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

Outstanding referee award


Omar Rachedi has been awarded the 2019 referee prize of the Economic Journal, which recognizes the contribution of exceptional referees with an annual award.

Workshop: “Housing affordability: Policies in the rental market”


On November 20, the Banco de España hosted a workshop on “Housing affordability: Policies in the rental market”. The aim of this workshop is to analyze the characteristics and effects of some recent political experiences that have been carried out in various European rental markets. To this end, we have gathered four papers regarding various policies that are currently on the table: rent control, restrictions on holiday apartments, imposition of empty housing and social rental housing. Conference websiteAbre en nueva ventana

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 15 November 2019. Job detailsAbre en nueva ventana

24th Meeting of the Central Bank Researchers Network CEMLA


On October 30 and 31, the Banco de España hosted the 24th Meeting of the Central Bank Researchers Network CEMLA. Dimitrios TsomocosAbre en nueva ventana gave the keynote speech. Program Enlace PDF: Abre en nueva ventana (263 KB)

6th World Bank-Banco de España International Policy Conference


On October 28, the Banco de España hosted the sixth joint policy conference with The World Bank, entitled: "Economic Policies in a Changing World”. The goal of this conference is to foster the discussion between academics and policy makers on the challenges of a changing world environment and its effects on emerging market economies and their economic policies. The conference includeed a keynote address by Jaume Ventura and two round tables: an academic panel with Ricardo ReisAbre en nueva ventana, Daniel GrosAbre en nueva ventanaJoana SilvaAbre en nueva ventana and Jaume VenturaAbre en nueva ventana; and a policy panel with Manuel Caldeira Cabral, Alicia García Herrero, Enrique Alberola and Luis Óscar Moren. Conference websiteAbre en nueva ventana

7th Joint BdE-CEMFI Research Workshop


On October 22, 2019, the Banco de España hosted the 7th Joint Research Workshop with CEMFI in which researchers from both institutions will discussed their recent work. This meeting continued 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 (249 KB)

Young Economists Best Paper Award of the 7th Workshop in Macro Banking and Finance


The paper “Macroeconomics, Firm Dynamics and IPOs” by Beatriz González received the Young Economist Best Paper Award of the 7th Workshop in Macro Banking and Finance held at Collegio Carlo Alberto (Turin, Italy) on the 3rd and 4th of October 2019.

3rd Annual Workshop of the ESCB Research Cluster 3


On 10-11 October, the Banco de España hosted the Third Annual Workshop of the ESCB Research Cluster 3 on “Financial Stability, Macroprudential Regulation and Microprudential Supervision”, jointly organized with the Bank of Greece. This is one of the three Research Clusters set up by the Heads of Research of the European System of Central Banks (ESCB), with the aim of fostering interaction and collaboration between ESCB researchers working on fields of common interest. Conference websiteAbre en nueva ventana

Data Laboratory


The Banco de España has launched a data laboratory (BELab) to provide access to the research community to high-quality microdata compiled by the institution. BELab will be making microdata on non-financial corporations reporting to the Central Balance Sheet Data Office available to researchers. The dissemination of these data is part of the agreement entered into on 11 July this year between the Banco de España and the Spanish Mercantile and Property Registrars’ Association, which authorises the controlled or confidential use of this information. Like other laboratories of Eurosystem institutions, BELab is a member of the INEXDA1 network and applies protocols for secure access to sensitive data. Initially, data use will obligatorily be on the premises of the Banco de España (at calle Alcalá, 522), where a safe environment (an on-site laboratory or data room) is located. More information can be found hereAbre en nueva ventana.

Third Banco de España Annual Research Conference


On 16-17 September 2019, the Banco de España hosted its Third Annual Research Conference at its Madrid headquarters. This year the theme of the conference was “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, participated. Program Enlace PDF: Abre en nueva ventana (79 KB)

Global Imbalances and Capital Flows in the Era of New Technologies


On 10-11 September 2019, the Banco de España hosted the Global Imbalances and Capital Flows in the Era of New Technologies conference, co-organized with the RBWC (Reinventing Bretton Woods Committee). The conference consisted 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 included 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 participated 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 presened 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 hosted 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 was 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 hosted a workshop on “Wage flexibility and its macroeconomic implications”. The aim of the workshop was to analyze the costs and benefits of having higher wage flexibility. To this end, the first session presented two models deriving welfare implications of having higher wage flexibility under different macroeconomic circumstances. The second session presented two empirical papers regarding the potential effects of minimum wage developments in employment, technology and prices. Finally, the third session presented 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 were 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 hosted the 27th CEPR European Summer Symposium in International Macroeconomics (ESSIM 2019) at its residence in Tarragona. The conference covered 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) participated as guest speakes. Program Enlace PDF: Abre en nueva ventana (254 KB)
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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 were 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 hosted the EABCN Conference on Advances in Business Cycle Analysis at its headquarters in Madrid. The conference covered 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 took place in Roda de Bará (Tarragona). The symposium aimed at bringing together leading researchers in the field. The event covered topics such as (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. 
Program Enlace PDF: Abre en nueva ventana (64 KB)

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 researchers, who have recently joined the regular staff of the ADG Economics and Research.

The four 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:

Adrián CarroAbre en nueva ventana is joining the Macroprudential Policy Division after spending three years as a Postdoctoral Research Officer at the University of Oxford. He holds a PhD in Physics from the Universitat de les Illes Balears. In his research he analyzes the systemic and distributional effects of macroprudential policies in models of heterogeneous and interacting agents.

Beatriz GonzálezAbre en nueva ventana is joining the Sectoral Analysis Division. She holds a PhD in Economics from Universidad Carlos III de Madrid. Her research aims at understanding how changes in policies and in the economic environment impact corporate finance and investment choices of firms and the size distribution of firms, and how these ultimately impact macroeconomic aggregates.

Margarita MachelettAbre en nueva ventana is joining the Microeconomic Analysis Division. She holds a PhD in Economics from Brown University. Her primary research fields are education and labor. In her work, she addresses questions related to gender issues and how government programs and policies affect children.

Myroslav PidkuykoAbre en nueva ventana is joining the Microeconomic Studies Division. He holds a PhD from the University of Manchester, UK. His research interests are in macroeconomics with a focus on household finance, incomplete markets, and inequality.

Get to know also the last year's hirings: Julio GálvezAbre en nueva ventanaDmitry KhametshinAbre en nueva ventanaPau RoldánAbre 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

Backing the incumbent in difficult times: The electoral impact of wildfires

Comparative Political Studies, 53 (3-4), March 2020, pp. 469-499.
Roberto Ramos (Banco de España)
Carlos Sanz (Banco de España)

Monetary policy and the asset risk taking channel

Journal of Money, Credit and Banking, 51 (8), December 2019, pp. 2115-2144.
Angela Abbate (SNB)
Dominik Thaler (Banco de España)

Competition and the welfare gains from transportation infrastructure: evidence from the golden quadrilateral of India

Journal of the European Economic Association, 17 (6), December 2019, pp. 1881-1940.
Jose Asturias (Georgetown University)
Manuel García-Santana (UPF)
Roberto RamosAbre en nueva ventana (Banco de España)

Services deepening and the transmission of monetary policy

Journal of the European Economic Association, 17 (4), August 2019, pp. 1261-1293.
Alessandro Galesi (Banco de España)
Omar Rachedi (Banco de España)

Taxation and the life cycle of firms

Journal of Monetary Economics, 105, August 2019, pp. 114-130.
Andrés Erosa (Universidad Carlos III) and Beatriz González (Banco de España)

Service regulations, input prices and export volumes: Evidence from a panel of manufacturing firms

Journal of Industrial Economics, 67 (2), June 2019, pp. 328-371.
Mónica Correa-López (Banco de España)
Rafael Doménech (BBVA Research)

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).