Working Papers

From Banco de España
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2550: Macroeconomic effects of carbon-intensive energy price changes: A model comparison

Matthias Burgert, Matthieu Darracq Pariès, Luigi Durand Central, Mario González, Romanos Priftis, Oke Röhe, Matthias Rottner, Edgar Silgado-Gómez, Nikolai Stähler and Janos Varga

2549: How economic policy uncertainty spreads across borders: the case of Latin America

Erik Andres-Escayola, Luis Molina, Javier J. Pérez and Elena Vidal

2548: Demand drivers of central bank liquidity: A time-to-exit TLTRO analysis

Adina-Elena Fudulache and María del Carmen Castillo Lozoya

2547: Family-friendly policies and fertility: What firms have to do with it?

Olympia Bover, Nezih Guner, Yuliya Kulikova, Alessandro Ruggieri and Carlos Sanz

2546: Investment Irreversibility in a Granular World

Tatsuro Senga and Iacopo Varotto

2545: Fiscal drag in theory and in practice: A European perspective

Esteban Garcia-Miralles, Maximilian Freier, Sara Riscado, Chrysa Leventi, Alberto Mazzon, Glenn Abela, Laura Boyd, Baiba Brusbarder, Marion Cochard, David Cornille, Emanuele Dicarlo, Ian Debattista, Mar Delgado-Téllez, Mathias Dolls, Ludmila Fadejeva, Maria Flevotomou, Florian Henne, Alena Harrer-Bachleitner, Viktor Jaszberenyi-Kiraly, Max Lay, Laura Lehtonen, Mauro Mastrogiacom, Tara McIndoe-Calder, Mathias Moser, Martin Nevicky, Andreas Peichl, Myroslav Pidkuyko, Mojca Roter, Frédérique Savignac, Andreja Strojan Kastelec, Vaidotas Tuzikas, Nikos Ventouris and Lara Wemans

2544: From risk to buffer: Calibrating the positive neutral CCyB rate

Luis Herrera, Mara Pirovano and Valerio Scalone

2543: Fiscal Announcements and Households’ Beliefs: Evidence from the Euro Area

José Elías Gallegos, Esteban Garcia-Miralles, Iván Kataryniuk and Susana Párraga Rodríguez

2542: Natural disasters, economic activity, and property insurance: evidence from weekly U.S. state-level data

Alvaro Fernandez-Gallardo

2541: The Origins of Top Firms

Rafael Guntin and Federico Kochen

2540: Diversifying sovereign risk in the Euro area: empirical analysis of different policy proposals

Ángel Estrada García, Christian E. Castro and Gonzalo Fernández Dionis

2539: Banks’ specialization and private information

Alejandro Casado and David Martínez-Miera

2538: Cross-border spillovers of bank regulations: Evidence of a trade channel

Maria Amado, Carlos Burga and José E. Gutiérrez

2537: Green transition in the Euro area: domestic and global factors

Pablo Garcia Sanchez, Pascal Jacquinot, Črt Lenarčič, Kostas(Konstantinos) Mavromatis, Niki Papadopoulou and Edgar Silgado-Gómez

2536: Robot adoption and inflation dynamics

Henrique S. Basso and Omar Rachedi

2535: Simple Tests for the Correct Specification of Conditional Predictive Densities

Gergely Ganics and Lluc Puig Codina

2534: Measuring non-workers’ labor market attachment with machine learning

Nicolás Forteza and Sergio Puente

2533: Political polarization in Europe

Marina Diakonova, Corinna Ghirelli and Javier J. Pérez

2532: Debt maturity and government spending multipliers

Morteza Ghomi, Jochen Mankart, Rigas Oikonomou and Romanos Priftis

2531: Learning from news

Luis Herrera and Jesús Vázquez

2530: Heterogeneous UIPDs across Firms: Spillovers from U.S. Monetary Policy Shocks

Miguel Acosta-Henao, Maria Amado, Montserrat Martí and David Perez-Reyna

2529: Monetary policy with persistent supply shocks

Galo Nuño Barrau, Philipp Renner and Simon Scheidegger

2528: Three Theories of Natural Rate Dynamics

Galo Nuño Barrau

2527: Public debt burden and crisis severity

Alvaro Fernandez-Gallardo and Iván Payá

2526: Fixed Effects and Beyond. Bias Reduction, Groups, Shrinkage and Factors in Panel Data

Stéphane Bonhomme and Angela Denis

2525: Good inflation, bad inflation: implications for risky asset prices

Diego Bonelli, Berardino Palazzo and Ram Yamarthy

2524: Household Heterogeneity and the Lending Channel of Monetary Policy

Sumit Agarwal, Sergio Mayordomo, Maria Rodriguez-Moreno and Emanuele Tarantino

2523: Banks vs. Firms: Who Benefits from Credit Guarantees?

Alberto Martin, Sergio Mayordomo and Victoria Vanasco

2522: Rethinking GPR: The sources of geopolitical risk

Irma Alonso-Alvarez, Marina Diakonova and Javier Pérez

2521: The macroeconomic effects of unemployment insurance extensions: A policy rule-based identification approach

Ruben Dominguez-Diaz and Donghai Zhang

2519: The Transmission of Macroprudential Policy in the Tails: Evidence from a Narrative Approach

Alvaro Fernandez-Gallardo, Simon Lloyd and Ed Manuel

2518: Index fund flows and fund distribution channels

Ricardo Barahona

2517: Monetary policy, bank leverage and systemic risk-taking

Kosuke Aoki, Enric Martorell and Kalin Nikolov

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

Corinna Ghirelli, Javier Pérez and Daniel Santabárbara

2515: Trade bloc enlargement when many countries join at once

Rodolfo Campos and Jacopo Timini

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

Andres Alonso, Jose Manuel Carbo Martinez, 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 Barrau, Ernesto Pasten and Dominik Thaler

2509: Macroprudential policy and the tail risk of credit growth

Jorge Galan

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

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 Basso, Myroslav Pidkuyko and Omar Rachedi

2447: The stabilizing role of local claims in local currency on the variation of foreign claims

Mikel Bedayo, Eva Valdeolivas and Carlos Pérez