Working Papers

From Banco de España
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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

1022: The incidence of nominal and real wage rigidity: an individual-based sectoral approach

Julian Messina, Philip Du Caju, Cláudia Duarte, Niels Hansen and Mario Izquierdo

1021: Expectations-driven cycles in the housing market

Luisa Lambertini, Caterina Mendicino and Maria Teresa Punzi

1020: I.T. Investment and intangibles: evidence from banks

Alfredo Martin-Oliver and Vicente Vicente Salas-Fumás

1019: Micro-based estimates of heterogeneous pricing rules: the united states vs. The euro area

Luis Alvarez and Pablo Burriel

1018: A systematic approach to multi-period stress testing of portfolio credit risk

Thomas Breuer, Martin Jandačka, Javier Mencia and Martin Summer

1017: Changes in the wage structure in EU countries

Rebekka Christopoulou, Juan F Jimeno and Ana Lamo

1016: The effect of macroeconomic fluctuations on the inflows and outflows of migrants in Spain

Aitor Lacuesta and Sergio Puente

1015: Understanding the spanish business innovation gap: the role of spillovers and firms’ absorptive capacity

Paloma Lopez-Garcia and José Montero

1014: The euro as a reserve currency for global investors

Luis Viceira and Ricardo Gimeno

1013: Employment fluctuations in a dual labor market

James Costain, Juan F Jimeno and Carlos Thomas

1012: General Equilibrium Restrictions for Dynamic Factor Models

David de Antonio Liedo

1011: What do premiums paid for bank M&As reflect? The case of the European Union

Jens Hagendorff, Ignacio Hernando, María Nieto and Larry Wall