Edgar Silgado

EDGAR SILGADO GÓMEZ joined the Euro Area Economy Division at the Banco de España in June 2023. He holds a Ph.D in Economics from the University of Rome Tor Vergata (September 2019). Edgar obtained a M.Sc. in Economics from Universidad Carlos III, and a B.Sc. in Economics from Universidad de Alcalá de Henares. Previous to his employment at the Banco de España, he worked at the Central Bank of Ireland and the European Central Bank.

Edgar’s research fields are in Macroeconomics. In particular, he is interested in Uncertainty, Imperfect Information, Fiscal and Monetary Policy. In recent work, he investigated the impact and transmission of uncertainty regarding the future path of government finances on economic activity. He employs a data-rich approach to extract a novel proxy that captures uncertainty surrounding public finances in Spain, which he refers to as sovereign uncertainty. Through empirical and theoretical models, he shows that a shock to sovereign uncertainty differs from a macro-financial uncertainty shock originating from disturbances in the private sector: while the former persistently dampens the economy in the medium-run, the latter displays a short-lived response in real activity. The theoretical model also emphasizes the importance of financial frictions in transmitting the effects of sovereign uncertainty shocks and highlights the minor role played by nominal rigidities.

In another project (with Pablo García-Sánchez, Pascal Jacquinot, Crt Lenarcic, Kostas Mavromatis and Niki Papadopoulou), Edgar is developing a detailed multi-country New Keynesian model with energy inputs in order to explore the impact of transition policies on economic activity. In his future research, he plans to analyze the effect of energy shocks on public finances in the euro area (with Pablo Burriel and Florens Odendahl); as well as investigate the impact of monetary policy shocks on economic agents’ beliefs (with José-Elías Gallegos and Jaime Martínez-Martín).