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News and highlights

First Banco de España Annual Research Conference

BANCO DE ESPAÑA

On August 31 and September 1 2017, the Banco de España will host 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 aim of the conference is to bring 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 have already confirmed their participation.

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

Conference on Real-time data analysis, Methods and Applications

BANCO DE ESPAÑA

The Banco de España will sponsor the 13th annual conference on real-time data analysis, methods, and applications in macroeconomics and finance, which will be held next October 19th and 20th, 2017, in its central headquarters in Madrid, c/ Alcalá, 48.

The conference will bring together leading researchers in real-time analysis of economic data. It will cover topics such as real-time macro-and financial econometrics, forecasting and macroeconomic policy analysis, among others

Call for papers  (97 KB)

First Annual Workshop of the ESCB Research Cluster on Monetary Economics

BANCO DE ESPAÑA

The First Annual Workshop of the ESCB Research Cluster on Monetary Economics, which will be held on 9 and 10 October 2017 at the Banco de España, Madrid. Jordi Galí and Ricardo Reis have kindly agreed to participate in the workshop as invited speakers.

III Seminar in Economic History

BANCO DE ESPAÑA

On October 5th the Banco de España will host 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 will be presented. Scholars are invited to submit their proposals before May 30th.

Call for papers

The Lluís Fina Prize

BANCO 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 Faces in Macro: Madrid Workshop in Quantitative Macroeoconomics

BANCO DE ESPAÑA

The Bank of Spain and the University Carlos III de Madrid jointly organized the first Madrid Workshop in Quantitative Macroeconomics.

The event, that took place on 29-30 May, divided its activities between the Bank of Spain’s Madrid headquarters and the University’s Getafe campus.

This conference, following the steps of the Mannheim Workshop in Quantitative Macroeconomics, aims to provide a forum for junior economist based in Europe with a special interest in macroeconomics, and to establish an academic network among the attendees.

Programme  (367 KB)

25th CEPR European Summer Symposium in International Macroeconomics (ESSIM), Roda de Bará, Tarragona

BANCO DE ESPAÑA

On 23-26 May 2017, the Banco de España hosted the twenty-fifth edition of the European Summer Symposium in International Macroeconomics (ESSIM) in Roda de Bará, Tarragona.

The conference, jointly organized with the CEPR, brought together top macroeconomists from across Europe and key researchers from outside the region.

The conference covered the CEPR programme areas of Monetary Economics and Fluctuations, International Money and Finance, and Macroeconomics and Growth.

This event is especially intended as an opportunity for young researchers to meet and collaborate with senior economists.

Programme  (382 KB)

First Conference on Financial Stability

BANCO DE ESPAÑA

The Banco de España, together with the Centro de Estudios Monetarios y Financieros (CEMFI) has started a series of biennial conferences to promote the research and discussion of topics related to financial stability among academics, practitioners, and policy-makers. The first conference was held at the Banco de España’s headquarters in Madrid on 24-25 May 2017. Mario Draghi, President of the European Central Bank, was the keynote speaker and Luis M. Linde, Governor of the Banco de España, opened the conference. 

Programme  (217 KB)

ADEMU Conference: How much of a fiscal union for the EMU?

BANCO DE ESPAÑA

On 18th and 19th May, ADEMU and the Bank of Spain, in conjunction with the European Stability Mechanism and the International Monetary Fund, hosted a conference to examine the role of a fiscal union in the European Monetary Union (EMU).

During the conference, held at the Bank of Spain’s Madrid headquarters, 57 international economists, lawyers, social scientists and researchers presented research and findings into the need for a fiscal union and discussed the future of the euro area.

Participants discussed their own research alongside the EC’s current proposals for the EMU, detailed in its White Paper on the Future of Europe. In the paper, the EC suggests five suggested outcomes: 1) carrying on; 2) nothing but the single market; 3) those who want more do more; 4) doing less more efficiently, and 5) doing much more together.

Programme  (739 KB)

2nd Joint BdE-CEMFI Research Workshop

BANCO DE ESPAÑA

On April 18, 2017, the Banco de España hosted the 2^nd Joint Research Workshop with CEMFI in which researchers from both institutions will discussed their recent work.

This meeting was the second in a series of regular workshops intended to forge stronger links between the Banco de España and the wider Madrid research community.

Conference programme  (378 KB)

New Occasional Visiting Scholar Program

BANCO 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).

Tano Santos (Columbia University).

Research environment

Banco de España Welcomes New Researchers

BANCO DE ESPAÑA

The Banco de España offers a warm welcome to our new six researchers, who have recently joined the regular staff of the ADG Economics and Research and the Department of Financial Stability.

The six 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:

Mario Alloza is joining the Conjunctural Analysis Division at the ADG Economics and Research. Mario has just obtained his PhD in Economics at the University College London. His research focuses on applied macroeconomics and fiscal policy.

Yuliya Kulikova is joining the Microeconomic Analysis Division at the ADG Economics and Research. Yuliya has just obtained her PhD in Economics at the Universidad Autonoma de Barcelona. Her research focuses on Labor Economics, Quantitative Macroeconomics and Family Economics. Yuliya was also a visiting graduate student at the W.P. Carey School of Business at Arizona State University.

Sergio Mayordomo is joining the Financial Analysis Division at the ADG Economics and Research. Sergio has obtained his PhD in Finance at the Universidad Carlos III de Madrid. Before joining the Banco de España, Sergio was an Associate Professor at the Universidad de Navarra and research economist at the Spanish Securities Markets Commission (CNMV). Sergio has also held some visiting positions at the European Central Bank. His research focuses on systemic risk and financial derivatives, and has been published in journals such as the Journal of Banking and Finance, the Journal of Empirical Finance, and Quantitative Finance.

María Rodríguez Moreno is joining the Department of Financial Stability. Maria obtained her PhD in Finance at the Universidad Carlos III de Madrid. Before joining the Banco de España, Maria was an Assistant Professor at the Universidad de Navarra and a trainee at the European Central Bank. Her research focuses on systemic risk and financial derivatives, and has been published at the Journal of Banking and Finance and Quantitative Finance.

Carlos Sanz is joining the Microeconomic Analysis Division at the ADG Economics and Research. Carlos has just obtained her PhD in Economics at Princeton University. His research focuses on Public Finance, Political Economy, and Applied Microeconomics.

Dominik Thaler is joining the Monetary Policy and Euro Area Division at the ADG Economics and Research. Dominik has just obtained his PhD in Economics at the European University Institute. His research focuses on Macro-Finance, International Macroeconomics, and Computational Economics. Dominik was also a visiting graduate student at the University of Pennsylvania.

Visiting scholars

BANCO 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:

Danilo Leyva (Central Bank of Chile), from November 1, 2016 until February 28, 2017.

Francesco Furlanetto (Norges Bank), from January 16, 2017 until March 21, 2017.

Emiliano Santoro (University of Copenhagen), from January 15, 2017 until April 15, 2017.

Yunus Aksoy (Birbeck College, University of London), from April 1, 2017 until July 31, 2017. 

Restructuring of research at the Banco de España

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) >

Comunicado de prensa (Español) >

See the new organizational structure >

External evaluation of Banco de España research

BANCO 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:

• Terms of evaluation  (56 KB)
• Evaluation report  (709 KB)
• Banco de España reply  (84 KB)