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Fifth Banco de España Annual Research Conference

12 December 2022
Banco de España, Madrid


On December 1st and 2nd 2022, Banco de España will host its Fifth Annual Research Conference in its Madrid headquarters.

The pandemic caused by COVID-19 had a very deep and significant impact on economic relationships, especially on international trade, social and employment policies, technological developments, and the macroeconomic context. Against this background, economic researchers and policy-makers are now coming to terms with the duration of these changes and assessing how permanent they will be. The aim of the conference is to bring together world leading scholars and policy-makers in order to discuss the medium to long-run consequences of the pandemic and the policy measures to address them. Pol Antrás, Nytia Pandalai-Nayar, Richard Blundell, Antonella Trigari, Karel Mertens, Paul Mizen, Luca Fornaro, and Michael Weber have already confirmed their participation.

More generally, our Annual Research Conference is aimed at becoming Banco de España’s flagship research conference, and at reaffirming Banco de España’s commitment to research as an indispensable tool for improving economic policy-making.

Attendance: By invitation only.

More information


1 December 2022
14.15 - 14.30
Welcome address

Carlos ThomasOpens in a new window, Associate Directorate General Economics and Research

14.30 - 18.30

Chair: Juan Francisco JimenoOpens in a new window (Banco de España)

De-globalisation? Global value chains in the post-COVID-19 age

Author: Pol Antràs

Speaker: Pol AntràsOpens in a new window (Harvard University)

Discussant: Gianmarco OttavianoOpens in a new window (Bocconi University)


Information frictions and news media in global value chains

Authors: Ha Bui (The University of Texas at Austin), Zhen Huo (Yale University), Andrei A. Levchenko (University of Michigan) and Nitya Pandalai-Nayar (The University of Texas at Austin)

Speaker: Nitya Pandalai-NayarOpens in a new window (The University of Texas at Austin)

Discussant: Alejandro CuñatOpens in a new window (University of Vienna)


16.30 - 17.00
Coffee break
17.00 - 19.00

Chair: Olympia BoverOpens in a new window (Banco de España)

Covid-19: the impacts of the pandemic on inequality

Authors: Richard Blundell (University College London), Robert Joyce (Institute for Fiscal Studies), Monica Costa Dias (University of Bristol) and Xiaowei Xu (Institute for Fiscal Studies)

Speaker: Richard BlundellOpens in a new window (University College London)

Discussant: Monica Martinez-BravoOpens in a new window (CEMFI)


Temporary layoffs, loss-of-recall and cyclical unemployment dynamics

Authors: Mark Gertler (New York University), Christopher K. Huckfeldt (Cornell University) and Antonella Trigari (Bocconi University)

Speaker: Antonella TrigariOpens in a new window (Bocconi University)

Discussant: Marianna KudlyakOpens in a new window (Federal Reserve Bank of San Francisco)


2 December 2022
09.30 - 11.30

Chair: Enrique Moral-BenitoOpens in a new window (Banco de España)

Work from home before and after the COVID-19 outbreak

Authors: Alexander Bick (Federal Reserve Bank of St. Louis), Adam Blandin (Virginia Commonwealth University) and Karel Mertens (Federal Reserve Bank of Dallas)

Speaker: Karel MertensOpens in a new window (Federal Reserve Bank of Dallas)

Discussant: Diego PugaOpens in a new window (CEMFI)


The impact of COVID-19 on productivity

Authors: Nicholas Bloom (Stanford University), Philip Bunn (Bank of England), Paul Mizen (Nottingham University), Pawel Smietanka (Deutsche Bundesbank) and Gregory Thwaites (University of Nottingham)

Speaker: Paul MizenOpens in a new window (Nottingham University)

Discussant: Carolina VillegasOpens in a new window (ESADE)


11.30 - 12.00
Coffee break
12.00 - 14.00

Chair: Eva OrtegaOpens in a new window (Banco de España)

Monetary policy during unbalanced global recoveries

Authors: Luca Fornaro (CREI) and Federica Romei (University of Oxford)

Speaker: Luca FornaroOpens in a new window (CREI)

Discussant: Omar RachediOpens in a new window (ESADE)


The expected, perceived, and realized inflation of U.S. households before and during the COVID-19 pandemic

Authors: Michael Weber (Chicago Booth), Yuriy Gorodnichenko (University of California, Berkeley) and Olivier Coibion (The University of Texas at Austin)

Speaker: Michael WeberOpens in a new window (Chicago Booth)

Discussant: Gizem KosarOpens in a new window (Federal Reserve Bank of New York)


14.00 - 14.15
Farewell remarks

Ángel Gavilán, Director General Economics, Statistics and Research