Working Papers

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0201: La contribución de las ramas productoras de bienes y servicios TIC al crecimiento de la economía española

Soledad Núñez Ramos

0121: Money in an Estimated Business Cycle Model of the Euro Area

Javier Andrés, David Lopez-Salido and Javier Valles

0120: The Euro-Area Government Securities Markets. Recent Developments and Implications for Market Functioning

Roberto Blanco

0119: Firm Investment and Monetary Policy Transmission in the Euro Area

Jean-Bernard Chatelain, Andrea Generale, Ignacio Hernando, Ulf von Kalckreuth and Philip Vermeulen

0118: Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area

Michael Ehrmann, Leonardo Gambacorta, Jorge Martínez-Pagés, Patrick Sevestre and Andreas Worms

0117: Is There a Bank Lending Channel of Monetary Policy in Spain?

Ignacio Hernando and Jorge Martínez Pagés

0116: Sectoral and Aggregate Technology Growth in Spain

Angel Estrada and David Lopez-Salido

0115: The Transmission Mechanism of European Monetary Policy: Is There Heterogeneity? Is It Changing Over Time?

Matteo Ciccarelli and Alessandro Rebucci

0114: Rational Underdevelopment

Klaus Desmet and Ignacio Ortuño Ortín

0113: El grado de concentración en las ramas productivas de la economía española

Soledad Núñez and Miguel Pérez

0112: Program TSW Reference Manual

Gianluca Caporello, Agustin Maravall and Fernando Sánchez

0111: Estimating Inflation Expectations using French Government Inflation-Indexed Bonds

Francisco Alonso, Roberto Blanco and Ana Del Rio

0110: Accounting for Spanish productivity growth using sectoral data: New Evidence

Angel Estrada and David Lopez-Salido

0109: A New Phillips Curve for Spain

Jordi Galí and David Lopez-Salido

0108: Time Aggregation and the Hodrick-Prescott Filter

Agustin Maravall and Ana Del Rio

0107: Monetary Policy Issues in a Low Inflation Environment

José Viñals

0106: Inflation Targeting Under Asymmetric Preferences

Francisco Ruge-Murcia

0105: Why Did the Banks Overbid? An Empirical Model of the Fixed Rate Tenders of the European Central Bank

Juan Ayuso and Rafael Repullo

0104: Three Exchange Rate Regimes and a Monetary Union: Determinacy, Currency Crises, and Welfare

Carsten Nielsen

0103: Evaluating the dynamics of fiscal policy in Spain: patterns of interdependence and consistency of public expenditure and revenues

Francisco de Castro Fernández, José M. González-Páramo and Pablo Hernández de Cos

0102: The interaction of firing costs and on-the-job search: an application of a search theoretic model to the Spanish labour market

Ravi Balakrishnan

0101: Job Creation under Liquidity Constraints: the Spanish Case

Silvio Rendon

0020: European Inflation Dynamics

Jordi Galí, Mark Gertler and David Lopez-Salido

0019: Does public ownership affect business performance? Empirical evidence with panel data from the Spanish manufacturing sector

Pablo Hernández de Cos, Isabel Argimon and José González-Páramo

0018: Credit Growth, Problem Loans and Credit Risk Provisioning in Spain

Santiago Fernández de Lis, Jorge Martínez Pagés and Jesús Saurina

0017: Estimating Liquidity Premia in the Spanish Government Securities Market

Francisco Alonso, Roberto Blanco, Ana Del Rio and Alicia Sanchis

0016: A Model of the Open Market Operations of the European Central Bank

Juan Ayuso and Rafael Repullo

0015: The Distribution of Earnings in Spain During the 1980s: the Effects of Skill, Unemployment, and Union Power

Olympia Bover, Samuel Bentolila and Manuel Arellano

0014: An Application of TRAMO-SEATS: Model Selection and Out-of-Sample Performance: the Swiss CPI Series

Agustin Maravall and Fernando Sánchez

0013: Technology Shocks and Monetary policy: Assessing the Fed's Performance

Jordi Galí, David Lopez-Salido and Javier Valles

0012: Notes on Time Series Analysis, ARIMA Models and Signal Extraction

Regina Kaiser and Agustin Maravall

0011: An Application of TRAMO-SEATS: Changes in Seasonality and Current Trend-Cycle Assessment: the German Retail Trade Turnover Series

Regina Kaiser and Agustin Maravall

0010: Transmission of Shocks and Monetary Policy in the Euro Area. An Exercise With NiGEM

Eva Ortega and Enrique Alberola

0009: Measuring the NAIRU in the Spanish Economy

Angel Estrada, Ignacio Hernando and David Lopez-Salido

0008: Are there Economies of Scale in the Demand for Money by Firms? some Panel Data Estimates

Olympia Bover and Nadine Watson

0007: La rama de servicios en España: un análisis comparado

Soledad Núñez and Miguel Pérez

0006: Fiscal Discipline and Exchange Rate Regimes: a Case for Currency Boards?

Enrique Alberola and Luis Molina Sánchez

0005: Estimation and Inference in Short Panel Vector Autoregressions with Unit Roots and Cointegration

Michael Binder, Cheng Hsiao and Mohammad Pesaran

0004: Monetary Policy and Exchange Rate Behavior in the Fiscal Theory of the Price Level

Javier Andrés, Fernando Ballabriga and Javier Valles

0003: The Financing Arrangements for the Regional (Autonomous) Governments for the Period 1997-2001

Luis Gordo and Pablo Hernández de Cos

0002: Seasonal Adjustment in Economic Time Series: the Experience of the Banco de España (with the model-based method)

Alberto Cabrero Bravo

0001: Market Power, Total Factor Productivity Growth, and Structural Change. An Illustration for Spain, 1983-1996

Georges Siotis

9924: Mergers and Acquisitions in the Spanish Banking Industry: some Empirical Evidence

Ignacio Fuentes and Teresa Sastre

9923: Has Financial Market Integration Increased during the Nineties?

Juan Ayuso and Roberto Blanco

9922: Identifying Labour Market Dynamics using Labour Force Survey Data

Concha Artola and Una-Louise Bell

9921: Microeconomic Price Adjustments and Inflation: Evidence from Spanish Sectoral Data

Angel Estrada and Ignacio Hernando

9920: The Role of the Financial System in the Growth-Inflation Link: the OECD Experience

Javier Andrés, Ignacio Hernando and David Lopez-Salido

9919: Intertemporal Substitution and the Liquidity Effect in a Sticky Price Model

Javier Andrés, David Lopez-Salido and Javier Valles

9918: Short-Term and Long-Term Trends, Seasonal Adjustment, and the Business Cycles

Regina Kaiser and Agustin Maravall

9917: On the Real Effects of Monetary Policy

José Viñals and Javier Valles