Research staff (by department)

The following administrative units at the Banco de España contribute to its research functions:

• Directorate General – Economics, Statistics and Research(DG de Economía y Estadística)
  • Macrofinancial Analysis and Monetary Policy Department(Dpto. de Análisis Macrofinanciero y Política Monetaria)
    The Macro-financial Analysis and Monetary Policy Department carries out the tasks necessary to support the Banco de España’s position on the conduct of monetary policy in the euro area and to monitor and analyse the main developments in the capital and banking markets.
  • Economic Developments Department(Dpto. de Análisis de la Situación Económica)
    The Economic Developments Department focuses on analysing, monitoring and forecasting the situation of the Spanish economy as a whole, in the short and long run. Having a close look to the behaviour of the various economic sectors and agents, including the government. The Department has two divisions: the Conjunctural Analysis and Economic Forecasting Division and the Sectoral Analysis Division.
  • Structural Analysis and Microeconomic Studies Department(Dpto. de Análisis Estructural y Estudios Microeconómicos)
    The Structural Analysis and Microeconomic Studies Department is responsible for monitoring and analysing structural policies in the Spanish economy, conducting research on the behaviour and outcomes of households and firms, assessing public policies, and developing and maintaining infrastructures for empirical analysis.
  • International Economics and Euro Area Department(Dpto. de Economía Internacional y del Área del Euro)
    The International Economics and Euro Area Department focuses on the macroeconomic analysis and monitoring of the world economy and global economic issues (trade, demography, technology, geography). It poses a special focus on the euro area economy, mainly to lend support to monetary policy decision-making, and Latin America. To perform these tasks, the department performs high-quality research focusing on international spillovers from monetary, fiscal and macroprudential policies, global growth medium-term determinants (including the role of institutions), international and regional integration (from the trade and finance sides), sources of global vulnerabilities (including economic imbalances and political determinants), sovereign crises, and European and global governance. The Department has two divisions: the International Economics Division and the Euro Area Economy Division.
  • International and European Relations Department(Departamento de Relaciones Internacionales y Europeas)
    The main tasks of the International and European Relations Department are to coordinate, organise and advise senior management of the Bank in the international and European fora within its remit (Governing Council of the European Central Bank and relations with the International Monetary Fund, among others), to organise the Banco de España’s international cooperation work and to manage and disseminate the external information it publishes.
  • Statistics Department(Dpto. de Estadística)
    Data compiled and published by the Dept. of Statistics includes financial and balance-of-payments accounts for the Spanish economy, and balance sheet data on Spanish non-financial firms.
• Directorate General - Financial Stability, Regulation and Resolution (DG de Estabilidad Financiera, Regulación y Resolución)
  • Financial Stability and Macroprudential Policy Department(Dpto. de Estabilidad Financiera y Política Macroprudencial)
    The Department of Financial Stability and Macroprudential Policy has recently focused on several main research lines: impact of macroprudential measures (i.e. dynamic provisions and capital buffers) on the lending cycle; interaction between monetary policy and macroprudential policy; analysis of public sector lending programs; development of a methodology to monitor systemic risk in order to obtain guidance regarding activation or not of macroprudential tools.
• Directorate General – Operations, Markets, and Payment Systems (DG de Operaciones Mercados y Sistemas de Pagos)
  • Operations Department(Dpto. de Operaciones)
    The Operations Department implements the monetary policy operations attributed to Banco de España in its capacity as a central bank and member of the Eurosystem, as well as management of the foreign exchange reserves, gold and euro-denominated financial assets owned by the Banco de España. The department also provides financial services to central banks and public institutions. Finally, the department also monitors and analyzes financial markets.
  • Associate Directorate General Financial Innovation and Market Infrastructures(Dirección General Adjunta de Innovación Financiera e Infraestructuras de Mercados) 
    Financial innovation processes processes have accelerated in recent years with the development of new products, services and intermediaries, supported in many cases by the use of new technologies. The Associate Directorate General Financial Innovation and Market Infrastructures performs two main functions: i) the ongoing monitoring of financial innovation processes and the analysis thereof; ii) to develop and operate, in collaboration with other Eurosystem national central banks, pan-European market infrastructures in those areas in which the NCBs have comparative advantages.