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
Third Banco de España Annual Research ConferenceBANCO DE ESPAÑA
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 Corsetti, Emmanuel Farhi, Jordi Galí, Luc Laeven, Ramón Marimon, Ashoka Mody, Athanasios Orphanides, Thomas Philippon, Rafael Repullo, Tano Santos, Carmen Reinhart, Hélène Rey, and Ivan Werning, among others, have confirmed their participation. Program (79 KB).
Global Imbalances and Capital Flows in the Era of New TechnologiesBANCO DE ESPAÑA
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 (240 KB).
Banco de España session at CEBRA Annual Meeting in NYBANCO DE ESPAÑA
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 Bigio, Ragnar Juelsrud, John Roberts and Dominik Thaler will present papers adresing current challenges for monetary policy. Click the presenters for the respective papers.
A New Economic Policy Uncertainty Index for SpainBANCO DE ESPAÑA
In this paper, Corinna Ghirelli, Javier 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 website of Baker, Bloom and Davis. The index is to be updated every month in this website.
Workshop “Economic Consequences of Brexit”BANCO DE ESPAÑA
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 Thwaites. Program (161 KB)
Wage flexibility and its macroeconomic implications workshopBANCO DE ESPAÑA
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 (271 KB)
ESSIM 2019 ConferenceBANCO DE ESPAÑA
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 (254 KB)
6th Joint BdE-CEMFI Research WorkshopBANCO DE ESPAÑA
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 (363 KB)
“Sections Award” of the Madrid Bar AssociationBANCO DE ESPAÑA
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 Secciones" 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-SERIEsBANCO DE ESPAÑA
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 (187 KB)
EABCN Conference: "Advances in Business Cycle Analysis"BANCO DE ESPAÑA
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 (140 KB).
Carlo Giannini AwardBANCO DE ESPAÑA
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 SeminarBANCO DE ESPAÑA
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 (64 KB)
Second conference on financial stabilityBANCO DE ESPAÑA
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.
SERIEs best paper awardBANCO DE ESPAÑA
The paper "Are there alternatives to bankruptcy? A study of small business distress in Spain", 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 sectorBANCO DE ESPAÑA
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.
26th Finance Forum AwardBANCO DE ESPAÑA
The paper "Adapting Lending Policies When Negative Interest Rates Hit Banks' Profits", coauthored by Óscar Arce, Miguel García-Posada, Sergio 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' policiesBANCO DE ESPAÑA
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.
Conference on the new bank provisioning standards: Implementation challenges and financial stability implicationsBANCO DE ESPAÑA
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.
Political Science Research and Methods Best Paper AwardBANCO DE ESPAÑA
The paper "The effect of electoral systems on voter turnout: Evidence from a natural experiment", 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 PrizeBANCO DE ESPAÑA
The paper "Did the bank capital relief induced by the supporting factor enhance SME lending?", coauthored by BdE researchers Sergio Mayordomo and María Rodríguez Moreno, has been honored with the Federico Prades Prize to young economists. The prize is awarded by the Spanish Banking Association Foundation.
5th World Bank - Banco de España Research ConferenceBANCO DE ESPAÑA
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. Program
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
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 Gálvez 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 Khametshin 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 Roldán 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.
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. Currently, 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)
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:
Services deepening and the transmission of monetary policy
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
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?
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?
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
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
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
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)