Latest academic publications

24/02/2026

Staggered contracts and unemployment during recessions

Journal of Monetary Economics, v. 156, December 2025, 103830 Villanueva, Ernesto , Luis Díez-Catalán (Banco de España) , Effrosyni Adamopoulou (Universität Mannheim)

24/02/2026

How substitutable are the classical and radical right?

Journal of Public Economics, v. 252, December 2025, 105521 Carlos Sanz , Jesús Fernández-Villaverde (University of Pennsylvania)

24/02/2026

Credit standards and corporate loan default. Insights for macroprudential policy

Journal of Banking and Finance, v. 181, December 2025, 107566 Jorge E. Galán (Banco de España) , Luis Fernández Lafuerza

24/02/2026

Macroprudential Policy in the Euro Area

Journal of Money Credit and Banking, publicado en línea (November 2025) Iván Payá (Universidad de Alicante) , Álvaro Fernández Gallardo (Banco de España)

24/02/2026

Optimal monetary policy with uncertain private sector foresight

Journal of Monetary Economics, v. 155, October 2025, 103826 David López Salido , Edward Herbst (Federal Reserve System, Washington) , Christopher Gust (Federal Reserve System, Washington)

16/10/2025

Can subsidized employment tackle long-term unemployment? Experimental evidence from North Macedonia

Journal of Development Economics, v. 178, January 2026, 103598 Alex Armand (Nova SBE) , Pedro Carneiro (University College London) , Federico Tagliati (Banco de España) , Yiming Xia (Southwestern University of Finance and Economics)

16/10/2025

Banks' market capital and the international risk taking channel of US monetary policy

Journal of International Economics, v. 157, September 2025, 104099 Stefan Avdjiev (Bank for International Settlements) , José María Serena (Banco de España)

16/10/2025

Forced migration and food crises

Journal of Population Economics, v.38, issue 4, 2025, 69 Federico Carril-Caccia (Universidad de Granada) , Jordi Paniagua (Universidad de Valencia) , Marta Suarez-Varela (Banco de España)

16/10/2025

Revisiting productivity dynamics in Europe : a new measure of utilization-adjusted TFP growth

Journal of the European Economic Association, v. 23, Issue 4, August 2025, pp. 1598–1633 Diego Comin (Dartmouth College) , Javier Quintana (Banco de España) , Tom Schmitz (Queen Mary University of London) , Antonella Trigari (Bocconi University)

16/10/2025

The term structure of interest rates in a heterogeneous monetary union

Journal of Finance, vol. LXXX, nº 4, August 2025, pp 2389-2434 James Costain (Banco de España) , Galo Nuño (Banco de España) , Carlos Thomas (Banco de España)