Working Papers

From Banco de España
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2016: Deciphering the macroeconomic effects of internal devaluations in a monetary union

Javier Andrés, Óscar Arce, Samuel Hurtado and Jesus Fernandez-Villaverde

2015: Real-time weakness of the global economy: a first assessment of the coronavirus crisis

Danilo Leiva-Leon, Gabriel Perez-Quiros and Eyno Rots

2014: Hedger of last resort: evidence from Brazilian FX interventions, local credit, and global financial cycles

Rodrigo Gonzalez, Dmitry Khametshin, Jose-Luis Peydro and Andrea Polo

2013: Financial frictions and the wealth distribution

Jesus Fernandez-Villaverde, Samuel Hurtado and Galo Nuño Barrau

2012: External imbalances and recoveries

Mariam Camarero, María Dolores Gadea-Rivas, Ana Gómez-Loscos and Cecilio Tamarit

2011e: Sentiment analysis of the Spanish Financial Stability Report

Ángel Iván Moreno Bernal and Carlos González Pedraz

2011: Análisis de sentimiento del Informe de Estabilidad Financiera

Ángel Iván Moreno Bernal and Carlos González Pedraz

2010: Eurozone prices: a tale of convergence and divergence

Alfredo Garcia-Hiernaux, Maria T. Gonzalez-Perez and David Guerrero

2009: Trade Agreements and Latin American trade (creation and diversion) and welfare

Ayman El Dahrawy Sánchez-Albornoz and Jacopo Timini

2008: Foreign direct investment and the equity home bias puzzle

Sven Blank, Mathias Hoffmann and Moritz Roth

2007: The benefits are at the tail: uncovering the impact of macroprudential policy on growth-at-risk

Jorge Galan

2006: Strategic interactions and price dynamics in the global oil market

Irma Alonso Alvarez, Virginia Di Nino and Fabrizio Venditti

2005: Dollar borrowing, firm-characteristics, and FX-hedged funding opportunities

Leonardo Gambacorta, Sergio Mayordomo and Jose Maria Serena Garralda

2004: From secular stagnation to robocalypse? Implications of demographic and technological changes

Henrique Basso and Juan F Jimeno

2003: Measuring the procyclicality of impairment accounting regimes: a comparison between IFRS 9 and US GAAP

Alejandro Buesa, Francisco Javier Población García and Javier Tarancón

2002: ¿Cómo afecta la complejidad de la regulación a la demografía empresarial? Evidencia para España

Juan Mora-Sanguinetti and Ricardo Pérez-Valls

2001: Debt sustainability and fiscal space in a heterogeneous Monetary Union: normal times vs the zero lower bound

Javier Andrés, Pablo Burriel and Wenyi Shen

1948: Bayesian VAR forecasts, survey information and structural change in the euro area

Gergely Ganics and Florens Odendahl

1947: From fixed-event to fixed-horizon density forecasts: obtaining measures of multi-horizon uncertainty from survey density forecasts

Gergely Ganics, Barbara Rossi and Tatevik Sekhposyan

1946: The SHERLOC: an EWS-based index of vulnerability for emerging economies

Irma Alonso Alvarez and Luis Molina Sánchez

1945: The gender gap in bank credit access

Pablo de Andrés, Ricardo Gimeno and Ruth Mateos de Cabo

1944: Dynamic effects of persistent shocks

Mario Alloza, Jesus Gonzalo and Carlos Sanz

1943: Taxation and the life cycle of firms

Andres Erosa and Beatriz González

1942: The global financial cycle and us monetary policy in an interconnected world

Stephane Dees and Alessandro Galesi

1941: Modelling regional housing prices in Spain

Laura Álvarez Román and Miguel Garcia-Posada

1940: Heterogeneous spillovers of housing credit policy

Myroslav Pidkuyko

1939: Outsourcing and public expenditure: an aggregate perspective with regional data

Mar Delgado-Téllez, Enrique Moral-Benito and Javier Pérez

1938: International bank lending channel of monetary policy

Silvia Albrizio, Sangyup Choi, Davide Furceri and Chansik Yoon

1937: Economic growth, institutional quality and financial development in middle-income countries

Laura Heras Recuero and Roberto Pascual González

1936: External adjustment with a common currency: the case of the euro area

Alberto Fuertes

1935: Child labor under cash and in-kind transfers: evidence from rural Mexico

Federico Tagliati

1934: Exchange rate shocks and inflation comovement in the euro area

Danilo Leiva-Leon, Eva Ortega and Jaime Martinez-Martin

1933: Domestic and foreign investment in advanced economies. The role of industry integration

Teresa Sastre and Laura Heras Recuero

1932: Staying dry on Spanish wine: the rejection of the 1905 Spanish-Italian trade agreement (Updated May 2020)

Jacopo Timini

1931: Beyond the LTV ratio: new macroprudential lessons from Spain

Jorge Galan and Matías Lamas

1930: Mapping China’s time-varying house price landscape

Michael Funke, Danilo Leiva-Leon and Andrew Tsang

1929: On financial frictions and firm market power

Miguel Casares, Luca Deidda and José E. Galdón-Sánchez

1928: Propagation of sector-specific shocks within spain and other countries

Mario Izquierdo, Enrique Moral-Benito and Elvira Prades

1927: Quality of enforcement and investment decisions. Firm-level evidence from Spain

Daniel Dejuan-Bitria and Juan Mora-Sanguinetti

1926: Do SVARs with sign restrictions not identify unconventional monetary policy shocks?

Jef Boeckx, Maarten Dossche, Alessandro Galesi, Boris Hofmann and Gert Peersman

1925: Fluctuations in Global Macro Volatility

Danilo Leiva-Leon and Lorenzo Ductor

1924: The elasticity of taxable income in Spain: 1999-2014

Miguel Almunia and David Lopez-Rodriguez

1923: The benefits and costs of adjusting bank capitalisation: evidence from euro area countries

Katarzyna Budnik, Gaia Barbic, Giulio Nicoletti, Massimiliano Affinito, Fabrizio Venditti, Saiffedine Ben Hadj, Hans Dewachter, Edouard Chretien, Clara Gonzalez, Javier Mencía, Jenny Hu, Jairo Rivera-Rozo, Lauri Jantunen, Otso Manninen, Ramona Jimborean, Ricardo Martinho, Ana Regina Pereira, Elena Mousarri, Constantinos Trikoupis, Laurynas Naruševicius, Michael O’Grady, Sofia Velasco and Selcuk Ozsahin

1922: Jobs multipliers: evidence from a large fiscal stimulus in Spain

Mario Alloza and Carlos Sanz

1921: Measuring retail trade using card transactional data

Diego Bodas, Juan García López, Tomasa Rodrigo López, Pep Ruiz de Aguirre, Camilo A. Ulloa, Juan Murillo Arias, Juan de Dios Romero Palop, Heribert Valero Lapaz and Matías Pacce

1920: Inflation interdependence in advanced economies

Luis Alvarez, Ana Gómez-Loscos and María Gadea

1919: A framework for debt-maturity management

Saki Bigio, Galo Nuño Barrau and Juan Passadore

1918: Gender gaps in the evaluation of research: evidence from submissions to economics conferences (Updated March 2020)

Laura Hospido and Carlos Sanz

1917: Is market liquidity less resilient after the financial crisis? Evidence for us treasuries

Carmen Broto and Matías Lamas

1916: Quest for robust optimal macroprudential policy

Pablo Aguilar, Samuel Hurtado, Stephan Fahr and Eddie Gerba