Working Papers

From Banco de España
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1133: Does TFP drive housing prices? a growth accounting exercise for four countries

Alessio Moro and Galo Nuño Barrau

1132: Learning from experience in the stock market

Anton Nakov and Galo Nuño Barrau

1131: Collective bargaining, firm heterogeneity and unemployment

Juan F Jimeno and Carlos Thomas

1130: Optimal monetary policy with state-dependent pricing

Anton Nakov and Carlos Thomas

1129: Household debt and labour market fluctuations

Javier Andrés, José Boscá and Javier Ferri

1128: Optimal capital structure and Regulatory Control

Carlos Pérez Montes

1127: Monitoring sub-central government spending in Spain

Laura Fernández-Caballero, Diego J. Pedregal and Javier Pérez

1126: Cross-border coordination of prudential supervision And deposit guarantees

Daniel C. Hardy and María J. Nieto

1125: A general equilibrium model of the oil market

Anton Nakov and Galo Nuño Barrau

1124: Local versus aggregate lending channels: the effects of securitization on corporate credit supply

Gabriel Jimenez, Atif Mian, Jose-Luis Peydro and Jesús Saurina

1123: Model averaging in economics

Enrique Moral-Benito

1122: Precautionary price stickiness

James Costain and Anton Nakov

1121: The effects of fiscal shocks on the exchange rate in Spain

Francisco de Castro Fernández and Laura Fernández-Caballero

1120: Accounting for changes in the Spanish wage distribution: the role of employment Composition effects

Raquel Carrasco, Juan F Jimeno and Carolina Ortega

1119: Money dynamics with multiple banks of issue: evidence from Spain 1856-1874

Galo Nuño Barrau, Pedro Tedde and Alessio Moro

1118: Do dynamic provisions reduce income smoothing using loan Loss provisions?

Daniel Pérez, Vicente Salas-Fumás and Jesús Saurina

1117: Is there a cost associated with an increase in family size beyond child investment? Evidence from developing countries

Julio Caceres-Delpiano

1116: Applying and interpreting model-based seasonal adjustment. The euro-area industrial production series

Agustin Maravall and Domingo Pérez Cañete

1115: Income and democracy: revisiting the evidence

Enrique Moral-Benito and Cristian Bartolucci

1114: Estimating non-linear models with multiple fixed effects:a computational note

Laura Hospido

1113: Credit cycles: Evidence based on a non linear model for developed countries

Rebeca Anguren

1112: Shifts in portfolio preferences of international investors: an application to sovereign wealth funds

Filipa Sa and Francesca Viani

1111: Where is the value in high frequency trading?

Álvaro Cartea and José Penalva

1110: FiMod - a DSGE model for fiscal policy simulations

Nikolai Stähler and Carlos Thomas

1109: Dynamic panels with predetermined regressors: likelihood-based estimation and Bayesian averaging with an application to cross-country growth

Enrique Moral-Benito

1108: House purchase versus rental in Spain

Eva Ortega, Margarita Rubio and Carlos Thomas

1107: Fiscal policy, structural reforms and external imbalances: a quantitative evaluation for Spain

Ángel Gavilán, Pablo Hernández de Cos, Juan F Jimeno and Juan Rojas

1106: Fiscal data revisions in Europe

Francisco de Castro Fernández, Javier Pérez and Marta Rodríguez Vives

1105: Flexible inflation targets, forex interventions and exchange rate volatility in emerging countries

Juan Carlos Berganza and Carmen Broto

1104: TFP growth and its determinants: nonparametrics and model averaging

Michael Danquah, Enrique Moral-Benito and Bazoumana Ouattara

1103: Is infrastructure capital productive? A dynamic heterogeneous approach

Cesar Calderon, Enrique Moral-Benito and Luis Servén

1102: Endogenous fiscal consolidations

Pablo Hernández de Cos and Enrique Moral-Benito

1101: Consumption and initial mortgage conditions: evidence from survey data

Giacomo Masier and Ernesto Villanueva

1039: Gross capital flows: dynamics and crises

Fernando Broner, Tatiana Didier, Aitor Erce and Sergio Schmukler

1038: International financial flows, real exchange rates and cross-border insurance

Francesca Viani

1037: Nowcasting Spanish GDP growth in real time: "One and a half months earlier"

David de Antonio Liedo and Elena Fernández Muñoz

1036: Housing purchases and the dynamics of housing wealth

Olympia Bover

1035: Firm behavior, market deregulation and productivity in Spain

César Alonso-Borrego

1034: Cash holdings, firm size and access to external finance. Evidence for the euro area

Carmen Martínez-Carrascal

1033: Explaining the demand for money by non-financial corporations in the euro area: A macro and a micro view

Carmen Martínez-Carrascal and Julian von Landesberger

1032: Booms and busts in China's stock market: Estimates based on fundamentals

Gabe de Bondt, Tuomas Peltonen and Daniel Santabárbara

1031: Determinants of economic growth: A Bayesian panel data approach

Enrique Moral-Benito

1030: Credit supply: identifying balance-sheet channels with loan applications and granted loans

Gabriel Jimenez, Steven Ongena, Jose-Luis Peydro and Jesús Saurina

1029: The effects of national discretions on banks

Isabel Argimon and Jenifer Ruiz

1028: Mitigating the pro-cyclicality of Basel II

Rafael Repullo, Jesús Saurina and Carlos Trucharte

1027: Creditor discrimination during sovereign debt restructurings

Aitor Erce and Javier Díaz-Cassou

1026: Green shoots in the euro area. A real time measure

Maximo Camacho, Gabriel Perez-Quiros and Pilar Poncela

1025: Is judicial inefficiency increasing the house property market weight in Spain? Evidence at the local level

Juan Mora-Sanguinetti

1024: Does housing really lead the business cycle?

Luis Alvarez and Alberto Cabrero

1023: Development, growth and volatility

Alessio Moro