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.

Publication Updates

Social Optima in Economies with Heterogeneous Agents

Review of Economic Dynamics, Forthcoming,
Benjamin Moll (Princeton University),
Galo Nuño (Banco de España).

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).

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 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 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

Programme Enlace PDF: Abre en nueva ventana (297 KB)

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.

Charles Goodhart Abre en nueva ventanawill present the keynote lecture on this occasion.

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

Registration period is now open.

To attend this event, please submit your registration through the following link before the deadline: 

Registration: III Seminar in Economic HistoryAbre en nueva ventana

Event ID: NKT-3E4  -   Deadline: 20th September 2017 

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

Programme Enlace PDF: Abre en nueva ventana (286 KB)

Registration period is now open.

To attend this event, please submit your registration through the following link before the deadline: 

Registration: XIII Conference on Real-time data analysis, Methods and ApplicationsAbre en nueva ventana

Event ID: JHG-AP2  Deadline: 30th September 2017 

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 GalíAbre en nueva ventana and Ricardo ReisAbre en nueva ventana have kindly agreed to participate in the workshop as invited speakers.

Programme Enlace PDF: Abre en nueva ventana (290 KB)

ESCB Research Cluster on International macro, fiscal, labour, and EMU governance

BANCO DE ESPAÑA

First Annual Workshop: "Medium and long-run challenges for Europe"

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

The Lluís Fina Prize

BANCO DE ESPAÑA

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 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 Enlace PDF: Abre en nueva ventana (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 Enlace PDF: Abre en nueva ventana (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 Enlace PDF: Abre en nueva ventana (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 Enlace PDF: Abre en nueva ventana (739 KB)

2nd Joint BdE-CEMFI Research Workshop

BANCO DE ESPAÑA

On April 18, 2017, the Banco de España hosted the 2nd 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 Enlace PDF: Abre en nueva ventana (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 AntràsAbre en nueva ventana (Harvard University).

Jesús Fernández-VillaverdeAbre en nueva ventana (University of Pennsylvania).

Tano SantosAbre en nueva ventana (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 AllozaAbre en nueva ventana 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 KulikovaAbre en nueva ventana 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 MayordomoAbre en nueva ventana 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 MorenoAbre en nueva ventana 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 SanzAbre en nueva ventana 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 ThalerAbre en nueva ventana 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 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:

Danilo LeyvaAbre en nueva ventana (Central Bank of Chile), from November 1, 2016 until February 28, 2017.

Francesco Furlanetto Abre en nueva ventana(Norges Bank), from January 16, 2017 until March 21, 2017.

Emiliano SantoroAbre en nueva ventana (University of Copenhagen), from January 15, 2017 until April 15, 2017.

Yunus AksoyAbre en nueva ventana (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) >Abre en nueva ventana

Comunicado de prensa (Español) >Abre en nueva ventana

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: