Welcome to the Economic Research Portal at the Banco de España

Economic analysis and research are important tasks of the Banco de España, which support its role as Spain’s central bank and as a member of the Eurosystem.

The Economic Research Portal is directed towards the community of economic and financial researchers worldwide, to provide quick access to publications, statistics, and other information of interest relating to the research output of the Banco de España.

For more comprehensive access to all analytical and research output of the Banco de España, please see the main Economic Analysis and ResearchAbre en nueva ventana page.

News and highlights

Third Banco de España Annual Research Conference


On 16-17 September 2019, the Banco de España will host its Third Annual Research Conference at its Madrid headquarters. This year the theme of the conference will be “The EMU at 20: current status and the way forward”. Leading scholars such as Giancarlo CorsettiAbre en nueva ventana, Emmanuel FarhiAbre en nueva ventana, Jordi GalíAbre en nueva ventanaLuc LaevenAbre en nueva ventanaRamón MarimonAbre en nueva ventanaAshoka ModyAbre en nueva ventana, Athanasios OrphanidesAbre en nueva ventana, Thomas PhilipponAbre en nueva ventana, Rafael RepulloAbre en nueva ventanaTano SantosAbre en nueva ventana, Carmen ReinhartAbre en nueva ventana, Hélène ReyAbre en nueva ventana, and Ivan WerningAbre en nueva ventana, among others, have confirmed their participation. Program Enlace PDF: Abre en nueva ventana (79 KB).
 Enlace PDF: Abre en nueva ventana (144 KB)

Global Imbalances and Capital Flows in the Era of New Technologies


On 10-11 September 2019, the Banco de España will host the Global Imbalances and Capital Flows in the Era of New Technologies conference, co-organized with the RBWC (Reinventing Bretton Woods Committee). The conference will consist of six sessions covering hot topics in the public debate: global imbalances, China, spillovers to emerging countries, reforms of the global financial system, central bank money, and capital movements in a digital economy. Participants include governors, sub-governors, officials of several international financial institutions, economists in the private sector and think-tanks, and academics.Program Enlace PDF: Abre en nueva ventana (240 KB).

Banco de España session at CEBRA Annual Meeting in NY


The Banco de España participates at CEBRA's annual conference (18-20.7.2019) as sponsor of the session “Monetary Policy in the New Normal”, in which Saki BigioAbre en nueva ventana, Ragnar JuelsrudAbre en nueva ventanaJohn RobertsAbre en nueva ventana and Dominik ThalerAbre en nueva ventana will present papers adresing current challenges for monetary policy. Click the presenters for the respective papers.

A New Economic Policy Uncertainty Index for Spain


In this paperAbre en nueva ventanaCorinna GhirelliJavier J. Pérez and Alberto Urtasun construct an index of economic policy uncertainty for Spain based on newspaper coverage frequency, that follows closely the procedure in "Measuring Economic Policy Uncertainty" by Scott R. Baker, Nicholas Bloom and Steven J. Davis [2016, QJE]. This new index for Spain is now hosted by the influential Economic Policy Uncertainty websiteAbre en nueva ventana of Baker, Bloom and Davis. The index is to be updated every month in this website.

Workshop “Economic Consequences of Brexit”


On Thursday, 23rd May 2019 the Banco de España hosts a workshop on the opportunities and challenges for Europe that are associated to Brexit, bringing together Brexit experts from academia, private sector and policy making institutions. The keynote speech is given by Gregory ThwaitesAbre en nueva ventanaProgram Enlace PDF: Abre en nueva ventana (161 KB)

Wage flexibility and its macroeconomic implications workshop


On May 22 2019, Banco de España will host a workshop on “Wage flexibility and its macroeconomic implications”. The aim of the workshop is to analyze the costs and benefits of having higher wage flexibility. To this end, the first session presents two models deriving welfare implications of having higher wage flexibility under different macroeconomic circumstances. The second session presents two empirical papers regarding the potential effects of minimum wage developments in employment, technology and prices. Finally, the third session present two papers regarding the effect of collective agreements on the response of wages and employment to negative shocks according to their different degree of centralization. Speakers will be Jordi Galí (CREI, Universitat Pompeu Fabra y Barcelona GSE), Attila Lindner (UCL), Effrosyni Adamopoulou (University of Mannheim e IZA), Simon Janssen (IAB Nuremberg), Samuel Hurtado and Sergio Puente (Banco de España). Program Enlace PDF: Abre en nueva ventana (271 KB)

ESSIM 2019 Conference


From May 7th to 10th, the Banco de España will host the 27th CEPR European Summer Symposium in International Macroeconomics (ESSIM 2019) at its residence in Tarragona. The conference covers the following CEPR programme areas: International Macroeconomics and Finance (IMF), Monetary Economics and Fluctuations (MEF) and Macroeconomics and Growth (MG)Charles Engel (University of Wisconsin and CEPR), Pete Klenow (Stanford University and CEPR) and Laura Veldkamp (Columbia University and CEPR) will participate as guest speakes. Program Enlace PDF: Abre en nueva ventana (254 KB)
Abre en nueva ventana

6th Joint BdE-CEMFI Research Workshop


On April 29, 2019, the Banco de España will host the 6th Joint Research Workshop with CEMFI in which researchers from both institutions will discussed their recent work. This meeting continues the series of regular workshops meant to forge stronger links between the Banco de España and the wider Madrid research community. Program Enlace PDF: Abre en nueva ventana (363 KB)

“Sections Award” of the Madrid Bar Association


The paper "Abogacía, Derecho bancario y banca: ¿Cómo ha influenciado la abogacía española el desarrollo del mercado bancario en los años más recientes?" by Juan S. Mora-Sanguinetti, has been awarded the "Premio SeccionesAbre en nueva ventana" of the Madrid Bar Association (Ilustre Colegio de Abogados de Madrid) to the best paper in Banking Law.

Special issue on taxes and transfers of the Journal of the Spanish Economic Association-SERIEs


A selection of papers from the special issue on taxes and transfers of the Journal of the Spanish Economic Association-SERIEs will be presented at a conference hosted by the Bank of Spain on April 26, 2019. Editors for this special issue are Juan Carlos Conesa (Stony Brook University) and Javier Pérez (Bank of Spain). Understanding the implications of taxes and transfers is at the core of research in economics. There is a very broad set of topics that fall within this line of research, such as the impact of taxes and transfers on behavior individuals, households, and firms, fiscal federalism, redistribution and inequality, and tax evasion. The Workshop covers both empirical and theoretical papers addressing any of these important issues, or related issues, either from a micro or macroeconomic perspective. Program Enlace PDF: Abre en nueva ventana (187 KB)

EABCN Conference: "Advances in Business Cycle Analysis"


On May 30-31 2019, the Banco de España will host the EABCN Conference on Advances in Business Cycle Analysis at its headquarters in Madrid. The conference will cover a broad range of themes related to empirical aspects of business cycles - in particular novel methodologies for dating business cycles and their effects on the economy. Marc Giannoni (Federal Reserve Bank of Dallas and CEPR), and Lucrezia Reichlin (London Business School and CEPR) have kindly accepted the invitation to give a talk at the conference.Program Enlace PDF: Abre en nueva ventana (140 KB).
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Carlo Giannini Award


The paper "Household portfolio choices and non linear income risk" by Julio Gálvez, has been recognized with the Carlo Giannini Award for the best paper on Macroeconometrics and Econometrics by young researchers by the Italian Econometric Society (SIdE).

Joint 7th CEPR Economic History Symposium and 5th Banco de España Economic History Seminar


On 30-31 May 2019 the Joint Seventh CEPR Economic History Symposium and Fifth Banco de España Economic History Seminar will take place in Roda de Bará (Tarragona). The symposium aims to bring together leading researchers in the field. Papers are being sought on topics including, but not necessarily limited to (i) Macroeconomic and financial history, (ii) Economic growth in the very long run, (iii) Institutions and economic development and (iv) The history of the international economy. Scholars are invited to submit their proposals before 25 January 2019.
Program Enlace PDF: Abre en nueva ventana (64 KB)

Second conference on financial stability


Banco de España in cooperation with CEMFI organizes a series of biennial conferences to promote the research and discussion of topics related to financial stability and macroprudential policy among academics, practitioners, and policy-makers. The second conference will be held at Banco de España in Madrid on 3-4 June 2019. The program committee invites submissions of theoretical and empirical papers related to financial stability issues. Papers with a focus on the analytical frameworks and tools for macro-prudential policies to address systemic risk are especially welcome. The deadline for submissions is 1 February 2019.

Call for papersAbre en nueva ventana

SERIEs best paper award


The paper "Are there alternatives to bankruptcy? A study of small business distress in SpainAbre en nueva ventana", coauthored by Miguel García-Posada and Juan Mora-Sanguinetti, has been awarded the award for the best paper published in the past 4 years in the SERIEs journal.

Banco de España-SUERF conference: Financial disintermediation and the future of the banking sector


The Banco de España and SUERF have jointly organized a conference entitled "Financial desintermediation and the future of the banking sector", that has taken place in the Banco de España headquarters on 30 October 2018. The event brought together academics, practicioners and policymakers to discuss the process of financial desintermediation and the role of monetary policy and financial regulation, the future of the banking sector and the Capital Markets Union.

ProgrammeAbre en nueva ventana

26th Finance Forum Award


The paper "Adapting Lending Policies When Negative Interest Rates Hit Banks' Profits", coauthored by Óscar Arce, Miguel García-PosadaSergio Mayordomo and Steven Ongena, has been recognized with the SANFI Award to the best paper on Banking of the 26th Finance Forum, held in Santander on 5-6 July 2018.

Conference on risk, volatility and central banks' policies


The Banco de España held a joint conference with the Central Bank Research Association (CEBRA) on "risk, volatility and central banks' policies", on 29-30 November in Madrid. The conference covered a broad range of topics related to risk and volatility. The Banco de España and CEBRA chose this topic, taking into account the growing awareness of the importance of risk and market volatility for both monetary policy and financial stability. 

Call for papersAbre en nueva ventana

Conference on the new bank provisioning standards: Implementation challenges and financial stability implications


The Banco de España, the Centre for Monetary and Financial Studies (CEMFI) and the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) jointly organized this conference that was held at the Banco de España’s headquarters in Madrid on 18-19 October 2018. International Financial Reporting Standards 9 (IFRS 9) under IAS and Current Expected Credit Losses (CECL) under US GAAP constitute new references for banks to determine the way provisions for credit risk losses will be calculated. The conference has been designed to the interest of all key players affected by the introduction and the implementation of the new provisioning standards.

Programme Enlace PDF: Abre en nueva ventana (215 KB)

Political Science Research and Methods Best Paper Award


The paper "The effect of electoral systems on voter turnout: Evidence from a natural experimentAbre en nueva ventana", by the BdE researcher Carlos Sanz, has been honored with the 2017/2018 Political Science Research and Methods Best Paper Award, given to the best paper published in the journal during the year. 

Federico Prades Prize


The paper "Did the bank capital relief induced by the supporting factor enhance SME lending?Abre en nueva ventana", coauthored by BdE researchers Sergio MayordomoAbre en nueva ventana and María Rodríguez MorenoAbre en nueva ventana, has been honored with the Federico Prades PrizeAbre en nueva ventana to young economists. The prize is awarded by the Spanish Banking Association Foundation.

5th World Bank - Banco de España Research Conference


On June 4-5, the Banco de España hosted the conference “Macroeconomic Policies, Output Fluctuations, and Long-term Growth”, jointly organized with The World Bank. The goal of the conference was to bring together academics and policy makers to discuss on the effects of fiscal or monetary policies on potential growth and the business cycle. In particular, the Conference looked for new evidence on the relationship between monetary, tax and expenditure policies and business cycles, with special attention to the implications for long-term growth. How different fiscal alternatives are likely to affect labor productivity and growth, and how they can be coordinated with other macroeconomic policies to improve social welfare were also assessed. ProgramAbre en nueva ventana

New Occasional Visiting Scholar Program


The ADG Economics and Research has launched an Occasional Visiting Program aimed at keeping a high standard of achievement in the research output of the Banco de España. The program brings distinguished scholars to a few one-week stays in order to give advice on specific projects of the research staff. This year the Banco de España will host the following scholars:

Pol AntràsAbre en nueva ventana (Harvard University).

Jesús Fernández-VillaverdeAbre en nueva ventana (University of Pennsylvania).

Miles KimballAbre en nueva ventana (University of Michigan).

Tano SantosAbre en nueva ventana (Columbia University).

Research environment

Banco de España Welcomes New Researchers


The Banco de España offers a warm welcome to our new three researchers, who have recently joined the regular staff of the ADG Economics and Research.

The three researchers were recruited on the international job market, where the Banco de España has established a long tradition of hiring fresh PhDs from the most prestigious universities worldwide.

Find out more about our new researchers:

Julio GálvezAbre en nueva ventana is joining the Financial Analysis Division. Julio holds a PhD in Economics from CEMFI. His research covers topics in the fields of financial economics, applied econometrics and macroeconomics.

Dmitry KhametshinAbre en nueva ventana is joining the Monetary Policy Division. Dmitry has obtained his PhD in Economics from Universitat Pompeu Fabra. His research interests lie in the fields of banking, monetary policy and financial stability. 

Pau RoldánAbre en nueva ventana is joining the Structural Analysis Division. Pau holds a PhD in Economics from New York University. His research interests are macroeconomics, search theory, endogenous growth and international macro. 

Get to know also the last year's hirings: Guilherme de Almeida BandeiraAbre en nueva ventanaClodomiro FerreiraAbre en nueva ventanaSandra García-UribeAbre en nueva ventanaGergely GanicsAbre en nueva ventanaDanilo Leiva-LeonAbre en nueva ventanaMoritz RothAbre en nueva ventana and Federico TagliatiAbre en nueva ventana.     

Visiting Scholars


The Banco de España has established a Visiting Scholar Program with the aim of keeping the Banco at the forefront of central bank research. Participants are accomplished academic researches with an established reputation in the fields of economics and finance. Currently, the following scholars have the status of regular Visitors:

Javier AndrésAbre en nueva ventana (Universitat de València)

Jesús GonzaloAbre en nueva ventana (Universidad Carlos III de Madrid)

Nezih GunerAbre en nueva ventana (CEMFI)

José María LabeagaAbre en nueva ventana (UNED)

Sara OtalAbre en nueva ventana (Universidad de Alcala)

José Luis PeydróAbre en nueva ventana (Universitat Pompeu Fabra)

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

Services deepening and the transmission of monetary policy

Journal of the European Economic Association, 17 (4), August 2019, pp. 1261-1293.
Alessandro GalesiAbre en nueva ventana (Banco de España) and Omar RachediAbre en nueva ventana (Banco de España)

Financial institutions' business models and the global transmission of monetary policy

Journal of International Money and Finance, 90, February 2019, pp. 1-268.
Isabel Argimón (Banco de España) et al.

Credit constraints, firm investment and growth: evidence from survey data

Journal of Banking and Finance, 99, February 2019, pp. 121-141.
Miguel García-Posada (Banco de España)

Demographic structure and macroeconomic trends

American Economic Journal: Macroeconomics, 11 (1), January 2019, pp. 193-222.
Yunus Aksoy (Birkbeck, University of London)
Henrique S. Basso (Banco de España)
Ron P. Smith (Birkbeck, University of London)
Tobias Grasl (Birkbeck, University of London)

Logit price dynamics

Journal of Money, Credit and Banking, 51 (1), January 2019, pp. 43-78.
James Costain (Banco de España and ECB)
Anton Nakov (ECB)

Prudential filters, portfolio composition at fair value and capital ratios in European banks

Journal of Financial Stability, 39, December 2018, pp.187-208.
Isabel Argimón (Banco de España)
Michel Dietsch (Université de Strasbourg)
Ángel Estrada (Banco de España)

Volatility-related exchange traded assets: an econometric investigation

Journal of Business and Economic Statistics, 36 (4), October 2018, pp. 599-614.
Javier Mencía (Banco de España) and Enrique Sentana (CEMFI).

Great moderation and great recession: from plain sailing to stormy seas?

International Economic Review, 59 (4), November 2018, pp. 2297-2321.
M. Dolores Gadea (Universidad de Zaragoza),
Ana Gómez-Loscos (Banco de España),
Gabriel Pérez-Quirós (Banco de España).

The G-20′s regulatory agenda and banks’ risk

Journal of Financial Stability, 39, December 2018, pp. 66-78.
Matías Cabrera (BBVA Research), 
Gerald Dwyer (Clemson University),
María J. Nieto (Banco de España)

Did the bank capital relief induced by the supporting factor enhance SME lending?

Journal of Financial Intermediation, 36, October 2018, pp. 45-57.
Sergio Mayordomo (Banco de España)
María Rodríguez Moreno (Banco de España)

Currency unions and heterogeneous trade effects: the case of the latin monetary union

European Review of Economic History, 22 (3), 1 August 2018, pp. 322-348.
Jacopo Timini (Banco de España)

A spectral EM algorithm for dynamic factor models

Journal of Econometrics, 205(1), July 2018, pp. 249-279.
Gabriele Fiorentini (Università di Firenze and RCEA),
Alessandro Galesi (Banco de España),
Enrique Sentana (CEMFI)

Marriage and Health: Selection, Protection, and Assortative Mating

European Economic Review, 104, May 2018, pp. 138-166.
Nezih Guner (CEMFI),
Yuliya Kulikova (Banco de España),
Joan Llull (UAB).

Agglomeration by export destination: evidence from Spain

Journal of Economic Geography, 18(3), May 2018, pp. 599-625.
Roberto Ramos (Banco de España),
Enrique Moral-Benito (Banco de España).

Informational Contagion in the Laboratory

Review of Finance, 22 (3), May 2018, pp. 877–904.
Marco Cipriani (FRBNY),
Antonio Guarino (UCL),
Giovanni Guazzarotti (Bank of Italy),
Federico Tagliati (Banco de España),
Sven Fischer (Newcastle University Business School).

Social optima in economies with heterogeneous agents

Review of Economic Dynamics, 28, April 2018, pp. 150-180.
Benjamin Moll (Princeton University),
Galo Nuño (Banco de España).

Fiscal consolidation after the great recession: The role of composition

Oxford Economic Papers 70 (2), April 2018, pp. 563-585.
Iván Kataryniuk (Banco de España),
Javier Vallés (Banco de España).

Inflation and optimal monetary policy in a model with firm heterogeneity and Bertrand competition

European Economic Review 103, April 2018, pp. 18-38.
Javier Andrés (Universitat de València),
Pabrlo Burriel (Banco de España).

Portfolio Rebalancing and Asset Pricing with Heterogeneous Inattention

International Economic Review, 59(2), Feburary 2018, pp. 699-726.
Rachedi, Omar (Banco de España).

Under the radar: The effects of monitoring firms on tax compliance

American Economic Journal: Economic Policy 10 (1), February 2018, pp. 1-38.
Miguel Almunia (University of Warwick),
David López-Rodríguez (Banco de España).

Uncovering the heterogeneous effect of ECB unconventional monetary policies across Euro Area countries

European Economic Review 101, January 2018, pp. 210-229.
Pablo Burriel (Banco de España),
Alessandro Galesi (Banco de España).

Macroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the Spanish dynamic provisioning experiments

Journal of Political Economy 125 (6), December 2017, pp. 2126-2177.
Gabriel Jiménez (Banco de España),
Steven Ongena (University of Zurich),
José Luis Peydró (Universitat Pompeu Fabra),
Jesús Saurina (Banco de España).

The Cycle of Earnings Inequality: Evidence from Spanish Social Security Data

The Economic Journal, 127 (603), August 2017, pp. 1244-1278.
Stéphane Bonhomme (University of Chicago),
Laura Hospido (Banco de España).

Measuring Business Cycles Intra-Synchronization in US: A Regime-Switching Interdependence Framework

Oxford Bulletin of Economics and Statistics, 79(4), August 2017, pp. 513-545.
Danilo Leiva-Leon (Banco de España)

When does relationship lending start to pay?

Journal of Financial Intermediation, 31, July 2017, pp. 16-29.
Germán López-Espinosa (University of Navarra),
Sergio Mayordomo (Banco de España),
Antonio Moreno (University of Navarra).

Structural reforms in a debt overhang

Journal of Monetary Economics, 88, June 2017, pp. 15-34.
Javier Andrés (Universidad de Valencia),
Óscar Arce (Banco de España),
Carlos Thomas (Banco de España).

Bank Leverage Cycles

American Economic Journal: Macroeconomics, 9 (2), April 2017, pp. 32-72.
Galo Nuño (Banco de España), 
Carlos Thomas (Banco de España).

The impact of the 2011 short-sale ban on financial stability: Evidence from the Spanish stock market

European Financial Management, 22 (5), November 2016, pp. 1001-1022.
Óscar Arce (Banco de España),
Sergio Mayordomo (Banco de España).

Policy spillovers and synergies in a Monetary Union

International Journal of Central Banking 12 (3), pp. 219-277, September 2016
Óscar Arce (Banco de España)
Samuel Hurtado (Banco de España)
Carlos Thomas (Banco de España).

The public sector wage premium in Spain: Evidence from longitudinal administrative data.

Labour Economics 42, October 2016, pp. 101-122.
Laura Hospido (Banco de España),
Enrique Moral-Benito (Banco de España).

Envy and habits: Panel data estimates of interdependent preferences

Oxford Bulletin of Economics and Statistics 78 (4), pp. 443-469.
Francisco Álvarez-Cuadrado (McGill University),
José María Casado (Banco de España),
José María Labeaga (UNED)

Learning from The Great Divergence in unemployment in Europe during the crisis

Labor Economics, 41, August 2016, pp. 32-46.
Tito Boeri (Bocconi University)
Juan Francisco Jimeno (Banco de España)

The distribution of debt across euro area countries:The role of individual characteristics, institutions and credit conditions

International Journal of Central Banking - June 2016.
Olympia Bover (Banco de España),
José María Casado (Banco de España),
Ernesto Villanueva (Banco de España),
Household Finance Consumption Network.