Working Papers

From Banco de España
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2516: Inflation and growth forecast errors and the sacrifice ratio of monetary policy in the euro area

Corinna Ghirelli, Javier J. Pérez and Daniel Santabárbara

2515: Trade bloc enlargement when many countries join at once

Rodolfo G. Campos and Jacopo Timini

2514: The effects of open banking on fintech providers: evidence using microdata from Spain

Andrés Alonso-Robisco, José Manuel Carbó, Pedro Jesús Cuadros-Solas and Jara Quintanero

2513: Desertification in Spain: Is there any impact on credit to firms?

Carmen Broto and Olivier Hubert

2512: The pass-through to inflation of gas price shocks

Lucía López, Florens Odendahl, Susana Párraga and Edgar Silgado-Gómez

2511: Density forecast transformations

Matteo Mogliani and Florens Odendahl

2510: Strike while the Iron is Hot: Optimal Monetary Policy with a Nonlinear Phillips Curve

Peter Karadi, Anton Nakov, Galo Nuño, Ernesto Pasten and Dominik Thaler

2509: Macroprudential policy and the tail risk of credit growth

Jorge E. Galán

2508: Bank capital requirements and risk-taking: evidence from Basel III

Rebeca Anguren, Gabriel Jiménez and José-Luis Peydró

2507: The role of wage expectations in the labor market

Marta Garcia Rodriguez

2506: Carbon pricing, border adjustment and renewable energy investment: a network approach

Mar Delgado-Téllez, Javier Quintana and Daniel Santabárbara Daniel Santabárbara

2505: Perceiving central bank communications through press coverage

Pilar García and Diego Torres

2504: CATALIST: A new, bigger, better model for evaluating climate change transition risks at Banco de España

Rubén Veiga Duarte, Samuel Hurtado, Pablo A. Aguilar García, Javier Quintana González and Carolina Menéndez Álvarez

2503: Sourcing all the eggs from one basket: trade dependencies and import prices

Irina Balteanu, Katja Schmidt and Francesca Viani

2502: The impact of prudential regulations on the UK housing market and economy: insights from an agent-based model

Marco Bardoscia, Adrian Carro, Marc Hinterschweiger, Mauro Napoletano, Lilit Popoyan, Andrea Roventini and Arzu Uluc

2501: Opening the black box: aggregate implications of public investment heterogeneity

Henrique S. Basso, Myroslav Pidkuyko and Omar Rachedi

2446: Inheritance Tax Avoidance Through the Family Firm

Isabel Micó-Millán

2445: Households’ subjective expectations: disagreement, common drivers and reaction to monetary policy

Clodomiro Ferreira and Stefano Pica

2444: Taming the curse of dimensionality: quantitative economics with deep learning

Jesus Fernandez-Villaverde, Galo Nuño Barrau and Jesse Perla

2443: Gender and Career Progression: Evidence from the Banco de España

Olympia Bover, Laura Hospido and Ana Lamo

2442: Dual labor markets and the equilibrium distribution of firms

Josep Pijoan-Mas and Pau Roldan-Blanco

2441: A macroeconomic model of banks’ systemic risk taking

Jorge Abad, David Martínez-Miera and Javier Suarez

2440: Local lending specialization and monetary policy

Alejandro Casado and David Martínez-Miera

2439: Navigating by Falling Stars: Monetary Policy with Fiscally Driven Natural Rates

Rodolfo Campos, Jesus Fernandez-Villaverde, Galo Nuño Barrau and Peter Paz

2438: Discrete Probability Forecasts: What to expect when you are expecting a monetary policy decision

Alicia Aguilar and Ricardo Gimeno

2437: How do changes in financial reporting standards affect relationship lending?

Daniel Dejuan-Bitria, Wayne R. Landsman, Sergio Mayordomo and Irene Roibás

2436: Inputs in Distress: Geoeconomic Fragmentation and Firms’ Sourcing

Ludovic Panon, Laura Lebastard, Michele Mancini, Alessandro Borin, Peonare Caka, Gianmarco Cariola, Dennis Essers, Elena Gentili, Andrea Linarello, Tullia Padellini, Francisco Requena Silvente and Jacopo Timini

2435: China’s financial spillovers to emerging markets

Rodolfo Campos, Ana-Simona Manu, Luis Molina Sánchez and Marta Suárez-Varela

2434: Female Financial Portfolio Choices and Marital Property Regimes

Lidia Cruces, Isabel Micó-Millán and Susana Párraga

2433: The public-private wage GAP in the euro area a decade after the sovereign debt crisis

Víctor Caballero, Corinna Ghirelli, Angel Luis Gómez and Javier Pérez

2432: “El Niño” and “La Niña”: Revisiting the impact on food commodity prices and euro area consumer prices

Fructuoso Borrallo, Lucía Cuadro-Sáez, Corinna Ghirelli and Javier Pérez

2431: ECB communication and its impact on financial markets

Klodiana Istrefi, Florens Odendahl and Giulia Sestieri

2430: The transmission of monetary policy to credit supply in the euro area

Miguel Garcia-Posada and Peter Paz

2429: Constructing fan charts from the ragged edge of SPF forecasts

Todd Clark, Gergely Ganics and Elmar Mertens

2428: Bank supervision and non-performing loan cleansing

Yusuf Baskaya, José E. Gutiérrez, Jose Maria Serena Garralda and Serafeim Tsoukas

2426: Bridging the Gap? Fintech and financial inclusion

Josep Gisbert and José E. Gutiérrez

2425: Green energy transition and vulnerability to external shocks

Ruben Dominguez-Diaz and Samuel Hurtado

2423: Sovereign uncertainty

Edgar Silgado-Gómez

2422: The impact of sovereign debt purchase programms. A case study: the Spanish-to-Portuguese bond yield spread

Fernando Cerezo, Pablo Girón, María T. González-Pérez and Roberto Pascual

2421: Access to credit and firm survival during a crisis: the case of zero-bank-debt firms

Roberto Blanco, Miguel Garcia-Posada, Sergio Mayordomo and Maria Rodriguez-Moreno

2420: Shadow seniority? Lending relationships and borrowers’ selective default

Francisco González, José E. Gutiérrez and Jose Maria Serena Garralda

2419: Stabilisation properties of a sure-like European unemployment insurance

Daniel Alonso

2418: HANK beyond FIRE: Amplification, forward guidance, and belief shocks

José-Elías Gallegos

2417: Analysing the VAT cut pass-through in Spain using web-scraped supermarket data and machine learning

Nicolás Forteza, Elvira Prades and Marc Roca

2416: The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets

Gerald Dwyer, Biljana Gilevska, María J. Nieto and Margarita Samartín

2415: Family and career: An analysis across Europe and North America

Luis Guirola, Laura Hospido and Andrea Weber

2413: Should macroprudential policy target corporate lending? Evidence from credit standards and defaults

Luis Férnandez Lafuerza and Jorge Galan

2411: The impact of the Countercyclical Capital Buffer on credit: Evidence from its accumulation and release before and during COVID-19

Mikel Bedayo and Jorge Galan

2410: Climate transition risk and the role of bank capital requirements

Salomon Garcia-Villegas and Enric Martorell

2409: The bright side of the doom loop: banks’ sovereign exposure and default incentives

Luis Rojas and Dominik Thaler