Research staff by department

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

Directorate General – Economics, Statistics and Research

  • Macrofinancial Analysis and Monetary Policy Department
    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
    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 regard to the behaviour of the various economic sectors and agents, including the government.
  • Structural Analysis and Microeconomic Studies Department
    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
    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
    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
    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.
  • Financial Stability and Macroprudential Policy Department
    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.
  • Regulation Department
    The Regulation Department has recently focused on key priorities related to policy regulation, including: banking regulation (Basel III) evaluation and impact assessment; quantitative impact of prudential measures on the lending cycle; interconnections within the financial system; financial policy design; crypto assets and measures to address their regulation; or the impact of climate related risks in the financial system and the assessment of measures to address them.
  • Operations Department
    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 – Payments and Market Infrastructures
    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.

Research Staff

List of research staff at the Banco de España, sorted by department.