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
Conference on risk, volatility and central banks' policiesBANCO DE ESPAÑA
The Banco de España will organize 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 aims to cover 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.
IV Seminar in Economic HistoryBANCO DE ESPAÑA
On October 11th the Banco de España will host the IV 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 June 15th.
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
Joint Conference Banco de España and International Monetary FundBANCO DE ESPAÑA
On April 3rd the banco de España hosted a conference jointly organized with International Monetary Fund with the title "Spain: From Recovery to Resilience". The conference aimed to draw lessons, including for Europe, from Spain’s successful crisis responses and discuss policy options that ensure a sustained and inclusive economic path forward. The conference brought together economists and analysts from academia, think tanks, and policy making institutions from inside and outside Spain. Program.
ESCB workshopBANCO DE ESPAÑA
On January 11-12, Banco de España hosted the “Workshop on the ESCB macroeconomic projection platforms”. The aim of the workshop, which was open to participation of staff from the ESCB central banks involved in the preparation of macroeconomic projections, was to inspire possible changes in current procedures used in the various institutions by learning from each other’s practices. The focus was on the procedures employed in the production of the projections, both from the point of view of the governance of the process and, especially, in terms of the precise software solutions used in order to make the process more efficient and reliable. Program (225 KB).
First Annual Workshop of the ESCB Research Cluster on International macro, fiscal, labour, and EMU governance: "Medium and long-run challenges for Europe"BANCO DE ESPAÑA
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 Antràs and Giancarlo Corsetti presented keynote lectures.
Conference on Real-time data analysis, Methods and ApplicationsBANCO DE ESPAÑA
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.
First Banco de España Annual Research ConferenceBANCO DE ESPAÑA
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 Adrian, Ricardo Caballero, Gauti Eggertsson, Emmanuel Farhi, Jesús Fernández-Villaverde, Jordi Galí, Nobuhiro Kiyotaki, Morten Ravn, Tano Santos and Frank Smets, 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
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 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 Bandeira 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 Ferreira 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-Uribe 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 Ganics 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-Leon 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 Roth 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 Tagliati 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.
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. 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:
Elias Bengtsson (Stockholm University) is visiting from December 2017 to May 2018.
Project: The political economy of macroprudential policy.
Martin Gonzalez Eiras (University of Copenhagen) is visiting from October 2017 to April 2018.
Project: Luxury goods inflation over the business cycle.
Jonathan Halket (University of Essex) is visiting from November 2017 to June 2018.
Project: The macroeconomy and the local dimensions of real estate.
Federica Romei (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 Shen (Oklahoma State University) is visiting in December 2017 and from May to August 2018.
Project: Fiscal limits in a monetary union.
Emanuele Tarantino (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 EspañaBANCO 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).
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:
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
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)