Working Paper No 2020, Banco de España.
• Andrés, J. Ó. Arce, J. Fernández-Villaverde and S. Hurtado (2020). “Deciphering the macroeconomic effects of internal devaluations in a monetary unio  (783 KB)n”, Working Paper No 2016, Banco de España.
• Fernández-Villaverde, J., S. Hurtado and G. Nuño (2020). “Financial frictions and the wealth distribution  (5 MB)”, Working Paper No 2013, Banco de España.
• García-Hiernaux, A., M. T. González-Pérez and D. E. Guerrero (2020). “Eurozone prices: a tale of convergence and divergence  (425 KB)”, Working Paper No 2010, Banco de España.
• Alonso Álvarez, I., V. Di Nino and F. Venditti (2020). “Strategic interactions and price dynamics in the global oil market  (825 KB)”, Working Paper No 2006, Banco de España.

2019:

Banco de España (2019). “Monetary policy design in the medium and long term  (1 MB)”, Chapter 3 of Annual Report 2018.

Analytical Articles:

• Párraga, S., P. del Río and J. L. Vega (2019). “The Federal Reserve review of its monetary policy framework  (399 KB)”, Analytical Articles, Economic Bulletin 4/2019, Banco de España.
• Menéndez Pujadas, A. (2019). “Bank Lending Survey in Spain: October 2019  (411 KB)”, Analytical Articles, Economic Bulletin 4/2019, Banco de España.
• Menéndez Pujadas, A. (2019). “Bank Lending Survey in Spain: July 2019  (425 KB)”, Analytical Articles, Economic Bulletin 3/2019, Banco de España.
• García-Posada Gómez, M. (2019). “The impact of TLTROs on banks’ lending policies: the role of competition  (401 KB)”, Analytical Articles, Economic Bulletin 2/2019, Banco de España.
• Timini, J. and El-Dahrawy Sánchez-Albornoz, A. (2019). “The impact of China on Latin America: trade and foreign direct investment channels  (623 KB)”, Analytical Articles, Economic Bulletin 2/2019, Banco de España.
• Menéndez Pujadas, A. (2019). “The April 2019 Bank Lending Survey in Spain  (618 KB)”, Analytical Articles, Economic Bulletin 2/2019, Banco de España.
• Arce, Ó., M. García-Posada and S. Mayordomo (2019). “Adapting lending policies against a background of negative interest rates  (603 KB)”, Analytical Articles, Economic Bulletin 1/2019, Banco de España.
• Arce, Ó., G. Nuño and C. Thomas (2019). “The Eurosystem’s monetary policy following the end of net asset purchases  (627 KB)”, Analytical Articles, Economic Bulletin 1/2019, Banco de España.
• Menéndez Pujadas, A. (2019). “The January 2019 Bank Lending Survey in Spain  (586 KB)”, Analytical Articles, Economic Bulletin 1/2019, Banco de España.
• Argimón, I. (2019). “Spanish banks’ internationalisation strategy: characteristics and comparison  (414 KB)”, Analytical Articles, Economic Bulletin 1/2019, Banco de España.

Occasional Papers:

• Álvarez, L. J. (2019). “El índice de precios de consumo: usos y posibles vías de mejora  (489 KB)”, Occasional Paper No 1910, Banco de España.
• Conesa, C. (2019). “Bitcoin: a solution for payment systems or a solution in search of a problem?  (876 KB)”, Occasional Paper No 1901, Banco de España.

Working Papers:

• De Andrés, P., R. Gimeno and R. Maetos de Cabo (2019). “The gender gap in bank credit access  (780 KB)”, Working Paper No 1945, Banco de España.
• Dees, S. and A. Galesi (2019). “The global financial cycle and US monetary policy in an interconnected world  (6 MB)”, Working Paper No 1942, Banco de España.
• Albrizio, S., S. Choi, D. Furceri and C. Yoon (2019). “International Bank Lending Channel of Monetary Policy  (836 KB)”, Working Paper No 1938, Banco de España.
• Fuertes, A. (2019). “External adjustment with a common currency: the case of the euro area  (1 MB)”, Working Paper No 1936, Banco de España.
• Leiva-León, D., J. Martínez-Martín and E. Ortega (2019). “Exchange rate shocks and inflation comovement in the euro area  (1 MB)”, Working Paper No 1934, Banco de España.
• Boeckx, J., M. Dossche, A. Galesi, B. Hofmann and G. Peersman (2019). “Do SVARs with sign restrictions not identify unconventional monetary policy shocks?  (630 KB)”, Working Paper No 1926, Banco de España.
• Álvarez, L. J., M. Gadea and A. Gómez-Loscos (2019). “Inflation interdependence in advanced economies  (1 MB)”, Working Paper No 1920, Banco de España.
• Cloyne, J., C. Ferreira, M. Froemel and P. Surico (2019). “Monetary policy, corporate finance and investment  (1.001 KB)”, Working Paper No 1911, Banco de España.
• Costain, J., A. Nakov and B. Petit (2019). “Monetary policy implications of state-dependent prices and wages  (2 MB)”, Working Paper No 1910, Banco de España.
• Correa-López, M., M. Pacce and K. Schlepper (2019). “Exploring trend inflation dynamics in euro area countries  (1 MB)”, Working Paper No 1909, Banco de España.
• Mayordomo, S. and O. Rachedi (2019). “The China syndrome affects banks: the credit supply channel of foreign import competition  (800 KB)”, Working Paper No 1908, Banco de España.
• Andreeva, D. C. and M. García-Posada (2019). “The impact of the ECB´s targeted long-term refinancing operations on banks´ lending policies: the role of competition  (1 MB)”, Working Paper No 1903, Banco de España.

2018 and prior years:

Analytical Articles 2018:

• Those found on this link: https://www.bde.es/bde/en/secciones/informes/analisis-economico-e-investigacion/articulos-analiticos/politica-monetaria/index2018.html

Working Papers 2018:

• Arce, Ó., G. Nuño, D. Thaler and C. Thomas (2018). “A large central bank balance sheet? Floor vs corridor systems in a New Keynesian environment  (1 MB)”, Working Paper No 1851, Banco de España.
• Argimón, I. (2018). “The relevance of currency-denomination for the cross-border effects of monetary policy  (932 KB)”, Working Paper No 1827, Banco de España.
• Blanco, R. and N. Jiménez (2018). “Credit allocation along the business cycle: evidence from the latest boom bust credit cycle in Spain  (710 KB)”, Working Paper No 1826, Banco de España.
• Fiorentini, G., A. Galesi, G. Pérez-Quirós and E. Sentana (2018). “The rise and fall of the natural interest rate  (3 MB)”, Working Paper No 1822, Banco de España.
• Fuertes, A., R. Gimenos and J. M. Marqués (2018). “Extraction of inflation expectations from financial instruments in Latin America  (732 KB)”, Working Paper No 1819, Banco de España.
• Argimón, I., C. Bonner, R. Correa, P. Duijm, J. Frost, J. de Haan, L. de Haan and V. Stebunovs (2018). “Financial institutions’ business models and the global transmission of monetary policy  (862 KB)”, Working Paper No 1815, Banco de España.
• Cloyne, J., C. Ferreira and P. Surico (2018). “Monetary policy when households have debt: new evidence on the transmission mechanism  (937 KB)”, Working Paper No 1813, Banco de España.
• Bandeira, G. (2018). “Fiscal transfers in a monetary union with sovereign risk  (707 KB)”, Working Paper No 1807, Banco de España.
• Abbate, A. and D. Thaler (2018). “Monetary policy and the asset risk-taking channel  (762 KB)”, Working Paper No 1805, Banco de España.

Analytical Articles 2017:

• Those found on this link: https://www.bde.es/bde/en/secciones/informes/analisis-economico-e-investigacion/articulos-analiticos/politica-monetaria/index2017.html

Occasional Papers 2017:

• Álvarez, L. J. and I. Sánchez (2017). “A suite of inflation forecasting models  (4 MB)”, Occasional Paper No 1703, Banco de España.

Analytical Articles 2016:

• Those found on this link: https://www.bde.es/bde/en/secciones/informes/analisis-economico-e-investigacion/articulos-analiticos/politica-monetaria/index2016.html

Analytical Articles 2015:

• Those found on this link: https://www.bde.es/bde/en/secciones/informes/analisis-economico-e-investigacion/articulos-analiticos/politica-monetaria/index2015.html

Analytical Articles 2014:

• Those found on this link: https://www.bde.es/bde/en/secciones/informes/analisis-economico-e-investigacion/articulos-analiticos/politica-monetaria/index2014.html