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

First Annual Workshop of the ESCB Research Cluster on International macro, fiscal, labour, and EMU governance: "Medium and long-run challenges for Europe"


The First Annual Workshop of ESCB Research Cluster 2 was 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 was entitled “Medium- and long-run challenges for Europe”. Speakers came from many different ESCB institutions, and Pol AntràsAbre en nueva ventana and Giancarlo CorsettiAbre en nueva ventana presented keynote lectures.

ProgrammeAbre en nueva ventana

Conference on Real-time data analysis, Methods and Applications


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.

Programme Enlace PDF: Abre en nueva ventana (291 KB)

First Banco de España Annual Research Conference


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 AdrianAbre en nueva ventanaRicardo CaballeroAbre en nueva ventana, Gauti EggertssonAbre en nueva ventana, Emmanuel FarhiAbre en nueva ventana, Jesús Fernández-VillaverdeAbre en nueva ventana, Jordi GalíAbre en nueva ventana, Nobuhiro KiyotakiAbre en nueva ventana, Morten RavnAbre en nueva ventana, Tano SantosAbre en nueva ventana and Frank SmetsAbre en nueva ventana, 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

ProgrammeAbre en nueva ventana

IV Workshop on International Financial Markets


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.

ProgrammeAbre en nueva ventana

III Seminar in Economic History


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 Abre en nueva ventanapresented the keynote lecture on this occasion.

Programme Enlace PDF: Abre en nueva ventana (244 KB)

First Annual Workshop of the ESCB Research Cluster on Monetary Economics


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.

Jordi GalíAbre en nueva ventana and Ricardo ReisAbre en nueva ventana have kindly  participated in the workshop as invited speakers.

ProgrammeAbre en nueva ventana

The Lluís Fina Prize


The paper "Consumption in the shadow of unemployment"Abre en nueva ventana, 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 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


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 BandeiraAbre en nueva ventana 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 FerreiraAbre en nueva ventana 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-UribeAbre en nueva ventana 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 GanicsAbre en nueva ventana 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-LeonAbre en nueva ventana 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 RothAbre en nueva ventana 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 TagliatiAbre en nueva ventana 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.

Get to know also the last year's hirings: Mario Alloza, Yuliya Kulikova, Sergio Mayordomo, María Rodríguez-MorenoCarlos Sanz and Dominik Thaler.

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.

Restructuring of research at the Banco 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).

Press release (English) >Abre en nueva ventana

Comunicado de prensa (Español) >Abre en nueva ventana

See the new organizational structure >

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

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.

The response of household wealth to the risk of job loss: Evidence from differences in severance payments

Labour Economics 39, April 2016, pp. 35-54
Cristina Barceló (Banco de España),
Ernesto Villanueva (Banco de España).

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

Journal of International Money and Finance 60, February 2016, pp. 151-171
Enrique Alberola (BIS),
Aitor Erce (ESM and Banco de España),
José Mª Serena (Banco de España).

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).