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

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.

Call for papersAbre en nueva ventana

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.

Job openings for PhD economists


The Banco de España is hiring in the job market. The Bank is interested in individuals with strong modeling and empirical skills to conduct high-quality policy-oriented research, to produce reports for the Bank's senior managament and to write for the Bank's publications. The application deadline is 21 November 2018. 

Job details at JOEAbre en nueva ventana

Second Banco de España Annual Research Conference (Jointly with IFS, London)


On 3-4 September 2018, the Banco de España hosted its Second Annual Research Conference at its Madrid headquarters. This year the conference was in conjunction with IFS, London, and the theme was Taxes and Transfers. Leading scholars such as Richard BlundellAbre en nueva ventanaVítor GasparAbre en nueva ventanaMikhail GolosovAbre en nueva ventanaRoger GordonAbre en nueva ventanaRachel GriffithAbre en nueva ventanaHenrik KlevenAbre en nueva ventanaCamile LandaisAbre en nueva ventana Guy LaroqueAbre en nueva ventanaGaetan NicodemeAbre en nueva ventanaFlorian ScheuerAbre en nueva ventanaStefanie StantchevaAbre en nueva ventanaKjetil StoreslettenAbre en nueva ventanaGianluca ViolanteAbre en nueva ventana, and Owen ZidarAbre en nueva ventana, among others, participated.

ProgrammeAbre en nueva ventana

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. 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 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)

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 EconomicsAbre en nueva ventana. This year the following scholars are visiting the Bank:

Elias BengtssonAbre en nueva ventana (Stockholm University) is visiting from December 2017 to May 2018.
Project: The political economy of macroprudential policy.

Martin Gonzalez EirasAbre en nueva ventana (University of Copenhagen) is visiting from October 2017 to April 2018.
Project: Luxury goods inflation over the business cycle.

Jonathan HalketAbre en nueva ventana (University of Essex) is visiting from November 2017 to June 2018.
Project: The macroeconomy and the local dimensions of real estate.

Federica RomeiAbre en nueva ventana (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 ShenAbre en nueva ventana (Oklahoma State University) is visiting in December 2017 and from May to August 2018.
Project: Fiscal limits in a monetary union.

Emanuele TarantinoAbre en nueva ventana (University of Mannheim) is visiting from April to July 2018.
Project: Lending standards and borrowers' composition over the credit cycle.

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

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)

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)

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)

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.