Working Papers

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1624: Optimal monetary policy with heterogeneous agents (Updated September 2019)

Galo Nuño Barrau and Carlos Thomas

1623: The effect of electoral systems on voter turnout: evidence from a natural experiment

Carlos Sanz

1622: When fiscal consolidation meets private deleveraging

Javier Andrés, Oscar Arce and Carlos Thomas

1621: The determinants of long-term debt issuance by European banks: evidence of two crises

Adrian Rixtel, Luna Azahara Romo Gonzalez and Jing Yang

1620: Spanish public finances through the financial crisis

Francisco Martí and Javier Pérez

1619: A spectral EM algorithm for dynamic factor models

Gabriele Fiorentini, Alessandro Galesi and Enrique Sentana

1618: Fiscal multipliers across the credit cycle

Mihály Borsi

1617: Credit contractions and unemployment

Mihály Borsi

1616: Do banks extract informational rents through collateral?

Bing Xu, Adrian Rixtel and Honglin Wang

1615: Structural transformation, services deepening, and the transmission of monetary policy

Alessandro Galesi and Omar Rachedi

1614: Breaking down world trade elasticities: a panel ECM approach

Jaime Martinez-Martin

1613: Growing by learning: firm-level evidence on the size-productivity nexus

Enrique Moral-Benito

1612: Modelling interest payments for macroeconomic assessment

Celestino Girón, Marta Morano, Enrique M. Quilis, Daniel Santabárbara and Carlos Torregrosa

1611: The drivers of European banks’ US dollar debt issuance: opportunistic funding in times of crisis?

Luna Azahara Romo Gonzalez

1610: Las reformas de la Ley Concursal durante la Gran Recesión

Miguel Garcia-Posada and Raquel Vegas

1609: Growing like Spain: 1995-2007

Manuel Garcia-Santana, Josep Pijoan-Mas, Enrique Moral-Benito and Roberto Ramos

1608: Measuring market liquidity in us fixed income markets: a new synthetic indicator

Carmen Broto and Matías Lamas

1607: Do the rich (really) consume higher-quality goods? Evidence from international trade data

Vincenzo Merella and Daniel Santabárbara

1606: The effects of us unconventional monetary policies in Latin America

Fructuoso Borrallo, Ignacio Hernando and Javier Valles

1605: Does slack influence public and private labour market interactions?

Ana Lamo, Enrique Moral-Benito and Javier Pérez

1604: Fiscal policy and the cycle in Latin America: the role of financing conditions and fiscal rules

Enrique Alberola, Iván Kataryniuk, Angel Melguizo and René Orozco

1603: How firms borrow in international bond markets: securities regulation and market segmentation

Alberto Fuertes and Jose Maria Serena Garralda

1602: Multivariate moments expansion density: application of the dynamic equicorrelation model

Trino Ñíguez Grau and Javier Perote

1601: The countercyclical capital buffer in spain: an analysis of key guiding indicators

Christian Castro, Angel Estrada and Jorge Martínez

1540: Policy spillovers and synergies in a monetary union

Óscar Arce, Samuel Hurtado and Carlos Thomas

1539: Understanding the Public Sector Pay Gap

Maria Campos, Domenico Depalo, Evangelia Papapetrou, Javier Pérez and Roberto Ramos

1538: Prudential filters, portfolio composition and capital ratios in european banks

Isabel Argimon, Angel Estrada and Michel Dietsch

1537: The influence of risk-taking on bank efficiency: evidence from Colombia

Miguel Sarmiento and Jorge Galan

1536: Heterogeneity of markups at the firm level and changes during the great recession: the case of spain

Cristina Fernández, Aitor Lacuesta, José Manuel Montero and Alberto Urtasun

1535: Measuring expectations from household surveys: new results on subjective probabilities of future house prices

Olympia Bover

1534: The unbearable divergence of unemployment in europe

Tito Boeri and Juan F Jimeno

1533: Controlling a distribution of heterogeneous agents

Galo Nuño Barrau and Benjamin Moll

1532: Disagreement about inflation and the yield curve

Paul Ehling, Michael Gallmeyer, Christian Heyerdahl-Larsen and Philipp Illeditsch

1531: Institutional drivers of capital flows

Irma Alonso Alvarez

1530: The impact of the euro on euro area GDP per capita

Cristina Fernández and Pilar García Perea

1529: Worker flows in the European Union during the Great Recession

Jose Casado, Cristina Fernández and Juan F Jimeno

1528: Demographic structure and macroeconomic trends

Yunus Aksoy, Ronald Smith, Tobias Grasl and Henrique Basso

1527: The great moderation in historical perspective. Is it that great?

María Gadea, Ana Gómez-Loscos and Gabriel Perez-Quiros

1526: Securitization and asset prices

Yunus Aksoy and Henrique Basso

1525: Fast ML estimation of dynamic bifactor models: an application to European inflation

Gabriele Fiorentini, Alessandro Galesi and Enrique Sentana

1524: What drives bank-intermediated trade finance? Evidence from cross-country analysis

Jose Maria Serena Garralda and Garima Vasishtha

1523: Country shocks, monetary policy expectations and ECB decisions. A dynamic non-linear approach

Maximo Camacho, Danilo Leiva-Leon and Gabriel Perez-Quiros

1522: Long-lasting consequences of the European crisis

Juan F Jimeno

1521: Changes in funding patterns by Latin American banking systems:how large? how risky?

Liliana Rojas-Suarez and Jose Maria Serena Garralda

1520: Higher-order risk preferences, constant relative risk aversion and the optimal portfolio allocation

Trino Ñíguez Grau, Ivan Paya, David Peel and Javier Perote

1519: Patent collateral, investor commitment and the market for venture lending

Yael V. Hochberg Yael V. Hochberg, Carlos Serrano and Rosemarie H. Ziedonis

1518: Quantitative effects of the shale oil revolution

Galo Nuño Barrau and Cristiana Manescu

1517: Monetary policy and sovereign debt vulnerability

Galo Nuño Barrau and Carlos Thomas

1516: On the predictability of narrative fiscal adjustments

Pablo Hernández de Cos and Enrique Moral-Benito

1515: Fiscal consolidation after the Great Recession:the role of composition

Iván Kataryniuk and Javier Valles