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 Research page.
News and highlights
Conference on Real-time data analysis, Methods and ApplicationsBANCO DE ESPAÑA
The Banco de España sponsored the 13th annual conference on real-time data analysis, methods, and applications in macroeconomics and finance, which was held October 19th and 20th, 2017, in its central headquarters in Madrid, c/ Alcalá, 48.
The conference brought together leading researchers in real-time analysis of economic data. It covered topics such as real-time macro-and financial econometrics, forecasting and macroeconomic policy analysis, among others.
First Banco de España Annual Research ConferenceBANCO DE ESPAÑA
On August 31 and September 1 2017, the Banco de España hosted its First Annual Research Conference in its Madrid headquarters.
In much of the industrialized world, including the euro area, the macroeconomic landscape is characterized by sluggish growth, inflation persistently below target, low interest rates (including short-term nominal rates close to their effective lower bounds), and increasing risks to financial stability. Against this background, economic policy-makers, including fiscal, monetary and macroprudential authorities, face the formidable challenge of promoting a faster economic recovery and the return of inflation to its target level, while ensuring financial stability. The conference brought together world leading scholars and policy-makers in order to discuss the causes of these macroeconomic developments and the policy measures to address them. Tobias Adrian, Ricardo Caballero, Gauti Eggertsson, Emmanuel Farhi, Jesús Fernández-Villaverde, Jordi Galí, Nobuhiro Kiyotaki, Morten Ravn, Tano Santos and Frank Smets, among others, participated in the event.
More generally, our Annual Research Conference is aimed at becoming the Banco de España’s flagship research conference, and at reaffirming the Banco de España’s commitment to research as an indispensable tool for improving economic policy-making
IV Workshop on International Financial MarketsBANCO DE ESPAÑA
The Banco de España and the Bank of Canada celebrated their 4th joint "Workshop on International Financial Markets" during 21-22 September in Ottawa.
The workshop provided an opportunity for researchers from academia and central banks to discuss a wide range of theoretical and empirical issues regarding international financial markets. The 14 presentations covered topics such as international banking, financial market regulation, arbitrage in foreign exchange markets, global financial cycles, international aspects of central banking and international asset pricing. Participants represented a wide range of institutions, including Banca d'Italia, Bank of Canada, Bank of England, Banco de España, Bank of International Settlements, Federal Reserve Board, International Monetary Fund and leading universities in Canada, Europe and the United States.
The Bank of Canada and the Banco de España anticipate that workshops of the this type will continue to be repeated in the future, in order to further strengthen ties and promote joint research projects.
III Seminar in Economic HistoryBANCO DE ESPAÑA
On October 5th the Banco de España hosted the III Seminar in Economic History. As on previous occasions, research projects on Economic History financed by the Banco de España, together with other papers on Spanish and international economic history were presented.
Charles Goodhart presented the keynote lecture on this occasion.
First Annual Workshop of the ESCB Research Cluster on Monetary EconomicsBANCO DE ESPAÑA
On 9-10 October, the Banco de España hosted the First Annual Workshop of the ESCB Research Cluster 1 on Monetary Economics. The latter is one of three research clusters created by the Heads of Research of the European System of Central Banks (ESCB), with the aim of fostering awareness on ongoing policy-relevant studies and stimulating collaborations among ESCB researchers. The workshop featured state-of-the art studies, both theoretical and empirical, on the transmission channels and impact of (both conventional and unconventional) monetary policy on the economy and on how best to conduct it.
First Annual Workshop of the ESCB Research Cluster on International macro, fiscal, labour, and EMU governance: "Medium and long-run challenges for Europe"BANCO DE ESPAÑA
The First Annual Workshop of ESCB Research Cluster 2 will be hosted by the Banco de España at its headquarters in Madrid on 16-17 November, 2017.
Research Cluster 2 is a network intended to foster collaboration across central banks in the European Union on policy-relevant research initiatives on topics related to real international macroeconomics. Its First Annual Workshop will be entitled “Medium- and long-run challenges for Europe”. Speakers will come from many different ESCB institutions, and Pol Antràs and Giancarlo Corsetti will present keynote lectures.
The Lluís Fina PrizeBANCO DE ESPAÑA
The paper "Consumption in the shadow of unemployment", coauthored by Rodolfo G. Campos and Iliana Reggio (Universidad Carlos III), has been honored with the Lluís Fina Prize to excellence in theoretical and applied research in labor economics. The prize is awarded by the Asociación Española de Economía del Trabajo (AEET).
New Occasional Visiting Scholar ProgramBANCO DE ESPAÑA
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 Antràs (Harvard University).
Jesús Fernández-Villaverde (University of Pennsylvania).
Miles Kimball (University of Michigan).
Tano Santos (Columbia University).
Banco de España Welcomes New ResearchersBANCO DE ESPAÑA
YThe Banco de España offers a warm welcome to our new seven researchers, who have recently joined the regular staff of the ADG Economics and Research and the ADG International Affairs.
The seven 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:
Guilherme de Almeida Bandeira is joining the Modelling and Macroeconomic Analysis Division at the ADG Economics and Research. Guilherme holds a PhD in Economics from the European University Institute. His research focuses on both empirical and theoretical aspects of open economy macro and macroeconomic policy.
Clodomiro Ferreira is joining the Financial Analysis Division at the ADG Economics and Research. Clodomiro obtained his PhD in Economics from the European University Institute. Before joining the Banco de España, he has been a research fellow at London Business School. His research focuses on the aggregate consequences of household and firm heterogeneity.
Sandra García-Uribe is joining the Microeconomic Analysis Division at the ADG Economics and Research. Sandra has recently obtained her PhD in Economics from CEMFI. Her research focuses on media economics, taxation, big data and applied econometrics.
Gergely Ganics is joining the Modelling and Macroeconomic Analysis Division at the ADG Economics and Research. Gergely has recently obtained his PhD in Economics from Universitat Pompeu Fabra. His research focuses on econometrics, macroeconomics and forecasting.
Danilo Leiva-Leon is joining the Conjunctural Analysis Division at the ADG Economics and Research. Danilo holds a PhD in Economics from the University of Alicante. Before joining the Banco de España, Danilo worked at the Bank of Canada and at the Central Bank of Chile. His fields of interest are applied macroeconomics, business cycles, forecasting, monetary policy and empirical finance. His research has been published in journals such as Journal of International Economics, Journal of Econometrics, and Oxford Bulletin of Economics and Statistics.
Moritz Roth is joining the ADG International Affairs. Moritz has recently obtained his PhD in Economics from the European University Institute. His fields of interest are international macroeconomics, financial economics, macroeconometrics and computational economics.
Federico Tagliati is joining the Structural Analysis Division at the ADG Economics and Research. Federico has just obtained his PhD in Economics from the University College London. His research focuses on development economics and applied microeconomics.
Visiting scholarsBANCO DE ESPAÑA
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. The Program accommodates various visiting schedules.
Regular Visiting Scholars visit the Bank regularly, typically on a weekly or bi-weekly basis. Right now, the following scholars have the status of Regular Visitors:
Javier Andrés (Universitat de València)
Jesús Gonzalo (Universidad Carlos III de Madrid)
Nezih Guner (CEMFI)
José María Labeaga (UNED)
Sara Otal (Universidad de Alcala)
José Luis Peydró (Universitat Pompeu Fabra)
Resident Visiting Scholars visit the Banco de España for closed-stays of variable duration, from few months up to a year. Resident Scholars are selected every year through a process with starts around February, when the Banco de España releases a Call of Application for Research Projects in Economics. This year the following scholars are visiting the Bank:
Elias Bengtsson (Stockholm University) is visiting from December 2017 to May 2018.
Project: The political economy of macroprudential policy.
Martin Gonzalez Eiras (University of Copenhagen) is visiting from October 2017 to April 2018.
Project: Luxury goods inflation over the business cycle.
Jonathan Halket (University of Essex) is visiting from November 2017 to June 2018.
Project: The macroeconomy and the local dimensions of real estate.
Federica Romei (Stockholm University) is visiting from September to November 2017 and from January to April 2018.
Project: Aggregate demand externalities in a global liquidity trap.
Wenyi Shen (Oklahoma State University) is visiting in December 2017 and from May to August 2018.
Project: Fiscal limits in a monetary union.
Emanuele Tarantino (University of Mannheim) is visiting from April to July 2018.
Project: Lending standards and borrowers' composition over the credit cycle.
Restructuring of research at the Banco de EspañaBANCO DE ESPAÑA
On 17 November, 2015, the Banco de España announced a restructuring of its main research directorate, the Directorate General of Economics, Statistics and Research, as advised by its recently-appointed Director General, Pablo Hernández de Cos.
The restructuring merges two departments (Monetary and Financial Studies, and Economic Analysis and Forecasting) into a single Associate Directorate General of Economics and Research, to be headed by Óscar Arce. The restructuring is intended to further spread out research at the Banco de España, to foster collaboration between staff in previously separate departments, and to better integrate research into policy work.
The ADG Economics and Research will include four divisions devoted to ongoing monitoring, analysis, and forecasting of the Spanish economy and its international environment (Conjunctural Analysis, Structural Analysis, Financial Analysis, and Monetary Policy and Euro Area). It will also have two divisions with a deeper dedication to research and methodology (Microeconomic Analysis and Modelling and Macroeconomic Analysis).
External evaluation of Banco de España researchBANCO DE ESPAÑA
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:
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
Bank Leverage Cycles
The impact of the 2011 short-sale ban on financial stability: Evidence from the Spanish stock market
Policy spillovers and synergies in a Monetary Union
The public sector wage premium in Spain: Evidence from longitudinal administrative data.
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
The response of household wealth to the risk of job loss: Evidence from differences in severance payments
Growth empirics in panel data under model uncertainty and weak exogeneity
Journal of Applied Econometrics 31 (3), April/May 2016, pp. 584-602
Enrique Moral-Benito (Banco de España).
International reserves and gross capital flows dynamics
Commonalities and cross-country spillovers in macroeconomic-financial linkages
The B.E. Journal of Macroeconomics, 16(1), January 2016, pp. 231-275
Matteo Ciccarelli (ECB),
Eva Ortega (Banco de España),
Maria Teresa Valderrama (Austrian National Bank).
The impact of financial regulation on current account balances
European Economic Review 81, January 2016, pp. 148-166.
Enrique Moral-Benito (Banco de España),
Oliver Roehn (OECD).