News and highlights
Latest research feature 
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We study the economic impact for financial institutions of using machine learning (ML) models in credit default prediction. We do so by using a unique and anonymized database from a major Spanish bank. We first measure the statistical performance in terms of predictive power, both in classification and calibration, comparing models like Logit and Lasso, with more advanced ones like Trees (CART), Random Forest, XGBoost and Deep Learning. We find that ML models outperforms traditional ones, although more complex ML algorithms do not necessarily predict better. We then translate this into economic impact by estimating the savings in regulatory capital that an institution could achieve when using a ML model instead of a simpler one to compute the risk-weighted assets following the Internal Ratings Based (IRB) approach. Our benchmark results show that implementing XGBoost instead of Lasso could yield savings from 12.4% to 17% in capital requirements, depending on the type of underlying assets.
Third Conference on Financial Stability
Banco de España organizes the Third Conference on Financial Stability, which will be held next October 18th and 19th 2021. The Scientific Committee invites submissions of theoretical and empirical papers related to financial stability issues. Papers with a focus on the analytical frameworks and tools for macro-prudential policy are especially welcome. Access the call for projects here (144 KB).
Joint CEPR and Seventh Banco de España Economic History Seminar
Banco de España organizes jointly with CEPR the VII Seminar in Economic History, which will be held next October 8th 2021. The organizers encourage the presentation of papers that contribute to progress of the discipline, providing new insights in all historical periods and areas of investigation. Access the call for projects here (148 KB).
Analysis and research priorities for the Banco de España: 2020-2024 
Analysis and research priorities for the Banco de España: 2020-2024
The Banco de España has published the analysis and research priorities on which it will be focusing in the coming years. This will give it the analytical capacity needed to prepare it for the challenges that the various changes in the economic and social environment pose for its mission. With this publication, the Banco de España takes a further step in its policy of research activity transparency, seeking in turn to promote collaboration in these priority areas with academia and the community of economic analysts. Read the full document here (185 KB).
Call for research projects in Economic History
Banco de España launches the annual programme of research grants for excellent research projects in Economic History. Access the call for projects here (4 MB).
Events affected by COVID-19
Due to the extraordinary circumstances caused by Covid19 several conferences organized by Banco de España are being cancelled or postponed. This includes the Malaga Finance Workshop initially scheduled for June 4-5 and the workshop on labor economics initially scheduled for June 7-8.
JEEA outstanding article award
The EEA has awarded the Hicks-Tinbergen medal 2020 to Jose Asturias, Manuel García-Santana and Roberto Ramos for their paper "Competition and the Welfare Gains from Transportation Infrastructure: Evidence from the Golden Quadrilateral of India" (JEEA, 17(6)).
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.
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 here.
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 website
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 details
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 Tsomocos gave the keynote speech. Program (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 Reis, Daniel Gros, Joana Silva and Jaume Ventura; and a policy panel with Manuel Caldeira Cabral, Alicia García Herrero, Enrique Alberola and Luis Óscar Moren. Conference website
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 (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 website
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 here.
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 Corsetti, Emmanuel Farhi, Jordi Galí, Luc Laeven, Ramón Marimon, Ashoka Mody, Athanasios Orphanides, Thomas Philippon, Rafael Repullo, Tano Santos, Carmen Reinhart, Hélène Rey, and Ivan Werning, among others, participated. Program (79 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 Antràs (Harvard University).
Jesús Fernández-Villaverde (University of Pennsylvania).
Miles Kimball (University of Michigan).
Tano Santos (Columbia University).