Working Papers

From Banco de España
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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

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 Gutiérrez Ambrocio, Jose Maria Serena Garralda and Serafeim Tsoukas

2427: Does the WTO Promote Trade? A Meta-analysis

Rodolfo Campos, Mario Larch, Jacopo Timini, Elena Vidal and Yoto Yotov

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

2424: Housing tenure, consumption and household debt: life-cycle dynamics during a housing bust in Spain

Clodomiro Ferreira, Julio Gálvez and Myroslav Pidkuyko

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, Maria T. Gonzalez-Perez 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 Gutiérrez Ambrocio 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

2414: Estimating heterogeneous effects: applications to labor economics

Stéphane Bonhomme and Angela Denis

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

Luis Férnandez Lafuerza and Jorge Galan

2412: Staggered contracts and unemployment during recessions

Effrosyni Adamopoulou, Luis Díez-Catalán and Ernesto Villanueva

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

2408: Estimating the contribution of macroeconomic factors to sovereign bond spreads in the euro area

Pablo Burriel, Mar Delgado-Téllez, Camila Figueroa, Iván Kataryniuk and Javier Pérez

2407: Inequality and the zero lower bound

Jesus Fernandez-Villaverde, Joël Marbet, Galo Nuño Barrau and Omar Rachedi

2406: Climate risk, soft information and credit supply

Laura Álvarez-Román, Sergio Mayordomo, Carles Vergara-Alert and Xavier Vives

2405: Estimating individual responses when tomorrow matters

Stéphane Bonhomme and Angela Denis

2404: CBDC and the operational framework of monetary policy

Jorge Abad, Galo Nuño Barrau and Carlos Thomas

2403: The heterogeneous impact of inflation on households’ balance sheets

Clodomiro Ferreira, José Miguel Leiva, Galo Nuño Barrau, Alvaro Ortiz, Tomasa Rodrigo and Sirenia Vazquez

2402: The medium-term effects of investment stimulus

Ruben Dominguez-Diaz, Samuel Hurtado and Carolina Menéndez

2401: Gender gaps in financial literacy: a multi-arm RCT to break the response bias in surveys

Laura Hospido, Nagore Iriberri and Margarita Machelett