Working Papers

From Banco de España
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2240: “Making Text Talk”: The Minutes of the Central Bank of Brazil and the Real Economy

Carlos Moreno Pérez and Marco Minozzo

2239: Data outliers and Bayesian VARs in the Euro Area

Luis Alvarez and Florens Odendahl

2238: Enforcing Mandatory Reporting on Private Firms: The Role of Banks

Miguel Duro, Germán López-Espinosa, Sergio Mayordomo, Gaizka Ormazabal and Maria Rodriguez-Moreno

2237: Polarization contaminates the link with partisan and independent institutions: evidence from 138 cabinet shifts

Luis Guirola and Gonzalo Rivero

2236: Macroprudential FX Regulations: Sacrificing Small Firms for Stability?

María Alejandra Amado

2235: Using newspapers for textual indicators: which and how many?

Erik Andrés-Escayola, Corinna Ghirelli, Luis Molina Sánchez, Javier Pérez and Elena Vidal

2234: Bank capitalization heterogeneity and monetary policy

Peter Paz

2233: Government Procurement and Access to Credit: Firm Dynamics and Aggregate Implications

Julian di Giovanni, Manuel García-Santana, Priit Jeenas, Enrique Moral-Benito and Josep Pijoan-Mas

2232: The information content of conflict, social unrest and policy uncertainty measures for macroeconomic forecasting

Marina Diakonova, Luis Molina Sánchez, Hannes Mueller, Javier Pérez and Cristopher Rauh

2231: Carbon pricing and inflation volatility

Daniel Santabárbara and Marta Suárez-Varela

2230: Could Spain be less different? Exploring the effects of macroprudential policy on the house price cycle

Adrian Carro

2229: Monetary Policy Uncertainty in Mexico: An Unsupervised Approach

Carlos Moreno Pérez and Marco Minozzo

2228: Natural Language Processing and Financial Markets: Semi-supervised Modelling of Coronavirus and Economic News

Carlos Moreno Pérez and Marco Minozzo

2227: Forced migration and food crises

Federico Carril-Caccia, Jordi Paniagua and Marta Suárez-Varela

2226: Integrating the carbon footprint into the construction of corporate bond portfolios

Mario Bajo and Emilio Rodríguez

2225: New Facts on Consumer Price Rigidity in the Euro Area

Erwan Gautier, Cristina Conflitti, Riemer P. Faber, Brian Fabo, Ludmila Fadejeva, Valentin Jouvanceau, Jan-Oliver Menz, Teresa Messner, Pavlos Petroulas, Pau Roldan-Blanco, Fabio Rumler, Sergio Santoro, Elisabeth Wieland and Hélène Zimmer

2224: The unequal consequences of job loss across countries

Antoine Bertheau, Edoardo Maria Acabbi, Cristina Barceló, Andreas Gulyas, Stefano Lombardi and Raffaele Saggio

2223: The Term Structure of Interest Rates in a Heterogeneous Monetary Union

James Costain, Galo Nuño Barrau and Carlos Thomas

2222: Accuracy of explanations of machine learning models for credit decisions

Andres Alonso and José Manuel Carbó

2221: Mortgage securitization and information frictions in general equilibrium

Salomon Garcia-Villegas

2220: A quantification of the evolution of bilateral trade flows Once bilateral RTAs are implemented

Blanca Jiménez-García and Julio Rodríguez

2219: Distressed firms, zombie firms and zombie lending: a taxonomy

Laura Álvarez-Román, Miguel Garcia-Posada and Sergio Mayordomo

2218: Make-up Strategies with Finite Planning Horizons but Forward-Looking Asset Prices

Stéphane Dupraz, Hervé Le Bihan and Julien Matheron

2217: Heterogeneous effects and spillovers of macroprudential policy in an agent-based model of the UK housing market

Adrián Carro, Marc Hinterschweiger, Arzu Uluc and J. Farmer

2216: Childcare constraints on immigrant integration

Luis Guirola and María Sánchez-Domínguez

2215: Application of machine learning models and interpretability techniques to identify the determinants of the price of bitcoin

José Manuel Carbó and Sergio Gorjón

2214: Asset Holdings, Information Aggregation in Secondary Markets and Credit Cycles

Henrique Basso

2213: The propagation of worldwide sector-specific shocks

Mario Izquierdo, Enrique Moral-Benito, Elvira Prades and Javier Quintana González

2212: Uncertainty, non-linear contagion and the credit quality channel: an application to the Spanish interbank market

Adrián Carro and Patricia Stupariu

2211: Dual returns to experience

Jose Garcia-Louzao, Laura Hospido and Alessandro Ruggieri

2210: Fresh start policies and small business activity: evidence from a natural experiment

Marco Celentani, Miguel Garcia-Posada and Fernando Gómez Pomar

2209: Thick borders in Franco’s Spain: the costs of a closed economy

Rodolfo Campos, Iliana Reggio and Jacopo Timini

2208: Skewed SVARs: tracking the structural sources of macroeconomic tail risks

Carlos Montes-Galdón and Eva Ortega

2207: The role of a green factor in stock prices. When Fama & French go green

Ricardo Gimeno and Clara Gonzalez

2206: Financial exclusion and sovereign default: the role of official lenders

María Bru Muñoz

2205: Housing prices in Spain: convergence or decoupling?

Corinna Ghirelli, Danilo Leiva-Leon and Alberto Urtasun

2204: Inequality and psychological well-being in times of COVID-19: evidence from Spain

Monica Martinez-Bravo and Carlos Sanz

2203: Roots and Recourse Mortgages: Handing back the keys

Jorge Galan, Matías Lamas and Raquel Vegas

2202: La regulación sectorial en España. Resultados cuantitativos

Juan Mora-Sanguinetti and Isabel Soler

2201: Dampening the financial accelerator? direct lenders and monetary policy

Ryan Banerjee and Jose Maria Serena Garralda

2145: Firm heterogeneity, capital misallocation and optimal monetary policy

Beatriz González, Galo Nuño Barrau, Dominik Thaler and Silvia Albrizio

2144: Do analysts forecast differently in periods of uncertainty? An empirical analysis of target prices for Spanish banks

Roberto Pascual

2143: Measuring TFP: The role of profits, adjustment costs, and capacity utilization

Diego Comin, Javier Quintana González, Tom Schmitz and Antonella Trigari

2142: Inflation tolerance ranges in the new keynesian model

Hervé Le Bihan, Magali Marx and Julien Matheron

2141: Brexit: Cyclical dependence in market neutral hedge funds

Julio A. Crego and Julio Gálvez

2140: Brexit: Trade diversion due to trade policy uncertainty

Eduardo Gutiérrez Chacón, Aitor Lacuesta and Cesar Martin Machuca

2139: An automatic algorithm to date the reference cycle of the Spanish economy

Maximo Camacho, María Dolores Gadea and Ana Gómez Loscos

2138: Do inflation expectations improve model-based inflation Forecasts?

Marta Banbura, Danilo Leiva-Leon and Jan-Oliver Menz

2137: Optimal Monetary Policy with the Risk-Taking Channel

Angela Abbate and Dominik Thaler

2136: Income Risk Inequality: Evidence from Spanish Administrative Records

Manuel Arellano, Stéphane Bonhomme, Micole De Vera, Laura Hospido and Siqi Wei